Global maca extract market is anticipated to witness an exponential growth in the forecast period. Maca, also known as “Peruvian Ginseng”, is the root vegetable and have several health benefits. Maca extract is also rich in vital minerals such as iodine, phosphorus, potassium, manganese, sodium, iron, calcium and magnesium.
Factors such as high nutritional value, rise in consumption of products, easy availability, high consumption of natural-based products, reduction of fatigue and stress, defend against cancer, increasing government funding, technological advancement, strengthen the bone structure and increasing occurrence of infertility issues are likely to drive the Maca extract market in the forthcoming period.
On the other hand, lack of strong scientific evidence, comparatively high price of the products, severe competition, and low availability and awareness are anticipated to hinder market growth in the future. However, increasing demand from user and pharmaceutical industries and extensively used to treat hot flushes is likely to create lucrative opportunities for the market. Globally, market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Maca extract market could be explored by product type, application, and geography. Market by product type could span Light Gray to Dark Gray, White to Yellow and Light Pink to Dark Purple. The “White to Yellow” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come.
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The yellow Maca extract powder is well suitable for enhancing female fertility. In addition, White to Yellow segment is followed by “Light Pink to Dark purple” segment owing to extract are considered rear and are used in products that strengthen the bone structure, claim to protect against cancer and reduce fatigue and stress and increase memory.
The key applications in the Maca extract industry include Nutritional Supplements, Health Drugs, Health Foods, and Others. The “Health Drugs” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come. The factors that could be attributed to the growth of the market include help in increasing its role as a medicinal solution and therapeutic and it is highly nutritious in nature.
Latin America is a leading region in the market. It is likely to maintain its dominance in the forecast period owing to factors, such as relatively easy availability and historically high consumption. Latin America is followed by European and Asia-Pacific region.
Key players operating in the Maca extract market include Koken, Peruvian Nature, Natural Health International, pan pacific Corporation, ZANACEUTICA, Inca Health, Pebani Inversiones, MG Natura Peru, Phyto Life Sciences, Stand Peru, Pioneer Herbs, Jiaherb, Yuansn Biological, Green Life, Yongyuan Bio-Tech, Bettering, Berchem Biotech, Natural, Huike and Tengmai. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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