The areca nuts market is expected to grow at a rapid rate during the assessment period of 2020-2030 on the back of the rising demand for areca products such as fragrant supari and others. These nuts are cultivated as garden crops scientific farming is done on a large scale in many areas. The expansion of areca nut farming in non-traditional areas may further add extra stars of growth to the areca nuts market.
Areca nut is used on a large scale in different applications. Areca nut is used for curing various intestinal problems. The consumption of areca nuts in a powdered form can eliminate intestinal parasites. Furthermore, consuming areca nuts can also result in the removal of tapeworms. These aspects bring tremendous growth prospects for the areca nuts market.
The utilization of areca nuts as an additive to betel leaf for preparing ‘paan’ will bring immense growth prospects for the areca nuts market. Paan is widely consumed across some regions in Asia, especially India. The growing use of areca nuts in paan may turn the tables of growth for the areca nuts market.
Areca nuts are available in two types: white and red nut. The white type is prepared through harvesting and drying a fully ripe areca nut. After the process of drying, the shell of the nut is removed and thus, the white nut is obtained. The red type is obtained through harvesting the green tender nut and then peeling the husk.
The study on the areca nuts market has extensive details about every associated growth factor. Key developments are highlighted in the report and provide the necessary information to the stakeholders and CXOs. The five-point (Industrial Outlook, Upcoming Trends, Recent Developments, Regional Scenario, and Key Threats) mechanism provides intensive information on every factor.
The report also highlights the effect of the novel coronavirus outbreak on the areca nuts market. The consequences of the COVID-19 pandemic have been described thoroughly in this report. The minute observations made by the researchers at Transparency Market Research provide verified and perfect information about every aspect revolving around the growth of the areca nuts market.
The areca nuts market has numerous players that deal in the production, buying, and selling of areca nuts. The players in the areca nuts market are always in the pursuit of strategic collaboration activities. These activities help the players in the areca nuts market to increase their influence and expand their presence. Some well-established players in the areca nuts market are Indo Alluvium Permata, Grains and Spices, Agro Komoditundo, Amafu Stock Trading Pty, and Portpro Duct Co.
The lockdown had a minimal negative effect on the areca nuts market. Even if the crop production was not as much as compared to the last year, the price of the areca nuts remained the same. Initiatives by various organizations and firms associated with areca nut production helped the areca nuts market to sustain through the lockdown period.
For instance, the Central Arecanut and Cocoa Marketing and Processing (Campco) Ltd brought areca nuts despite the decreased demand during the lockdown period. Encouraged through Campco, other areca nut organizations also started buying areca nuts from the growers. This aspect helped the areca nuts market to survive and even thrive during the lockdown period, eventually having a decreased negative effect on the growth.
Asia Pacific’s areca nuts market is expected to hold a substantial share across the assessment period of 2020-2030 on the back of the rising demand from various regions, especially India. The escalating number of people consuming ‘paan’ across India may serve as a prominent growth aspect for the growth of the areca nuts market in Asia Pacific.