The global neem extract market is expected to reach $1,868.2 million by 2022, registering a CAGR of 16.3% during 2016–2022 (forecast period). The market is mainly driven by the increasing demand for bio-based fertilizers and pesticides.
Based on segment, the neem extract market is categorized into seed extract, leaf extract, and bark extract. Among these, the seed extract category contributed the highest revenue to the market in 2015. This is mainly attributed to the growing use of bio-based agricultural products, such as neem oil, neem cakes, neem manure, and soil conditioners. The increasing demand for neem leaf extract from countries such as Brazil, China, and India is projected to drive this category’s growth in the coming years at a considerable CAGR.
On the basis of application, the agriculture category held the largest share in 2015. This was due to the increasing demand for bio-based fertilizers and pesticides, containing neem extract, in agriculture. The neem extract market is expected to expand significantly in the health & personal care application. This can majorly be attributed to the rising popularity of neem as a herbal antibiotic in Europe and North America.
Geographically, North America is expected to witness considerable growth in the neem extract market during the forecast period. In the U.S., Canada, and Mexico, biopesticides are used for vegetable farming, orchard crops, and berries. Furthermore, the demand for leaf extract is rising from the countries like U.S. and Canada due to increasing use of bio-based agricultural products.
The increasing demand for bio-based fertilizers and pesticides is driving the neem extract market. The rising concern of people and regulatory authorities toward the harmful effects of chemical-based pesticides and fertilizers on human health has been impelling farmers to use bio-based products. This has led to a significant increase in the demand for bio-based pesticides and fertilizers. In the recent past, the demand for organic food increased, especially in Europe, where people are preferring products with the organic label, due to which retailers are increasing the percentage of organic products on their shelves.
Explore Report Description With Detailed TOC at: https://www.psmarketresearch.com/market-analysis/neem-extract-market
Some of the key companies operating in the global neem extract market are Neeming Australia Pty Ltd., E.I.D. Parry (India) Limited, Agro Extract Limited, P.J. Margo Pvt. Ltd., GreeNeem Agri Private Limited, Ozone Biotech Pvt. Ltd., The Indian Neem Tree Company, Fortune Biotech Ltd., Bayer AG, Bros India Group, Certis USA LLC, Terramera Inc., Grupo Ultraquimia and Bioneem Technology Industria e Comercio Ltda, and American Vanguard Corporation.
Global Neem Extract Market Segmentation