Forskolin refers to natural supplement obtained from the root of a Coleus forskohlii plant. Forskolin extract, herb of the mint species, is of high medicinal value. It is mostly found in countries of South East Asia, Thailand, and mostly India. Forskolin plant is essentially utilized for treating intestinal disorders and several cardio vascular diseases. It is herbal remedy for diseases such as asthma, high blood pressure, and chest pain. It is also effective in treating insomnia. It is an effective remedy against allergies and other skin related problems. It also controls appetite and boost energy levels. Forskolin extract is also capable in reducing excess fat from the body. It stimulates the thyroid hormone of the body, thereby increase metabolism which in turn help in reducing weight. These high health benefits are expected to contribute significantly in raising the consumption levels of forskolin extracts during the forecast period.
Market Dynamics of Forskolin Extracts:
Forskolin extract market is expected to grow rapidly owing to its high medicinal characteristics. The growing trend towards signifying traditional herbal remedies as an alternatives to the modern medicine is expected to bring strong growth opportunities for forskolin extracts. Rapid urbanization has brought significant changes to the lifestyle and dietary habits of consumers, hence elevated the need for forskolin extracts to support healthy life style. With people becoming more health conscious and giving high preference to herbal remedies, demand for forskolin extracts is expected to rise. In order to leverage the growing trend of natural and herbal extracts, companies are keen to enhance the functional profile of forskolin extract. Hence, players in the forskolin extract market are developing ingredients with high health and wellness functionality.
Market Segmentation of Forskolin Extracts:
Forskolin extract market is segmented on the basis of application and geography. Based upon application, forskolin extract market is segmented into food supplements, nutraceuticals formulations, dietary supplements, and others such as cosmeceuticals. Dietary supplements is expected to attain relatively higher revenue share in the forskolin extract market. Higher revenue share of dietary supplements can be attributed to the increasing consumption of dietary supplements by consumers in order to stay healthy and fit. Pharmaceutical segment is expected to grow at relatively high CAGR during the forecast period. High growth of pharmaceutical segment can be attributed to its increased contribution of forskolin extract in effectively treating cardiovascular diseases, skin related diseases, and many others.
Regional Outlook of Forskolin Extracts:
Based on geography, forskolin extract market is segmented into seven different regions namely Asia-Pacific, Middle East and Africa, Latin America, Western Europe, Eastern Europe, North America, and Japan. Western Europe region is expected to attain relatively higher revenue share in the global forskolin extract market. Higher revenue share of the region can be attributed to the rising health consciousness coupled with the increasing awareness regarding the health benefits of forskolin extract in the region. Asia Pacific region represented high growth potential for the forskolin extract market owing to the wide availability of forskolin extract in the region. Emerging economies such as China and India are expected to contribute significantly in the high growth of Asia Pacific forskolin extract market.
Key Market Players in Forskolin Extracts:
Some of the key players in the forskolin extract market include Alchem International Ltd, Flavour trove., Bayir Extracts, Cymbio Pharma Pvt. Ltd., Sabinsa Corporation, and Alexa Biotech Pvt. Ltd. among others. Forskolin extract market is of fragmented nature with large number of organized and unorganized players are keen to strengthen their position in the market. Leading manufacturers in the forskolin extract market are keen to expand their product portfolio to strength their position in the market.
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