The demand for personal care products has been soaring these days all across the globe. As people are now extremely conscious regarding their physical appearance, they are increasingly investing in personal care products that can aid in enhancing their aesthetic appearance. Moreover, the increased disposable income of people, thanks to the strong economic growth, in various countries is also resulting in the increasing demand for personal care products. These day the demand for herbal personal care products has been rising as well, since people are getting increasingly aware regarding the side-effects of cosmetics.
Several skin and hair care products contain chemicals that can prove harmful for the human body. Owing to this, the demand for neem-based products has increased substantially over the past few years, thereby resulting in the growth of the global neem extract market. Other than this, the preference for Ayurvedic medicines has also been rising in various parts of the world. For example, while the popularity and easy availability of allopathic medicines increased considerably in India a few years back, now the focus is again shifting towards Ayurveda, which is further resulting in the increasing demand for neem extract.
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It is because of all these factors that the global neem extract market is predicted to generate a revenue of $1,868.2 million by 2022, progressing at a 16.3% CAGR during the forecast period (2016–2022). On the basis of segment, the market is categorized into bark extract, seed extract, and leaf extract, among which, the bark extract division is projected to witness the fastest growth during the forecast period. This can be ascribed to the rising requirement for bark extract from the Asia-Pacific (APAC) region.
In conclusion, the demand for neem extract is growing due to the increasing demand for herbal personal care items and focus towards Ayurvedic medicines.
