Garcinia Market Overview:
Garcinia is fruit from mangosteen family that has culinary, pharmaceutical and industrial uses. It contains hydroxycitric acid which is considered as an effective alternative to prevent fat storage, control appetite and improve body endurance towards exercise. Market Research Future (MRFR) has published a report stating that the global garcinia market is marked to expand at a moderate growth rate during the forecast period of 2022-2030. Garcinia Market Size is expected to register a CAGR of 6.50% and reach USD 134.95 Million by 2030.
Market Drivers and Restraints:
A sedentary lifestyle and changing dietary habits are leading towards obesity and weight gain. Increasing prevalence of lifestyle-induced obesity in various developed and developing regions are inducing high demand for highly effective weight loss alternatives that are prepared from organic components, which in turn is fueling the growth of the global garcinia market. Increasing utilization of dried garcinia and garcinia extracts in various cuisines owing to its distinct flavor and rise in popularity of food products made out of tropical fruits are some other factors that are propelling the growth of the global garcinia market. However, lack of awareness regarding the nutritive value of garcinia and easy availability of alternative supplements for weight loss are likely to act as restraints on the growth of the global garcinia market during the forecast period.
Key players:
Owing to the multiple health benefits of garcinia, the players in the global garcinia market are focusing on the expansion of business by developing various products that complement in leading a healthy lifestyle. Strategic mergers and acquisitions are aiding the players in sustaining the competitive environment of the global garcinia market. For instance, in September 2018, the manufacturers of Phandora Garcinia has announced that its recently launched natural weight loss supplement, Phandora Garcinia, is now officially available in South Africa as a trial version. Phandora Garcinia is the latest natural supplement made out of natural ingredients, aiming to aid in weight loss for leading a healthy lifestyle.
The major player profiled by MRFR that are operating in the global garcinia market are Hunan Huacheng Biotech Inc. (China), Guangdong Hybribio Biotech Co., Ltd. (Hong Kong), Hunan Nutramax Inc. (China), Nuvaria Ingredients (the U.S.), Ambe Phytoextracts Private Ltd. (India), Indfrag Limited (India), Honson Pharmatech Group Ltd. (Canada), Xi’an Lyphar Biotech Co., Ltd. (China), Sia Fruits Serviss, Zeon Health UK Ltd. (the U.K) and others.
Market Segmentation:
The global Garcinia Market Overview has been segmented on the basis of form and application. Based on form, the garcinia market has been segmented into powder, liquid and others. Among these, the powder form forecasted to dominate the global garcinia market owing to its extensive use in manufacturing various products. Based on application, the garcinia market has been segmented into foods & beverages, functional foods & dietary supplements, and others. Among these, the functional foods & dietary supplements segment is marked to dominate the global garcinia market, owing to the high demand for garcinia in dietary supplements. This segment is also projected to be the fastest growing segment in the global garcinia market during the forecast period.
Regional Analysis:
Geographically, the global garcinia market has been segmented into Asia Pacific, North America, Europe and the rest of the world. The Asia Pacific region is anticipated to project dominance over the global garcinia market. The Southeast Asian Countries and India are the major producers of garcinia as the tropical climate promotes the growth of garcinia plantation. Hence, the Asia Pacific region is also projecting the fastest growth in the global garcinia market. Increased research for the development of highly effective weight management supplements from garcinia is aiding the growth of the garcinia market in the Europe region. The North America region is projecting noteworthy growth in the global garcinia market owing to the high demand for natural and organic health supplements due to increasing prevalence of obesity in this region.
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