With reference to the latest market forecast report published by Transparency Market Research, titled 'Notoginseng Root Extract Market: Global Industry Analysis and Opportunity Assessment 2018-2027', revenue generated from the global notoginseng root extract market has been estimated to be valued around US$ 308.6 Mn in 2018, which is expected to increase at a CAGR of 3.4% to US$ 432.8 Mn by 2028
Notoginseng root extract is derived from the roots of the Panax notoginseng. The extract of notoginseng root is commercially available in two forms; Powder and Liquid. Panax notoginseng is also used to relieve pain, and to reduce swelling and blood pressure. It is also used for chest pain (angina), strokes and bleeding in the brain, buildup of fat in the blood vessels, heart attacks, and some kinds of liver disease.
It is also used to improve energy and ability to exercise, to reduce muscle soreness following exercise, and for osteoarthritis and rheumatoid arthritis. Owing to its multiple applications in industries such as cosmetics, pharmaceuticals, and health supplements, the global market for notoginseng root extract is expected to register a healthy CAGR over the forecast period.
Target Segments for the Notoginseng Root Extract Market
The global notoginseng root extract market is segmented on the basis of end-use, form, and region. On the basis of end use, the global notoginseng root extract market is segmented into pharmaceuticals, cosmetics, and health supplement products. The segment, health supplement products is expected to be the dominant one with a market share of about 60%. The growing health and dietary supplements industry is one of the significant factors behind the increased demand for notoginseng root extract.
On the basis of form, the global notoginseng root extract market is segmented into powder and liquid. The powder segment is anticipated to dominate the form segment of the notoginseng root extract market with a market share of around 65% in the year 2018. The applications of powdered form of notoginseng root extract are widespread. The notoginseng root extract powder is incorporated in health supplement products and pharmaceuticals.
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Target Geographies for Notoginseng Root Extract
The notoginseng root extract market has been segmented into North America, Latin America, Europe, China, Asia Pacific Excluding China, and the Middle East and Africa (MEA). China is dominating the market share by far with more than 65% in the year 2018. However, the growth in China is anticipated to be moderate as it is already a mature market. Latin America is expected to be the most attractive market with a CAGR of 5% over the forecast period.
Besides, increasing use of notoginseng root extract in cosmetics and pharmaceuticals in the region is further powering the growth for notoginseng root extract market. Europe is also one of the regions to look out for. The notoginseng root extract market in Europe is expected to be lucrative for years to come owing to the increased consumption of health supplements.
The notoginseng root extract market in North America is estimated to offer maximum growth prospects with a growth rate of 4% over the forecast period. The import of notoginseng root extract in North America has increased significantly in the last few years. The incorporation of the notoginseng root extract in pharmaceuticals and various health supplements have certainly helped the market in growing.
Global Notoginseng Root Extract Market: Competitive Assessment
Transparency Market Research has outlined the most important companies that are players in the global notoginseng root extract market, such as NOW Foods, Imperial Elixir, Nature's Health, Nutra Champs, Puritan's Pride Ginseng Complex, Umeken Good Morning RG, Swanson Korean, The Garden of Natural Solution, and Marutaka Pulse Co., Ltd.
Manufacturers of health supplements are incorporating the notoginseng root extract in their products owing to the multiple benefits it provides including anti-aging properties, reduces swelling and blood pressure, improvement of blood circulation, curing of heart disease, and curing chest pains, among more. Manufacturers are also finding more efficient technologies and methods for extracting the notoginseng root extract to enhance the nutritional aspects of the product.
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