The global passion flower extracts market size is projected to touch USD 3.62 billion by the year 2025, according to a new report by Million Insights. It is anticipated to grow at a CAGR of 5.2% through the forecast period of 2019-2025. Increasing usage of the product in pharma, personal care and food products owing to presence of a number of antioxidant compounds likeisovitexin, quercetin, rutin, luteolin glycosides, vitexin, apigenin, and kaempferol, is expected to proliferate the product demand.
Organic passion flower extract segment is anticipated to grow at a CAGR of 6.2% over the forecast period. Increasing importance of using organic compounds in pharma and nutrition sectors is advocating awareness regarding the freshness of the products and adverse effects of synthetic chemical ingredients. These factors are expected to stimulate the usage of passion flower extract as functional ingredients.
Europe is projected to dominate the passion flower extract market for the next eight years. Almost 15% of the European population across 16 countries including France, Portugal, Germany, Italy, and Spain, in 2018, was suffering from symptoms of insomnia that included difficulty in falling asleep at night, feeling tired in the daytime and waking up at odd hours during the night. This is anticipated to boost the usage of passion flower extracts in making sleep inducing drugs to cure insomnia.
Companies are emphasizing on investing in R&D and new product development to gain competitive advantage. For example, Nature’s Answer introduced standardized veggie capsules having passion flower extract and an exceptional process of bio-chelated proprietary extraction.
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Further key findings from the report suggest:
• Conventional product segment accounted for USD 2.19 billion of revenue in 2018
• Personal care application segment is anticipated to grow at the fastest CAGR of 8.3% over the forecast period.
• North America is anticipated to grow at the fastest CAGR of 6.7% over the forecast period
• Major players functioning in the market include Monterey Bay Spice Company, Vitacost, Saw Palmetto Harvesting Company, The Good Scents Company, SBL Global, Indena S.p.A., Naturalin Bio-Resources Co., Ltd, Martin Bauer Group, Alchem International Pvt. Ltd., and Avena Botanicals
Million Insights has segmented the global passion flower extracts market on the basis of product, application, and region:
Passion Flower Extracts Product Outlook (Revenue, USD Million, 2015 - 2025)
Passion Flower Extracts Application Outlook (Revenue, USD Million, 2015 - 2025)
• Personal Care
• Food and Beverages
Passion Flower Extracts Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa