Global Echinacea Extract Market Size Forecast 2024 - 2033
9 Dec, 2024
What Is The Definition Of The Global Echinacea Extract Market?
Echinacea extract is a concentrated substance obtained from the Echinacea plant, including its roots, leaves, or flowers. It is used in herbal remedies and supplements for its potential to support immune health and alleviate cold and respiratory symptoms. The primary benefit of echinacea extract is its potential to strengthen the immune system and help reduce the severity and duration of colds and flu.
Echinacea Extract Global Market Report 2024 provides data on the global echinacea extract market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The echinacea extract market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Echinacea Extract Market Size Expected To Change, And What Are The Growth Rate Projections?
The echinacea extract market has grown rapidly in recent years. It is projected to rise from $1.81 billion in 2023 to $2.02 billion in 2024, at a CAGR of 11.4%. The growth is attributed to increasing consumer interest in natural remedies, greater awareness of health benefits, rising demand for dietary supplements, the expansion of the herbal medicine market, higher research and development activities, and improved availability of echinacea extract products. The market is expected to continue its growth, reaching $3.12 billion by 2028, at a CAGR of 11.5%. Factors driving growth include the trend toward preventive healthcare, the increasing use of echinacea in skincare, expanding pharmaceutical applications, the rising popularity of organic products, and the growing influence of social media marketing. Key trends include e-commerce expansion, innovative formulations, new extraction and processing technologies, and the integration of echinacea in beauty and cosmetic products.
Which Drivers Are Accelerating Growth In The Echinacea Extract Market?
The rising demand for dietary supplements is anticipated to drive the expansion of the echinacea extract market. Dietary supplements, designed to augment nutritional intake, include vitamins, minerals, herbs, and amino acids in concentrated forms. Increased health consciousness and a preference for preventive healthcare measures are fueling this demand. Echinacea extract, commonly used in supplements, supports the immune system and helps reduce the duration of colds and respiratory infections. For example, a 2023 survey by the Council for Responsible Nutrition revealed that 74% of U.S. adults take dietary supplements, with confidence in the quality of sports nutrition and weight management supplements increasing compared to the previous year. This growing demand for dietary supplements is expected to bolster the echinacea extract market.
Get Your Free Sample of the Global Echinacea Extract Market ReportWhat Are The Core Segments Of The Global Echinacea Extract Market?
The echinacea extract market covered in this report is segmented –
1) By Type: Reagent Grade, Food Grade, Medical Grade, Other Types
2) By Echinacea Extract Form: Liquid, Capsule, Powder
3) By Application: Medicine, Food And Beverages, Dietary Supplements, Ornamental, Beauty Products, Essential Oils, Other Applications
4) By Distribution Channel: Online Stores, Retail Stores, Hypermarket Or Supermarket, Herbal Specialty Stores
Which Emerging Trends Are Reshaping The Echinacea Extract Market Size?
Companies in the echinacea extract market are focusing on innovative applications like anti-aging skincare technology to address wrinkles and sagging by enhancing skin firmness. These technologies use echinacea extracts to stimulate fat production and improve skin plumpness. For example, in March 2024, Biocogent LLC, a U.S.-based personal care company, launched Volpura EPO, a product derived from Echinacea purpurea. This extract boosts adipocyte activity, increasing fat production to promote youthful skin. With stability up to 85°C, it can be used in various formulations like lipsticks and balms, offering versatility and effectiveness.
What Is The Largest Region In The Echinacea Extract Market?
North America was the largest region in the echinacea extract market in 2023. The regions covered in the echinacea extract market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.