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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:-

  • Tablet
  • Capsule
  • Ointment
  • Extracts
  • Creams

On the basis of form, Echinacea market is segmented into:-

  • Liquid
  • Powder

On the basis of application, Echinacea market is segmented into:-

  • Food and beverages
  • Pharmaceuticals
  • Ornamental
  • 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.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

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?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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