The global jasmine extract market has witnessed remarkable growth in recent years, with projections indicating substantial expansion until 2032. This report delves into the dynamics of this burgeoning market, highlighting key trends, frontrunners, and strategies driving its evolution. From the robust demand in the cosmetic & personal care sector to the escalating preference for natural food ingredients, the allure of jasmine extract is indisputable. Let's embark on an insightful journey into the world of jasmine extract.
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Key Players and Market Developments
Some of the key players in the market include Norex Flavours Private Limited, Mane KANCOR, VedaOils, Synthite Industries Ltd., Organoveda, Norex Flavours Private Limited, 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, Flavor & Extract Manufacturers Assoc., etc.
Market Overview:
As of 2022, the global jasmine extract market stood at a valuation of US$ 77.4 Mn, poised for a commendable CAGR of 9.8% through 2032, ultimately reaching an estimated value of US$ 196.2 Mn. The conventional segment dominates consumption, accounting for 85.2% of market volume in 2022. Among end uses, the cosmetic & personal care segment reigns supreme, commanding 39.6% of market value. Extraction methods play a pivotal role, with Supercritical Fluid Extraction (SCFE) emerging as a prominent technique, holding a significant share of 33.5% in 2022.
Market Frontrunners:
North America emerges as a prominent player, capturing 22.0% of the global market share, with the U.S. leading within the region. The exquisite aroma and gentle characteristics of jasmine extract make it a preferred choice, driving its demand across various applications. Moreover, the trend towards natural and healthy ingredients in food products further fuels market growth.
Market Trends:
Jasmine extract finds widespread application in cosmetics, offering benefits such as skin hydration and restoration. Its inclusion in aromatherapy promotes emotional well-being and energy stimulation. Additionally, the extract's nutritional value, enriched with antioxidants and anti-inflammatory properties, resonates with consumer preferences, especially in countering chronic diseases like arthritis and cancer.
Strategies Driving Growth:
Key players in the jasmine extract market focus on Research and Development (R&D) synergies, product innovation, and geographical expansion. For instance, Mane Kancor prioritizes R&D and quality testing, ensuring innovative and high-quality products. Similarly, Norex Flavours Private Limited strategically invests in manufacturing units equipped with cutting-edge technology to meet growing customer demands.
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