The global kava root extract market size is predicted to hit USD 3.41 billion in 2029 and exhibit a CAGR of 16.29% during the forecast period. The growing acceptance of herbal extracts infused non-alcoholic beverages, coupled with the rising functional food consumption, is estimated to favor the market’s expansion. Fortune Business InsightsTMhas presented this information in its report titled, “Kava Root Extract Market, 2022-2029”. The market size stood at USD 11.02 billion in 2021 and USD 1.18 billion in 2022.
Additionally, the swiftly expanding supplements industry and the increasing kava root extract incorporation in the pharmaceutical industry are anticipated to bolster the market’s expansion.
List of Key Industry Players-
- Botanic Healthcare (India)
- NOW Health Group Inc. (U.S.)
- Gaia Herbs Inc. (U.S.)
- Root of Happiness (U.S.)
- LifeSeasons, Inc. (U.S.)
- Natural Factors Nutritional Products Ltd. (U.S.)
- Best Nutrition Product, Inc. (U.S.)
- Fiji Kava Australia Ltd. (Australia)
- Kona Kava Farm (U.S.)
- Nutragreenlife Biotechnology Co., Ltd. (China)
Source Link:
https://www.fortunebusinessinsights.com/kava-root-extract-market-103694
COVID-19 Impact-
The coronavirus pandemic wreaked an unfavorable impact across several industries, including food & beverage, agriculture, and pharmaceutical. Supply chain disruptions and raw material procurement difficulties raised the ripple effect. Public mobility restrictions, stringent security measures, and border closures negatively impacted the market growth. Skyrocketing prices and diminishing supplies of kava root extract stalled the market growth. However, the ease of restrictions and operation continuations stirred growth in the market. The market is expected to register extraordinary growth in the coming years.
Segments-
Kava Root Powder Segment’s Growth to Amplify Due to Application in Dietary Supplements
On the basis of product type, the market is bifurcated into kava root liquid extract and kava root powder extract. The wide utilization of kava root powder in dietary supplements and personal care industry propels the segment’s growth.
Huge Consumption as Ceremonial Drink to Boost the Food & Beverage Segment
On the basis of end-user, the market is fragmented into cosmetics and personal care products, pharmaceuticals, and food & beverage. The rising incorporation of plant-based extracts is projected to bolster the food & beverage segment’s growth.
Geographically, the market is classified into New Zealand, Australia, Tonga, U.S., Vanuata, Fiji, and the Rest of the World.
Report Coverage-
- It includes insights into various segments of the market.
- It showcases and explains in detail the latest key industry developments.
- It presents a thorough analysis of the coronavirus pandemic.
- It assimilates the crucial drivers and restraints of the market’s expansion.
- It highlights the market’s growth analyzed and estimated across various geographies.
Drivers & Restraints-
Swiftly Expanding Supplements Industry to Propel the Market Growth
The swiftly expanding supplements industry due to a sharp increase in supplements consumption by the geriatric population is projected to invigorate growth for the market. Additionally, the rising consumption of functional foods is expected to aid the market’s expansion due to the thriving demand for kava in functional beverages and foods. The mounting admiration of herbal extracts-infused non-alcoholic beverages due to rapidly increasing health awareness is predicted to complement the market’s expansion.
Moreover, the growing consumption and demand for these extracts by the pharmaceutical industry due to their therapeutic and relaxing properties is anticipated to favor the kava root extract market growth.
However, low market penetration may restrain the market’s expansion during the forecast period.
Regional Insights-
High Production and Consumption of Kava to Boost Growth in Fiji
Fiji is a huge producer and consumer of kava root extracts. The country is predicted to attain a humongous global kava root extract market share as it is a major producer of these extracts and the favorable initiatives for unemployed rural individuals and farmers are projected to bolster the market’s expansion in Fiji.
Vanuatu is predicted to showcase ample growth in the forthcoming years. The rising demand for nutritional supplements, urbanization, a surge in women kava drinkers, and an ever-increasing populace are a few factors expected to stimulate growth in the country.
The evolving consumption patterns are predicted to escalate product consumption and flourish in growth in the U.S.
Competitive Landscape-
Key Players Unveil New Product Offerings to Escalate their Global Positions
The major players operating in the market emphasize upgrading their current product portfolios by incorporating advanced technologies to enhance their offerings. The major market players adopt ingenious strategies, including contracts, acquisitions, mergers, collaborations, and others to amplify their growth prospects. For instance, a pre-packaged kava drink, Drink Leilo, was launched in the U.S. in March 2020.
Key Industry Development-
- March 2022: HiLands Foods and Lami Kava partnered to launch premium quality kava root herbal extract in the Australian market. The partnership is aimed to fortify distribution networks and establish its presence of the two companies across the country.
