Neem Extracts Market Hits USD 1.32 Billion By 2020: Grand View Research, Inc.
Global neem extracts market is expected to reach USD 1.32 billion by 2020, according to a new study by Grand View Research, Inc. Rising importance of biofertilizers in developed regions including North America and Europe owing to stringent government regulations on the use of chemical fertilizers is likely to boost neem extracts market over the forecast period. Moreover, neem extracts are extensively used in the manufacture of high quality herbal cosmetics and beauty products. Demand for these products is increasing globally owing to their efficiency and low side effects which are expected to result in high demand.
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Biofertilizers constituted the largest application, accounting for over 70% of market revenue in 2013. Growing demand for bio pesticides and bio insecticides is likely to drive neem extracts market over the next six years. Hostile response received from consumers on the use of chemical fertilizers owing to environmental and health concerns are expected to drive the neem extracts market especially in the Europe and North America. In addition, biofertilizer growth in emerging economies including India, China and Brazil is expected to augment neem extracts market over the forecast period. However, lack of availability of raw materials in developed regions owing to unfavorable climatic conditions and high prices is anticipated to restrain neem extract market growth.
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