PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1092223
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1092223
The global chlorophyll extract market size was USD 280.4 million in 2021, growing at a compound annual growth rate (CAGR) of 8.7% during the forecast period from 2021 to 2027.
Chlorophyll is the pigment responsible for the green color of plants. Nutritional sources include wheatgrass, leafy green vegetables, potatoes, green tea, and some algae and plants. Chlorophyll is commonly found in supplements from alfalfa, algae, and silkworm droppings. Nonetheless, many supplements labeled as chlorophyll contain chlorophyllin, a substance produced by chlorophyll. Chlorophyll also aids in liver detoxification, inhibits fat and indigestion, and protects the skin. Chlorophyll is a superfood due to its potent antioxidant and anticancer capabilities. The benefits of chlorophyll extract in cosmetic products go beyond their health benefits. Chlorophyll is a natural treatment that can improve the appearance of your skin and hair.
The significant factors that are likely to fuel the expansion of this extract market are the quick healing of wounds and, in particular, among cancer patients due to its anti-cancer benefits. Also, Chlorophyll extraction is also used in cosmetics. Increasing cosmetics industry demand and consumer awareness of healthy cosmetics are some of the reasons driving the global chlorophyll extract market. Along with its antioxidant and anticancer characteristics, a wide range of industries, including food and beverage, cosmetics, healthcare, and others, are increasing their use of chlorophyll extract, which is expected to drive worldwide market expansion.
Furthermore, rising demand for plant-based ingredients such as spinach, cucumber, broccoli, avocado, lettuce, snow pea, and others containing nutrients such as lutein, calcium, folate, zeaxanthin, vitamin C, and others is expected to drive industry development as these are beneficial as food colorants.
The chlorophyll Extract market is segmented on the basis of form, application, and region.
On the basis of form, the market is divided into tablet, liquid, and powder. Based on the application, the market is categorized into cosmetics, food additives, and dietary supplements.
The food additive segment has the biggest market share and is projected to lead the industry in the coming years. Globally increasing need for food additives, combined with rising consumption of packaged foods, is driving up demand for food additives. Furthermore, the rising demand for organic food additive products such as chlorophyll extract as a result of rising consumer health consciousness is expected to boost segment expansion globally.
The cosmetics segment is expected to increase at the fastest rate in the next years. The expanding global desire for natural and organic cosmetic goods, as well as growing awareness about the dangerous chemicals used in traditional cosmetic products, is the primary factors projected to drive sector demand.
The market is fragmented due to the presence of various small and major producers competing on price and quality. The market is characterized by fierce competition, making it tough for new entrants. With the increasing consumer demand for natural colors, more and more manufacturers are emerging in the global chlorophyll extract market.
Furthermore, in order to enhance their market share, the companies are launching cooperation efforts. For example, in October 2021, IBN (Ingredients by Nature) teamed with Virentia, a Canadian company, to produce ChloroBlast, an alfalfa chloroplast concentrate. The solution will be accessible for food and beverage applications in mid-2022, according to the company.
The scope of this report covers the market by its major segments, which include as follows: