Forskolin Market: Current Analysis and Forecast (2021-2027)
Emphasis on Purity (Low Concentration, Medium Concentration, High Concentration); Application (Dietary Supplements, Weight Management, Respiratory Disorders, Cardiovascular Disorders, Food & Beverages, Others); and Region/Country.
The forskolin market is expected to witness a CAGR of around 8% during the forecast period (2021–2027). Forskolin is an active compound extracted from the roots of a plant in the mint family. The market growth of this segment is mainly due to the increasing preference of consumers for naturally processed, ayurvedic products and herbal plants with medicinal benefits. Moreover, the rising prevalence of diseases such as obesity, glaucoma, allergies, asthma, etc., and strong healthcare infrastructure in developed economies are also the major factors for the growth of this segment. However, the outbreak of the Covid-19 pandemic impacted the market’s growth as organizations experienced huge defers in obtaining the raw materials, they expected for producing medical care supplements from forskolin. Because of the imposed lockdown restrictions, a shortage of labor hampered the forskolin market’s production. The rising awareness of natural products and plant-based products in beauty care products is supposed to support the market’s development during the forecast period. For instance, according to the Centers for Medicare & Medicaid Services (CMS), U.S. health care spending grew 9.7 percent in 2020, reaching $4.1 trillion and Prescription drug spending increased 3.0% to $348.4 billion in 2020.
Some of the major companies operating in the forskolin market include Shaanxi Jiahe Phytochem Co., Ltd., Sabinsa Corporation, Nutra Green Biotechnology Co. Ltd., Varion Lifesciences Pvt. Ltd., Bioprex Labs, Alchem International Limited, Flavour trove, Cymbio Pharma Pvt. Ltd., Glentham Life Sciences, Bayir Extracts Private Limited
Insights Presented in the Report
“Amongst Purity, the high concentration category accounted for the majority share in the market in 2020”
Based on purity, the forskolin market is segmented into low concentration, medium concentration, and high concentration. The high concentration category is anticipated to witness a significant growth rate during the forecast period. High concentration forskolin is extracted from the roots of the plants and this is the purest form of the forskolin. That is used in skincare and cosmetic products with anti-aging properties. The major factors for the growth of this category are rising cases of diseases such as CVDs, hypertension, insomnia, heart failure, etc. Furthermore, according to the American Heart Association, nearly half of adults in the U.S. have some type of CVD. By 2035, it is projected that more than 135 million adults, or 45.1% of the U.S. population are projected to have some form of CVD.
“Amongst Application, the dietary supplements category is expected to witness the highest CAGR during the forecast period”
Based on application, the forskolin market is segmented into dietary supplements, weight management, respiratory disorders, cardiovascular disorders, food & beverages, and others. The dietary supplements category is anticipated to witness a significant growth rate during the forecast period. owing to people consuming dietary supplements made from plants to complete their regular diet requirements and the dietary supplements widely being used in weight loss, digestive disorders, and pharmaceuticals, which propels the growth of the forskolin market during the forecast period. For instance, according to the Centers for Disease Control and Prevention (CDC), the obesity prevalence was 39.8% among adults aged 20 to 39 years, 44.3% among adults aged 40 to 59 years, and 41.5% among adults aged 60 and older.
“North America to witness significant growth during the forecast period”
For a better understanding of the market, the report provides a detailed analysis of major regions and countries including North America (U.S., Canada, Rest of North America); Europe (Germany, U.K., France, Spain, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific) and Rest of World. In 2020, North America accounted for a significant market share. This is mainly due to the higher cases of cancer, obesity, heart failure, intestinal spasms, painful cramps (dysmenorrhea), high blood pressure (hypertension), chest pain, insomnia, etc. in this region. Moreover, the presence of major pharmaceutical companies, higher per capita income, and rising awareness of natural medications are the major key factor for the growth of this market during the forecast period. For instance, according to the U.S. Department of Health and Human Services (HHS), around 92.1 million adults with hypertension in the U.S. do not have their hypertension under control. This includes all 24.3 million adults who are recommended lifestyle modifications only and 67.8 million adults who are recommended lifestyle modifications and prescription medication.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
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Table of Contents
Research Methodology for the Forskolin Market Analysis (2021-2027)
Analyzing the historical market, estimating the current market, and forecasting the future market of the forskolin market were the three major steps undertaken to create and analyze the adoption of the forskolin market in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the forskolin market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the forskolin market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the forskolin market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as purity and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the forskolin market. Further, we conducted factor analysis using dependent and independent variables such as various purity and application of the forskolin market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, and business expansion, in the forskolin market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the forskolin market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the forskolin market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the forskolin market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the forskolin market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of purity and application in the forskolin market.
The main objective of the forskolin market Study
The current & future market trends of the forskolin market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the forskolin market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of purity and application.
- Define and analysis of the regulatory framework for the forskolin market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the forskolin market for the major region.
- Major regions and countries studied in the report include North America (U.S., Canada, Rest of North America); Europe (Germany, U.K., France, Spain, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific) and Rest of World.
- Company profiles of the forskolin market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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