Global Hibiscus Extract Market Report and Forecast 2024-2032

Global Hibiscus Extract Market Outlook

The global hibiscus extract market is expected to grow at a CAGR of approximately 5% in the forecast period of 2024-2032.

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Increasing Demand in the Cosmetics and Personal Care Industry to Boost the Growth of the Hibiscus Extract Industry Globally

Based on application, the cosmetics and personal care segment accounts for a significant share in the industry and is expected to maintain its dominance in the forecast period as well. Hibiscus flowers are known for their high antioxidant properties and inhibit elastin degradation, thereby providing anti-aging effects. Thus, hibiscus extracts are used as a cosmetic raw material and are useful in anti-cellulite and refirming products and for formulations targeting skin tone. Meanwhile, the growing R&D activities about the therapeutic properties of hibiscus is expected to increase the demand for hibiscus extracts in the pharmaceutical industry. Several studies have demonstrated the medicinal and anticancer properties of hibiscus extract, which could potentially be combined with chemotherapeutic treatments as an adjuvant to reduce chemotherapy-inducing side effects. This is expected to further aid the industry growth in the coming years.

Region-wise, the Asia Pacific is one of the major producers of hibiscus extract globally. Hibiscus has been used as a traditional medicine and is of high importance in several countries such as South Korea, Malaysia, and India. Among these, India is one of the leading cultivators of hibiscus plant, with over 70 varieties that are safe for human consumption.

Hibiscus Extract: Market Segmentation

Hibiscus extracts are prepared from hibiscus, a genus of flowering plants in the mallow family, Malvaceae.  Apart from its large, colorful flowers, hibiscus is also known for its medicinal uses. The different parts like flowers and leaves can be made into teas and liquid or powdered extracts that can help treat a variety of health problems, including high blood pressure and bacterial infections. The most common variety is Hibiscus sabdariffa, whose red flowers are most widely cultivated for their medicinal properties and to prepare dietary supplements.

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By source, the market is bifurcated into:

• Organic
• Conventional

The market is divided based on form into:

• Powder
• Liquid

On the basis of sales channel, the industry can be segmented into:

• Direct Sales
• Retail Sales

Based on application, the industry can be categorised into:

• Food and Beverages
• Pharmaceuticals
• Dietary Supplements
• Cosmetics and Personal Care
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Health Concern and the Growing Demand for Natural Products to Bolster the Growth of the Hibiscus Extract Industry

The growing health consciousness and the increasing consumer preference for natural products are driving the growth of the hibiscus extract industry globally. There has been a rise in demand for hibiscus extract in industries like food and beverages, cosmetics, and pharmaceuticals, among others. The rising awareness regarding the benefits of hibiscus tea is also aiding the market expansion. The escalating consumer disposable incomes, growing retail industry, and increasing demand for herbal dietary supplements are also contributing to the hibiscus extract industry growth. Over the forecast period, growing R&D activities about the potential applications of hibiscus extract and the rising demand for organic products are expected to further propel the industry forward.

Key Industry Players in the Global Hibiscus Extract Market

The report gives a detailed analysis of the following key players in the global hibiscus extract market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Xian Shunyi Bio-Chemical Technology Co., Ltd
• Wild Hibiscus Flower Co
• Ransom Naturals Ltd
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report