Forskolin Market: Current Analysis and Forecast (2021-2027)

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.

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