The fenugreek seed extract market is expected to grow at a rapid pace due to increasing government regulations on consumer safety regarding chemically processed medicines. Pharmaceutical applications were valued more than USD 2 million in 2016. Pharmaceutical companies are expected to invest in R&D solutions to launch better quality products, which will eventually drive product penetration.
Increasing nutraceuticals demand owing to growing number of health-conscious consumers will drive fenugreek seed extract market growth. Shifting trends towards nutrient rich energy drinks among athletes will also fuel product penetration. Changing consumer preference towards herbal products owing to its long-term health benefits will foster product demand.
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Europe fenugreek seed extract market is likely witness gain over 12% CAGR up to 2024. Increasing concern for healthy lifestyle is likely to influence consumer trends towards purchase of healthy dietary supplements in the region. Moreover, European Food Safety Authority (EFSA) approval for fenugreek seed extract application in consumer food and beverages will support product penetration in the region.
Factors such as busy lifestyle and fast food consumption has increased diabetes and obesity incidences among young and adults, thus driving additional healthcare supplements demand. Moreover, reduced chances of heart related ailments and diabetes type 2 will further provide positive outlook for fenugreek seed extract market growth.
Food & beverages applications accounted for more than 40% of industry share in 2016. Increasing demand for spices and flavors globally is expected to drive fenugreek seed market growth. Key proprieties pertaining to distinctive flavors will propel product demand in this segment. Growing preference for readymade spices particularly in restaurants including curry powders, sauces, and paste will further drive fenugreek seed extract market growth.
Asia Pacific is expected to surpass consumption of 190 tons by 2024. Improved socio-economic factors such as increasing disposable income and standard of living anticipated to fuel regional cosmetic industry. Rising demand for nutritive rich health supplements due to surge in obesity and diabetic cases will also foster regional industry growth. Presence of key manufactures in China and India expected to support fenugreek seed extract market expansion.
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Cosmetic applications are likely witness more than 13% growth up to 2024. Increasing consumer’s preference for herbal cosmetics owing to presence of rich nutrients will drive demand in this segment. Cosmetics manufacturers are also focusing on R&D to replace synthetic chemicals with natural ingredients which will boost demand. Rising fenugreek seeds adoption for manufacturing oils, serum, conditioners and shampoos due to its natural properties will open new avenues for the fenugreek seed extract market growth.
Major key players fenugreek seed extract industry includes Nutra green Biotechnology, Unique organics, Bio-Botanica, Chereso Life sciences, Creative enzymes, Novoherb, Hunan nature Biotechnology, Indus Biotech, Ambe Phytoextracts and Arjuna Natural Extracts. Major companies are anticipated to increase R&D investments and technological innovations to gain competitive advantage. Expansion of existing production facilities and collaboration with suppliers will be a key strategy to enhance market share.
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