Increasing Demand for Organic and Natural Products across Industries to Boost Global Demand for Neem Extract
Neem Extracts Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 – 2019
The neem extract market is one of the fastest growing markets globally. There was a time when uses of neem were restricted to the sectors of pharmaceutical and personal care alone. But with time people have come to realize the diverse benefits of neem extract across different applications, which has helped the market for neem extracts to grow and prosper globally. There are many factors contributing to the increase in demand for neem extracts. The growing awareness about effective uses of neem as a bio-fertilizer and bio-pesticide, apart from its uses across sectors such as personal care, pharmaceutical, animal feed, pet care, and agriculture, has helped the global market for neem extracts grow at significant rates. According to a recent report, the global market for neem extracts, valued at US$495.6 million in 2013, is expected to reach US$1126.8 million by the end of 2019, registering enormous growth at an impressive CAGR of 14.7% from 2013 to 2019.
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Applications and uses of neem extract across different sectors
Apart from its medicinal benefits, neem extracts are also extensively used in the agricultural sector. Lately, the market for chemical fertilizers has faced a significant plunge in demand owing to its environmental side effects and steps taken by governments of several nations to curb the effect of pollution. This has prompted increasing use of bio-fertilizers and bio-pesticide, a factor that has significantly contributed to the rise in demand for neem extract in the agricultural sector. Additionally, the increasing demand for organic products in the medicinal and pharmaceutical sectors is...