The global Asparagus Extract market is expected to reach a market valuation of US$ 635 million by 2023, recording a CAGR of 4.1% from 2023 to 2033.
Asparagus racemosus or Asparagus officinalis are used to make asparagus extract, also referred to as shatavari extract. Since Ayurveda advises it for the treatment of dyspepsia and stomach ulcers, asparagus racemosus is used in sectors like nutraceuticals and pharmaceuticals. The spears, root, and stem of the plant are used to make asparagus extract. It is possible to buy asparagus extract in powder, tablet, or liquid form. Asparagus extract is rich in copper, selenium, natural folate, vitamin K, B1, B2, C, and E.
| Attribute | Details |
|---|---|
| Asparagus Extract Market Size (2023E) | US$ 635 million |
| Asparagus Extract Market Projected Size (2033F) | US$ 949 million |
| Value CAGR (2023 to 2033) | 4.1% |
| Top 3 Countries Marketing Share | 67.1% |
Customers are increasingly looking for organic, convenient foods that are also good for their health, which has caused a shift in the global market. This is due to the rise in consumer health awareness. Asparagus extract is projected to drive the market since it is in line with all of the trends and has antioxidant, antidepressant, and cholesterol-lowering effects.
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| Market Statistics | Details |
|---|---|
| Jan–Jun (H1), 2021 (A) | 4.2% |
| Jul–Dec (H2), 2021 (A) | 4.1% |
| Jan–Jun (H1),2022 Projected (P) | 4.0% |
| Jan–Jun (H1),2022 Outlook (O) | 4.3% |
| Jul–Dec (H2), 2022 Projected (P) | 4.2% |
| Jul–Dec (H2), 2022 Outlook (O) | 4.2% |
| Jan–Jun (H1), 2023 Projected (P) | 4.1% |
Asparagus extract is anticipated to experience strong growth in terms of volume and share due to its antidepressant, antioxidant, and cholesterol-lowering qualities. As a result, this is anticipated to fuel the market's expansion for asparagus extracts. Globally, there has been a recent trend toward the use of herbal medications. This may be a lucrative opportunity for the producers of medicines and the healthcare sector, and it is anticipated that this will encourage the use of asparagus extracts, which will help the market for asparagus extract grow in the coming years.
Growth Propelled Due to Alcohol Consumption
Over time, there has been a shift in the pattern of alcohol consumption over the world. Everyone is aware of the harmful effects of alcohol intake. It results in a number of different disorders and harms the liver. According to studies, asparagus extract may help boost the activity of enzymes in the liver cells that are crucial for the metabolism of alcohol and may be used as a treatment to lessen the impact of some disorders.
Lack of Appropriate Knowledge
Customers lack the necessary understanding regarding the proper usage of the assortment of dosages for asparagus extract. The expansion of the market for asparagus extract is being hampered by the lack of information regarding dose, which varies depending on the consumer's age, gender, health, and other characteristics. Lack of information and the use of the incorrect dosage may result in allergies, weight loss, and other related health problems. The industry for asparagus extract is being threatened and its expansion is being hampered by these issues.
Principal Consultant
Asia Pacific was the largest market for asparagus extract and is anticipated to continue to rule the market during the projection period. Since China is the world's top asparagus producer, market growth is anticipated to be boosted during the anticipated time. Due to an increase in customers who are health-conscious and have more disposable means, other nations such as Japan, South Korea, and India are also helping the industry in this area develop.
The asparagus extract market is anticipated to increase significantly in Europe. Due to the effects of the April cold, which impedes production, there is a shortage of asparagus in this region compared to the demand. As more restaurants are reopening their doors, there is a significant demand for asparagus in this area. Spain, the UK, France, Italy, and other significant nations are located in this region. The market for asparagus extracts in Europe is predicted to grow as a result of all these causes.
The use of asparagus extract in the manufacturing of a variety of food items, including biscuits, cakes, cookies, and so forth, along with the creation of cutting-edge nutritional products, is anticipated to fuel market expansion. The use of nutritious organic food products is preferred by consumers, who are also willing to pay extra for such items. The numerous health advantages of asparagus extracts, including their antidepressant and antioxidant characteristics, among many others, are promoting market expansion on a global scale.
Because of the vast range of applications for asparagus extracts and the accompanying health advantages that may be obtained from them, the pharmaceutical and nutraceutical businesses are also expanding globally. For instance, the liver enzyme's normal operation, the alignment of asparagus extracts with herbal qualities without any side effects, etc., are predicted to support the expansion of the worldwide asparagus extract market by volume and share.
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The Asparagus Extract market is only slightly fragmented. The major market players are concentrating on expansion tactics like mergers and acquisitions and extending their distribution networks to increase their market position. The manufacturers in the market used a variety of competitive methods, including product releases, free-from claims, and organic and natural origin claims.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | US$ million for Value and Metric Ton for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; and the Middle East and Africa |
| Key Countries Covered | United States of America, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, Japan, South Korea, India, Thailand, Indonesia, Malaysia, Singapore, Australia, New Zealand, GCC countries, North Africa, South Africa, others. |
| Key Segments Covered | Form, End Use and Region |
| Key Companies Profiled | Chi's Enterprise, Inc.; SA Herbal Bioactives LLP; SV Agrofood; Herbo Nutra; Sava Healthcare Limited; Xi'an Tianrui Biotech Co., Ltd; Maypro Industries, Inc.; Shreedha Phyto Extracts; Navchetana Kendra; Allpure Organics |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The Asparagus Extract Market is valued at US$ 635 million for 2023.
The Asparagus Extract Market valuation is expected to be US$ 949 million in the year 2023.
The value of CAGR for the Asparagus Extract Market is estimated to be 4.1%.
The x segment would garner a significant market value share by 2023.
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