High Prevalence of Diabetes and Growing E-Commerce Sector to Augment Growth of Neem Extracts Market

 

Neem Extracts Market

Neem is a perennial herb that has been used as an antidote for many ailments in India. It is an aromatic oil that has been found useful in the treatment of several diseases such as diabetes, cough, diarrhea and even colds. The azadirachtin found in neem extracts can stimulate the immune system to fight against microorganisms such as bacteria, fungi, yeasts and viruses that are found in the respiratory tract, gastrointestinal tract and skin. Azadirachtin is very useful in relieving cough and providing relief from flu and colds.

Market Dynamics

High prevalence of diabetes is expected to propel growth of the global neem extracts market. For instance, according to the study, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition”, published in the journal Diabetes Research and Clinical Practice, in September 2019, 463 million people are expected to suffer from diabetes in 2019 worldwide and the number is expected to reach 578 million by 2030 and 700 million by 2045.

Moreover, growing e-commerce sector is also expected to aid in growth of the market. For instance, according to India Brand Equity Foundation, the e-commerce sector in India is expected to reach US$ 200 billion by 2026 from US$ 38.5 billion as of 2017.

Increasing expenditure on personal care products is expected to offer lucrative growth opportunities for players in the neem extracts market. For instance, according to the U.S. Bureau of Labor Statistics, average annual expenditure on personal care products in the U.S. increased from US$ 707 in 2016 to US$ 768 in 2018. Moreover, increasing demand for organic pesticides is also expected to aid in growth of the market.

However, absence of good scientific evidence to support the use of neem extracts for tooth plaque, gum disease (gingivitis), lice, to repel insects, and for other conditions is expected to hinder growth of the neem extracts market.

Competitive Analysis

Major players operating in the global neem extracts market include, E.I.D. Parry Ind. Ltd., Godrej Group, Agro Extract Limited, Neeming Australia Pty Ltd., ITC Limited, W R Grace & Co., Margo Pvt. Ltd., Ozone Biotech Pvt. Ltd., GreeNeem Agri Pvt. Ltd., Nimbarka, The Indian Neem Tree Company, Bayer AG, Bros India Group, Fortune Biotech Ltd, Certis USA LLC, Terramera Inc., and American Vanguard Corporation.

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