Areca Nut Market: Current Analysis and Forecast (2021-2027)

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Areca Nut Market is anticipated to display a CAGR of around 3.2% over the forecast period (2021-2027). Areca nut, which is also known as betel nut, is the seed obtained from areca palm. It is an essential commercial fruit in Southeast Asia. The escalating demand for areca products, including pan, scented supari, and pan masala across countries like India, the U.S., Sri Lanka, Nepal, Thailand, Singapore, and others proliferates the areca nut market growth. Moreover, areca nuts comprise approximately 15% of fat that can be extracted and used in confectionery products. Also, the refined fat of the areca nut is hard in comparison to that of cocoa butter. Therefore, it can be extensively used for blending. This factor offers a lucrative opportunity to the manufacturers and is expected to propel market growth in the forthcoming years. The extract of areca nut exhibits properties of strengthening the muscle. Hence, it plays a vital role in stroke recovery. The water extract of the areca nuts holds anti-microbial activity and works towards some strains of oral bacteria. Therefore, chewing an areca nut can protect teeth from the cavity and avert dental plaque. However, the regular consumption of areca nut can lead to severe diseases like throat & mouse cancer, which might hamper the market growth in the future.

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Insights Presented in the Report

“Amongst Product, Scented Supari segment held significant market share in 2020”

Based on the product, the market is categorized into scented supari, tannins, and pan masala. Scented Supari poses a refreshing and cool taste and aroma.  The demand for mouth freshener is significantly high in restaurants as it is widely consumed as a mouth freshener.   Raw supari, on the other hand, is inedible. It requires adequate processing and packing before it can be consumed by humans. It is extremely profitable to start a small-scale scented supari business owing to the easy availability of raw material. Aside from that, there isn’t much of an investment requirement.

“Amongst Type, Split Areca Nut to witness fastest growth rate”

Based on type, the market is bifurcated into split and whole areca nuts. Among these, split supari is expected to witness robust growth during the forecast period. The growth owes to the increasing demand for split areca nuts in pan masala and scented supari. Most leading market players are launching new product variants, like sugar-coated fennel seeds, chocolate, sweet-preserved rose petals, saffron, and silver-coated areca nuts to enhance their overall sales and expand their existing consumer base. These strategies are likely to boost the demand for split areca nuts, thereby contributing to market growth.

“Asia Pacific To Dominate the Market During the Forecast Period”

For a better understanding of the market adoption of Areca Nut, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Indonesia, Bangladesh Rest of Asia-Pacific), and Rest of World. In 2020, the Asia Pacific region held the highest market share in the global Areca Nut market. Some of the major players operating in the market are Swastika International, GM Group, Rubyndo, Sri Vinayaka Betelnut Traders, Shri Ganesh Prasad Traders, Vietdelta Industrial Co., Ltd, Biotan Pharma, and Surya Exim.

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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

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of the Areca Nut Market were the three major steps undertaken to create and analyze the demand and sales of Areca Nut across 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 conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast 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 the industry pertains to. Detailed methodology is explained below.

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

The detailed secondary study was conducted to obtain the historical market size of the Areca Nut 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 Areca Nut, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are color, type, and product. Further regional level analyses were conducted to evaluate the overall demand of Areca Nut in a global context.

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. Further, we conducted factor analysis using dependent and independent variables such as growing demand for areca nut products like pan, scented supari, and pan masala. Historical trends and their year-on-year impact on the market size and share were analyzed. The demand and supply-side scenario were also thoroughly studied.

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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 market, and market shares of the segments and company. All the required percentage 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 bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and sub-segments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the demand of Areca Nut across the major regions globally
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Areca Nut Market in terms of products 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, and Regional Head, Country Head, etc.) across major countries. 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

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Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Areca Nut market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, type, color, and regions.

The main objective of the Areca Nut Market Study

The current & future market trends of the Areca Nut Market are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Areca Nut in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments of the industry
• Segments in the study include product, distribution channel, and regions
• Defined analysis of the regulatory framework for the Areca Nut industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors pertaining to the industry
• Analyze the current and forecast market size of the Areca Nut across the globe. Major regions analyzed in the report include North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Indonesia, Bangladesh Rest of Asia-Pacific); and Rest of World. Define and analyze the competitive landscape of the Areca Nut sector and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry