Broccoli extracts can be defined as a purified form of glucosinolates that are used as raw materials in the production of nutraceuticals. The global broccoli extract market is expected to register significant growth especially in the Asia Pacific region, according to a research report by Persistence Market Research. According to the report titled ‘Broccoli Extract Market: Global Industry Analysis 2012–2016 & Forecast 2017–2027,’ the global broccoli extract market was valued at over US$ 1,900 Mn in 2017 and is expected to reach a market valuation in excess of US$ 2,800 Mn by the end of 2027. This reflects a CAGR of 3.7% during the forecast period of 2017-2027.
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Global Broccoli Extract Market: Dynamics Impacting Revenue Growth
Several factors underpin the current trends witnessed in the global broccoli extract market. Increasing consumption among the global population owing to an awareness about the health benefits of broccoli is the main factor boosting revenue growth of the global broccoli extract market. People are also changing their food preferences and lifestyles and moving towards healthy eating habits, due to which manufacturers are also more inclined towards the use of broccoli in their products.
However, the growth of the market is projected to witness certain hindrances owing to a lack of awareness of the health benefits of broccoli in some regions and a poorly integrated supply chain of the products. Intensified competition among manufacturers across the globe owing to an increase in the number of companies in various countries has lowered the profit margins in some regions.
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Highlights from the Segment-wise Analysis of the Global Broccoli Extract Market
- On the basis of form type, the broccoli extract market is dominated by the powder segment with an estimated market valuation of over US$ 1,400 Mn by the end of 2027. However, the capsules segment is still slightly ahead of the powder segment with the highest growth rate anticipated during the study period
- On the basis of nature of the product, the market is segmented into organic and conventional segments, among which the conventional segment leads the market with the highest market share. However, the organic segment is ahead in terms of growth rate during the forecast period
- On the basis of product type, the sprout extract segment is expected to expand at a higher growth rate of 4% during the forecast period 2017-2027
- On the basis of end-use, functional food has the highest growth rate with a CAGR of 3.9% during the forecast period. The dietary supplements segment is the second-most attractive segment in the global market
- On the basis of distribution channel, the indirect segment is expected to be a lucrative segment in the global broccoli extract market with the highest growth rate registered during the period of forecast of value over the forecast period.
Asia Pacific Leads the Global Market with the Highest Growth Rate
The research report indicates that Asia Pacific registers the highest growth rate in the global broccoli extract market. However, North America is projected to hold the maximum market share by the end of 2027 at over US$ 6,900 Mn. Europe is witnessed as being an attractive region in the global market for broccoli extract.
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Global Broccoli Extract Market: Competitive Landscape
Some of the company profiles mentioned in this comprehensive research report are of key players such as Love Life Supplements Ltd., Nutra Canada, Jarrow Formulas GmbH, Wincobel, Xian Yuensun Biological Technology Co., Ltd., Source Naturals, Kirkman Group Inc., Seagate Products, Interherb Ltd etc.
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