Global Neem Oil Market Size To Exceed USD 7.74 Billion By 2033 | CAGR of 14.26%
Category: Consumer GoodsGlobal Neem Oil Market Size To Exceed USD 7.74 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Neem Oil Market Size is Expected to Grow from USD 2.04 Billion in 2023 to USD 7.74 Billion by 2033, at a CAGR of 14.26% during the forecast period 2023-2033.
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Browse key industry insights spread across 235 pages with 110 Market data tables and figures & charts from the report on the "Global Neem Oil Market Size, Share, and COVID-19 Impact Analysis By Type (Leaf Extract, Seed Extract, and Bark Extract), By Application (Pesticides/Agriculture, Personal Care, Animal Products, Pharmaceuticals, Pharmaceutical Industry, and Food Industry), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here:https://www.sphericalinsights.com/reports/neem-oil-market
The neem oil market refers to the use of natural pesticide derived from the seeds of the neem tree. It is rich in nutrients and antioxidants, which nourish the skin, preserve it against environmental damage, and combat radical damage. The key drivers of the neem oil market are the growing demand for natural and organic products across industries. In agriculture, neem oil is commonly applied as a natural pesticide and fungicide and is therefore a key ingredient in organic farming. The increasing use of organic farming has been due to increased concerns regarding the environmental and health effects of chemical pesticides. Furthermore, firms that are well-advised to invest in research and development to create innovative neem products are likely to profit from these trends. The neem oil market is projected to continue growing as industries and consumers alike opt for natural and sustainable solutions. Moreover, increased demand for wellness and environmentally friendly lifestyles has also presented opportunities for the use of neem oil in health supplements as a new avenue for market expansion. Due to neem oil's antioxidant and anti-inflammatory nature, it also presents potential uses in dietary supplements for general well-being and immune system support. However, the availability of more affordable synthetic alternatives is a threat to competition because they tend to provide a similar advantage at a discounted price. There are supply chain challenges in logistics, especially in places where infrastructure is underdeveloped, resulting in higher transportation costs and delays.
The leaf extract segment held the largest share of the market in 2023 and is projected to grow at a substantial CAGR during the forecast period.
Based on type, the neem oil market is segmented into leaf extract, seed extract, and bark extract. Among these, the leaf extract segment held the largest share of the market in 2023 and is projected to grow at a substantial CAGR during the forecast period. The growth is attributed to the increasing demand for natural and chemical-free personal care and wellness products, leaf extract is in great demand due to its less harsh, skin-soothing characteristics when compared to the stronger seed oil.
The pesticides/agriculture accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on application, the global neem oil market is divided into pesticides/agriculture, personal care, animal products, pharmaceuticals, pharmaceutical industry, and food industry. Among these, the pesticides/agriculture segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The growth is driven by the increasing demand for organic farming, stringent rules on chemical pesticides, cost savings, and increased awareness among farmers regarding sustainable crop protection.
Asia-Pacific is expected to hold the majority share of the global neem oil market during the forecast period.
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Asia-Pacific is expected to hold the majority share of the global neem oil market during the forecast period. Asia-Pacific dominates the region's tradition of over three thousand years in utilizing neem oil for an array of uses, such as agriculture, personal care, and medicine. Moreover, growing recognition of the advantages of neem oil, the rising demand for natural and organic products, and the growing production of neem oil in the region.
North America is anticipated to grow at the fastest pace in the global neem oil market during the forecast period. The market is driven by its forward-looking agricultural industry, which is leading the way. The increasing trend towards sustainable and organic farming methods drives this demand. The emphasis in the region on environmentally friendly pest control products further boosts market growth.
Major vendors in the global neem oil market are Gramin India Agri Business, Parker Biotech Private Limited, Neem India Products Pvt Ltd, Ozone Biotech, Prithvi Exports, Agro Extracts Limited, Fortune Biotech Ltd, Bhumija Lifesciences, Manorama Industries Limited, Brahmani Industries, Katyayani Organics, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at the global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the neem oil market based on the below-mentioned segments:
Global Neem Oil Market, By Product Type
- Leaf Extract
- Seed Extract
- Bark Extract
Global Neem Oil Market, By Application
- Pesticides/agriculture
- Personal care
- Animal products
- Pharmaceuticals
- Pharmaceutical Industry
- Food Industry
Global Neem Oil Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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