The red clover market size has grown rapidly in recent years, expected to increase from $1.68 billion in 2023 to $1.78 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth during the historic period can be attributed to the rise in organic farming practices boosting red clover cultivation, its use in sustainable agriculture, the rising trend of functional foods, favorable regulations supporting herbal product usage, and a shift toward preventive healthcare. The red clover market is anticipated to experience rapid growth in the upcoming years, projected to reach $2.75 billion in 2028 with a CAGR of 11.5%. Factors contributing to this growth include increased awareness of health benefits associated with red clover, a heightened focus on health and wellness among consumers, the growing popularity of plant-based diets, and the expansion of the dietary supplement market. Key trends in the forecast period include ongoing research into the benefits and applications of red clover, innovative product development, increased funding for research, advancements in agricultural technology, and the integration of red clover in functional beverages.
Global Red Clover Market Key Driver
The growth of the red clover market is influenced by rising consumption of herbal dietary supplements, fueled by health awareness and the preference for natural products. Red clover is valued for its health benefits, particularly in relieving menopausal symptoms. In 2022, Germany saw a 7.4% increase in tea imports, indicating a growing interest in herbal supplements. This trend in supplement consumption is driving the growth of the red clover market.
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Global Red Clover Market Segments
The red clover market covered in this report is segmented –
1) By Type: Raw Form, Processed Form
2) By Channel: Direct Sales, Distributor
3) By Application: Food And Beverage Industry, Pharmaceutical Industry, Agriculture Industry, Animal Feed Industry, Cosmetic And Personal Care Industry
By Geography:The regions covered in the red clover market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the red clover market in 2023.
Major Red Clover Industry Players
Nestlé S.A., Barenbrug Group, NOW Foods, Swanson Health Products, Nature’s Way, Gaia Herbs, Frontier Co-op, Little Barn Health Ltd., Starwest Botanicals, Herb Pharm LLC, HealthAid, ChhajedGarden, Monterey Bay Herb Co, Indigo Herbs, Mountain Rose Herbs, One Herb, Avestia Pharma, Herbo Nutra, Et-Chem, Freshmills
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Red Clover Market Overview
Red clover is a perennial flowering plant belonging to the legume family, known scientifically as Trifolium pratense. It is often used as a forage crop for livestock due to its high protein content and ability to improve soil fertility through nitrogen fixation. Red clover is valued in herbal medicine for its potential health benefits, including supporting women's health during menopause and promoting overall wellness.
Red Clover Global Market Report 2023 provides data on the global red clover market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The red clover market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
