In recent years, the overall demand for herbs for preparing medicines and supplements have witnessed significant rise across the developed as well as developing economies due to its several health and nutritional benefits. Alfalfa seed has been recognized as most productive and widely adoptive seed for extraction by several oil processors due to its superior yield quality. Moreover, alfalfa is also considered as "Queen of Forages" among industry giants for preparing powder and liquid extracts. Alfalfa seed extract market is expected to witness a rise in the overall trade of the alfalfa seed during the forecast years. An alfalfa seed extract has found its demand from both B2C and B2B end users over the years due to the increasing need for nutritional products among the end users. The global market for alfalfa seed extract comprises several key and small processors across the globe with their global and regional business footprint.
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Emerging economies to play a key factor in the growth of alfalfa seed extract market
The alfalfa seed extract market can be segmented on the basis of form, extraction methods, end-use application, sales channel, and functionality. On the basis of form, the alfalfa seed extract market can be segmented into powder, liquid, tablets and tea. On the basis of extraction methods, the alfalfa seed extract market can be segmented into cold pressed, distillation and solvent-based extraction. On the basis of end-use application, alfalfa seed extract market can be categorized into B2C and B2B (nutraceutical supplements, pharmaceutical, facial care, body care, and others). On the basis of sales channel, the alfalfa seed extract market can be segmented into modern trade, direct sales, online retailers, specialty stores and other sales channels. On the basis of functionality, the alfalfa seed extract market can be segmented into anti-oxidizing agent and anti-wrinkle agent. The global market for alfalfa seed extract can be segmented into seven regions: North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa.
Global alfalfa seed extract market is projected to show higher single-digit CAGR throughout the foretell period
The global alfalfa seed extract is anticipated to witness lucrative market opportunities in the coming years on the backdrop of increasing per capita spending and companies’ investments on herbal supplements across the globe. The global market for alfalfa seed extract is projected to grow at a higher-single digit compound annual growth rate throughout the forecast years from 2019-2029, based on the company’s recent research activity. Among the regions, North America and Europe regions are expected to hold approximately 3/5th of the global demand share of alfalfa seed extract as compared to other regions. However, the market for alfalfa seed extract is likely to witness a marginal decline in the market share of both North America and Europe region due to amplified demand for alfalfa seed extract across emerging economies such as China, India and some of Latin American and the Middle East & African countries over the forecast period.
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Transforming nutraceutical supplements industry to boost the growth of the alfalfa seed extract market
Increasing world population and growing demand for different herbal supplements are mainly influencing higher demand for alfalfa seed extract across the globe. Increasing awareness about health benefits of alfalfa seed extract for several health problems such as kidney, prostate, asthma, diabetes and many more are making consumers aware of the various forms of alfalfa seed extracts. Manufacturers are implementing innovative extraction methods to improve the nutritional quality of alfalfa seed extract, which is expected to provide traction to the increasing demand over the forecast years. The global market for alfalfa seed extract is expected to witness strong growth over the forecast years due to several market driving factors. Some of the factors include rising per capita spending on nutritional products and expansion in the manufacturing facilities of several key vendors in emerging economies, among others.
Advancement in extraction technologies may create positive impact on alfalfa seed extract market
North America and Europe region comprises large number of players who are engaged in the alfalfa seed extract segment. Some of the market participants in the global alfalfa seed extraction market include Phyt's USA; SILAB; Herb Pharm; Hawaii Pharm LLC; Puritan's Pride, Inc.; and other prominent players in alfalfa seed extract market.
The research report presents a comprehensive assessment of the alfalfa seed extract market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to alfalfa seed extract market segments such as geographies, form, extraction methods, end use application, sales channel, and functionality.
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