Consumers across the globe are becoming more health conscious owing to the need to complement their ever-increasing sedentary lifestyles and lack of physical activities, with healthy alternatives in foods. The growing concerns related to obesity and other health problems due to neglected diets is resulting in a shift of consumer preference towards diet supplements to keep their body active and healthier. With food supplements that include Tongkat Ali Extract, consumers are witnessing increased activeness and strength after consumption which is expected to boost the growth of the Tongkat Ali Extract market.
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The Tongkat Ali Extract, owing to its several health benefits is gaining widespread application in the health and dietary supplements end use segment and is being recommended by medical professionals. With its effective usage in natural form as a raw ingredient in medicines and health supplements, along with its growing commercialization has resulted in extensive plantation of Tongkat Ali Extract in regions such as Malaysia. This intensified plantation and rising demand is anticipated to foster the growth of the Tongkat Ali Extract Market.
Tongkat ali is a flowering plant also known by the name of longjack or eurycoma longifolia and pasak bumi. Geographically, it has a fairly wide distribution in South-east Asia which covers South Myanmar, Philippines, India, China, Sumatra, Peninsular Malaysia and Borneo. Tongkat Ali extract is obtained from the roots of the tongkat ali plant which is ten meters in height and has very few branches. The tongkat ali extract has been traditionally used as an aphrodisiac and as an ailment for disorders and in modern times has found its way into health supplements and also as a food additive in functional food and beverages. Tongkat ali extract has been used to treat diseases such as intestinal worms, dysentery, jaundice, diarrhea, etc. but majorly used as an aphrodisiac. Apart from these diseases, tongkat ali extract is also used to boost blood circulation and reduce obesity. Increasing number of research articles are being published to support the health claims of the tongkat ali extract and with consumers turning their focus on traditional and natural products, herbal supplements manufacturers are digging out and commercializing newer varieties of traditional herbs such as tongkat ali extract to cater to this consumer demand.
According to the Forest Research Institute Malaysia, the demand for tongkat ali extract has outpaced the supply of the raw material and the situation becoming tragic, needs immediate attention. Tongkat ali extract which has been very popularly consumed by the Malaysian men since the days of old has met with extensive unplanned harvesting. To sustain the demand, there is an exceeding need for bigger players to take up the tongkat ali extract business which may help to stabilize the tongkat ali extract market. Owing to the shortage, the price of the tongkat ali extract is also expected to shoot up. In Malaysia, measures are being taken up to cultivate tongkat ali plant from hairy root culture which may enable harvesters to supplement the demand for the tongkat ali extract in the market. On the other hand, due to a diversification of the food processing industry, the export base of the South East Asian countries has expanded and has boosted a concomitant growth of the tongkat ali extract market along with the growth of the traditional herbs market. At present, about 70% of the global population is dependent on traditional medicines. Also, the government has been taking up various steps to expand the production facilities of tongkat ali extract. The trade of agricultural, herbaceous and non-forestry commodities form the backbone of the economies for these developing nations and hence, rigorous focus to promote the development of the tongkat ali extract can be expected over the forecast period, which also remains a major driver for the growth of the tongkat ali extract market.
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Global Tongkat Ali Extract Market: Key Players
The major players of the tongkat ali extract manufacturers are found in the APAC region, especially in China and Malaysia. The Malaysian companies usually export the tongkat ali extract to the U.S., Europe and Japan, product is packaged and sent for further processing. Some of the manufacturers of the tongkat ali extract include LJack (M) Sdn Bhd, Nutragreenlife Biotechnology Co.,Ltd, Nutra Green Biotechnology Co.,Ltd., FZBIOTECH,Beton Nutrition Corporation,Tianjin Liesi International Trading Co.,Ltd and RD Health Ingredients amongst others.
Global Tongkat Ali Extract Market: Key Takeaways
In 2016, the company Bio Desaru Sdn Bhd, which is a producer of many agrofood products, recorded a significant produce of 40 MT of the plant tongkat ali and also recorded a rise in foreign and local investments of about US$ 300 Mn which involved 29 of its projects. The core focus of the organization is to extensively market the herbal plants’ application in the modern bio-based technology.
Opportunities for Tongkat Ali Extract Market Participants
Even though the tongkat ali extract market has witnessed great demand from the end use consumers, giant manufacturers in the health supplement industry have not really been stressing this demand, and hence, a need to promote the health benefits of the tongkat ali extract which are supported by the scientific consensus on a global platform is evident. Active participation of key manufacturers in social events organized for the key players of the herbal extracts industry will also enable other market players to expand their knowledge base regarding tongkat ali extract, allowing them to turn focus on the market development of tongkat ali extract. Apart from being a highly fragmented market, tongkat ali extract is known by various other commercial names in other countries, such as longjack in U.S., which creates confusion amongst the consumers and the market players to adopt right product development strategies due to lack of adequate information about the ingredients used in the products, which has hindered the growth of the tongkat ali market. Hence, a unification of all market players is essential to take further strategic decisions and expand the market presence of the tongkat ali extract market.
Brief Approach to Research
FMI will follow a modelling-based approach and triangulation methodology to estimate data covered in this report. A detailed market understanding and assessment of the applications, types, forms and end uses of the product segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. The statistics and data is collected at a regional level, consolidated and synthesized at a global level to estimate the overall market sizes.
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Global Tongkat Ali Extract Market Soaring Demand Assures Motivated Revenue Share during 2018-2028
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