The global jasmine extract market is on an upward trajectory, showcasing remarkable growth potential from 2022 to 2032. Valued at US$ 77.4 Mn in 2022, the market is forecasted to expand at a robust CAGR of 9.8%, reaching an estimated value of US$ 196.2 Mn by 2032. This exponential growth is attributed to various factors, including increasing consumer preference for natural and healthy ingredients, burgeoning demand in the cosmetic and personal care sector, and advancements in extraction methods.
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Market Dynamics:
- Nature Preferences: The conventional segment dominates the market, accounting for 85.2% of the market volume in 2022.
- End-Use Trends: Cosmetic & personal care segment holds a significant share of the market, with a value of US$ 30.6 Mn in 2022, expected to grow at a CAGR of 9.4%.
- Extraction Methods: Supercritical fluid extraction (SCFE) segment is poised for substantial growth, holding a market share of 33.5% in 2022 and expected to reach US$ 66.5 Mn by 2032.
Market Frontrunners:
- Regional Dominance: North America holds a substantial market share of 22.0%, with the U.S. accounting for 86.7% within the region, valued at US$ 14.8 Mn.
- Unique Properties: Jasmine extracts, with their gentle and captivating aroma, are gaining traction, particularly in the cosmetic sector, for their skin-enhancing properties.
- Consumer Preference for Healthier Options: The global trend towards natural and healthy food ingredients is propelling the demand for jasmine extract, given its antioxidant properties.
Market Trends:
- Diverse Applications: Jasmine extract finds applications across various sectors, including cosmetics, aromatherapy, and food and beverages, owing to its multifaceted benefits.
- Nutritional Value: The presence of antioxidants and anti-inflammatory properties in jasmine extract appeals to health-conscious consumers, driving market growth.
- Consumer Awareness: Increased awareness about the nutritional benefits of jasmine extract is further fueling market expansion.
Strategies Adopted by Key Players:
- Investment in R&D: Companies like Mane Kancor invest significantly in research and development to ensure product innovation and quality.
- Expansion Initiatives: Norex Flavours Private Limited has expanded its manufacturing capacity to meet growing customer demands, reflecting a proactive approach to market growth.
Key Players in the Market: Notable players in the jasmine extract market include Norex Flavours Private Limited, Mane KANCOR, VedaOils, Synthite Industries Ltd., Organoveda, Aromaaz International, and more.
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