Segmentation By Type (Raw/Regular Maca Powder and Gelatinized Maca Powder); By Color (Black, Red, and Yellow); By Application (Pharmaceutical, Therapeutic, Nutritional Powders, Bakery Products, Beverages, and Others) - Global Demand Analysis & Opportunity Outlook 2028
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Our in-depth analysis of the maca extract market includes the following segments:
By Type
By Color
By Application
By Region
Geographically, the maca extract market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The Latin American market is the major dominant region owing to historically high consumption and pretty easy availability.
North America registered the second largest consumption after Latin America. North American regions followed by Europe are expected to observe substantial growth opportunities during the forecast period. The significant growth in both regions is attributed to rising awareness related to the health benefits of maca extracts, the popularity of health and nutritional supplements, and higher accessibility to maca and its derivative products.
The Asia-Pacific is estimated to grow at a relatively slower pace led by China as they mainly cultivate maca in the Yunnan region. Impelling demand for sexual wellness and reproductive health products is expected to be the main element driving the market in this region in the foreseeable future.
The maca extract market is further classified based on region as follows:
The maca extract market is expected to observe an attainable high CAGR during the forecast period, i.e., 2020-2028. The market is segmented by type, color, application, and region. Among colors, the yellow color segment is expected to enjoy the market dominance in the forecast period as it is well suited for enhancing female fertility. Red and black maca extracts are considered rare and are consumed in products that claim to defend against cancer, reinforce the bone structure, increase the memory power, and decrease stress and fatigue.
Based on its applications, several useful properties of maca extracts assist in increasing its role as a therapeutic and medicinal solution. The use of maca extract in the nutritional segment is significantly high and is projected to witness maximum growth in the approaching years.
Growth Drivers
Attributes that make maca a superfood
Maca plants exotic prominence in the market, the valuable functional properties and high traditional utilization has resulted in the plant being referred to as a superfood. Like the other superfoods that have come from the Latin American region, the maca root and its derivative products are anticipated to observe substantial growth and eventual stabilization during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
The market for maca extract is majorly centered on its assertion in controlling infertility. According to WHO, Infertility is a global public health issue. The rise in consumption of products, especially natural-based products, has been on a rise due to the increasing prevalence of infertility issues.
Trending shift towards natural & organic consumption
The robust inclination of individuals towards natural dietary patterns that have established deep roots in the developed markets of the western nations is one of the key contributors towards the growth of the maca extract market.
The rise in the consumption of natural-based products has also been propelled by the increasing prevalence of infertility and impaired fecundity issues.
Additionally, rising distress concerning sexual wellness reproductive health among individuals, an increase in per capita consumption in emergent economies, and growing awareness on social platforms related to the benefits of natural & organic products have led to the increased prominence of the maca extract offered in the market.
Restraints
Several restraints such as low awareness regarding maca and its availability, a high price in the market, a lack of strong scientific evidence, and severe competition in the market, might hinder the market’s growth. Despite its individuality, the maca extracts compete with numerous other natural fertility solutions which are relatively cheaper, and this is also hampering the market in developing regions.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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