In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Neem is a plant which is used for medicinal and other purposes. Neem is used for treatment of infections, fever, inflammation, skin diseases and others. The phytochemical compound in neem extracts are used for antibacterial action and antimicrobial activity. Neem extracts are also used for various personal care products such as a skin moisturizer, acne protection, skin irritation and others.
The global neem extracts market is observing dynamic growth on account of increasing number of personal care products, thereby driving the demand for neem extracts. Advancement in pharmaceutical industry coupled with the growing R&D activities is projected to drive the neem extracts market across the globe.
The neem extracts is anticipated to exhibit high growth during the forecast period on the account of rising demand for the bio based agricultural products. Additionally, the fertilizer holds the major share for the application segment .This is expected to drive the demand for the neem extract market during the forecast period.
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As per WHO, the global malaria cases have been increased from 212 million cases in 2015 to 219 million cases in 2017. The high application of neem extracts for the treatment of malaria is expected to expand the market growth of the neem extracts during the forecast period.
Neem extracts with its various applications have anticipated to record a CAGR of 18.2% over the forecast period. The neem extracts market is expected to reach a value of USD 2.5 billion at the end of the forecast period.
Increasing R&D development have introduced various applications of neem extracts which can be used for agricultural products. These agricultural products are bio based and environment friendly. The rising disposable income coupled with the agricultural initiatives by government have facilitated the growth of neem extracts market during the forecast period.
The numerous diseases that can be cured by neem extracts such as indigestion, oral problems, skin problems, eye problems and others is expected to increase the demand for neem extracts. Additionally, the rising usage of neem extracts for personal care products is also expected to boost the neem extracts market across the globe.
Asia Pacific region holds the largest number of neem trees in the world. However, other countries which have relatively low plantation of neem trees. This leads to high import of neem from other countries which increases the price of the neem extracts .Thus, it is expected to hinder the market growth during the forecast period.