The global jasmine extract market, valued at US$ 77.4 Mn in 2022, is on a promising growth trajectory, projected to expand at a compound annual growth rate (CAGR) of 9.8% from 2022 to 2032. By the end of the forecast period, the market is anticipated to reach an impressive valuation of US$ 196.2 Mn.
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Market Overview: Rising Demand and Key Segments
The demand for jasmine extract is driven by its versatile applications across various industries, including cosmetics, personal care, food, and beverages. As of 2022, the conventional segment dominates the market, holding a substantial volume share of approximately 85.2% and estimated at 1,906 metric tons. This segment's prominence is attributed to the widespread use of conventional jasmine extract in numerous products due to its cost-effectiveness and availability.
In terms of end-use, the cosmetic and personal care segment leads the market with a significant value share of around 39.6%, translating to US$ 30.6 Mn in 2022. This segment is expected to grow at a CAGR of 9.4% during the forecast period, driven by the increasing consumer preference for natural and organic ingredients in skincare and beauty products.
The supercritical fluid extraction (SCFE) method holds a notable value market share of 33.5%, with an approximate value of US$ 25.9 Mn in 2022. This method is anticipated to reach around US$ 66.5 Mn by 2032, reflecting its growing adoption due to its efficiency in preserving the quality and potency of jasmine extract.
Regional Insights: North America's Dominance
North America is a frontrunner in the global jasmine extract market, holding a market value share of 22.0%. Within this region, the United States is the largest contributor, accounting for approximately 86.7% of the market value share, currently valued at US$ 14.8 Mn. The robust demand in this region is fueled by the rising consumer awareness regarding the benefits of jasmine extract, coupled with the growing trend of incorporating natural and healthy ingredients in food and personal care products.
Market Trends: Diverse Applications Driving Consumption
Jasmine extract is highly sought after in the cosmetic sector for its ability to restore skin luster and balance moisture, making it a preferred ingredient for products targeting dry and acne-prone skin. Its natural hydrating properties help maintain sebum production, preventing the overproduction of oil that can lead to acne.
In addition to cosmetics, jasmine extract is widely used in aromatherapy to boost energy levels and stimulate the brain, promoting emotional well-being. Its authentic flavor and aroma, combined with various health benefits, make it a popular choice in the food and beverage industry.
Health Benefits: Nutritional Value and Consumer Awareness
Jasmine extract is rich in antioxidants such as catechins, polyphenols, and epigallocatechin gallate (EGCG), along with anti-inflammatory properties. These attributes make it a preferred choice for consumers looking to counter various chronic diseases like arthritis and cancer. The anti-inflammatory nature of jasmine extract helps reduce inflammation and swelling of joints, while catechins activate intracellular antioxidants and interact with gastrointestinal enzymes to support healthy bowel function.
Strategic Initiatives: Research and Development Driving Growth
Key players in the jasmine extract market are leveraging their research and development (R&D) capabilities, product innovation, and base expansion to gain a competitive edge. For instance, Mane Kancor invests significantly in R&D and product quality testing, utilizing state-of-the-art equipment to ensure innovative and high-quality products. The company's labs are equipped with sophisticated equipment to meet current food and safety requirements and are accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL), India.
Norex Flavours Private Limited, another key player, has established two manufacturing units in India with an extraction capacity of 3,000 MT/annum. These units are equipped with the latest plant equipment and sophisticated technologies, complying with international quality standards to cater to the growing demands of its customers.
Leading Companies: Key Players in the Jasmine Extract Market
Prominent players in the jasmine extract market include Norex Flavours Private Limited, Mane KANCOR, VedaOils, Synthite Industries Ltd., Organoveda, Aromaaz International, Floral Essential Oil, NATURE SPARSH HEALTH CARE, OLD TREE, Ji'An ZhongXiang Natural Plants Co., Ltd, Kush Aroma Exports, INDIA AROMA OILS AND COMPANY, AVI Naturals, and Flavor & Extract Manufacturers Association, among others.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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