Global Echinacea Market: Overview
Echinacea is the most important substantial herb of America belonging to daisy family and popularly known as purple coneflower. There are nine known species of echinacea out of which three species namely E. angustifolia, E. pallida, E. purpurea hold medicinal value. With growing demand for herbal products, echinacea adoption is getting traction among food and beverage manufacturers across the world. Echinacea is creating its footprint in the herbal healthcare industry as it offers extensive health benefits. Echinacea is extensively used as antibiotics to fight against various infection such as urinary tract infections, vaginal infections, and blood infection; it helps to boost the immune system and also contributes to cure skin diseases. The medicinal content can be extracted from its roots, flowers and leaves, thus making it extremely useful.
Being herbal in nature it also holds nutritional content thus, finds its use in food and beverages industry in the form of tea and juices. Though, a niche segment it has notable usage across different industries which is anticipated to result in significant growth. Commercially, echinacea is available in various forms such as tablet, ointment, and powder among others.
Global Echinacea Market: Drivers and Restraints
The primary driver contributing to the growth of echinacea is the growing herbal market. A distinctive growth is seen in the herbal products in recent times as consumption behaviour is shifting towards healthy and nutritious products. Product innovations related to herbal products are contributing towards the development of such products. Echinacea offers array of health benefits thus gaining recognition in healthcare industry. Moreover, there is no recent evidence of any side effects caused by this herb. Due to its curative property, various professional herbalist recommend it for treating skin disease, UTI infections, and ear infections along with other immunological benefits. Recent studies also reveal that, echinacea is associated with curing of cancer, tumours and HIV infection.
However, cultivation of echinacea requires skilled labour, thus increasing its cultivation cost. Moreover, cultivation of echinacea involves long-term investment regarding finance, time and money, as it takes approximately two years to develop to obtain its desirable state. Hence, level of uncertainty and risk involved is high. Evidence of mislabelling of echinacea species have been reported in the market as half of the desirable amount of active ingredient in them was missing. Thus, chances of misleading the consumers are high. These factors may hamper the market growth of Echinacea.
Global Echinacea Market: Segmentation
Echinacea has broad spectrum of segments.
On the basis of product type, Echinacea market is segmented into:-
On the basis of form, Echinacea market is segmented into:-
On the basis of application, Echinacea market is segmented into:-
- Food and beverages
- Beauty products
- Essential oils
Global Echinacea Market: Region Wise Outlook
The echinacea market is divided into seven regions, namely North America, Latin America Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), and Japan. Echinacea originated from North America particularly in the parts of central and eastern United States. With increase in awareness of herbal products among consumers, there has been extensive use of echinacea ingredients by the herbal product manufacturers in North America. Europe is considered to be the key market player in herbal supplements. Thus, offering opportunities for echinacea among beauty product manufacturers in Europe, particularly in Germany. Also, Asia Pacific is the emerging market in this segment, as consumers are more oriented towards natural and herbal products in Asia Pacific countries.
Global Echinacea Market: Key Players
- Nutragreen Biotechnology Co., Ltd
- Arkopharma Pharmaceutical
- Himalaya Drug Company
- Nutrascience Labs
- Bio-Botanica, Inc.
- Herbal Bio Solutions
- Maat Nutritionals
- Alfa Chemical Corp.
- Hunan Changsha Huir Biological Tech Co. Limited
- Arnet Pharmaceutical
- Atlantic Essential Products, Inc.
- Nutraceutical Corporation
- Greenwoods Herbal Extract Co. Limited
- Nutritional Supplement Manufacturers, Inc.
- Sundown Nutrition
- Twinlab Corporation
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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The following regional segments are covered comprehensively:
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
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