Chlorophyll Extract Market Share Expected to Grow Around USD 482.23 Million by 2030
The increasing demand for chlorophyll extract from various sectors including food & beverage, cosmetics, healthcare, and others owing to its benefits such as strong antioxidant & anti-cancer effects, is the primary factor that is projected to stimulate the market demand globally. In addition, the rising awareness regarding natural products is also offering various lucrative opportunities for industry growth. Furthermore, the rapid urbanization, increasing per capita income, and the changing lifestyle of the population across emerging nations are further anticipated to positively influence the industry growth in the impending years.
The global chlorophyll extract market size is expected to reach USD 482.23 million by 2030 according to a new study by Polaris Market Research.
Based on the type, the liquid segment is dominating the global chlorophyll extract industry and is anticipated to lead the industry over the forecasting period. Liquid supplements are better when compared to the other forms as they are more easily absorbed by the body. Whereas the tablet segment is showing significant growth in the global industry owing to the rising health awareness among the population, coupled with the increasing availability of chlorophyll extracted tables across the globe.
The increasing investments in research & development by the major industry player is anticipated to boost the growth of the market. Moreover, the growing demand for natural food colorants is estimated to boost the growth of the global industry. Therefore, these are the chief factors that are gaining huge fraction of the population for the adoption of this extract, which, in turn, bolsters the demand.
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Top Market Players
Major participants such as Merck Group (Sigma-Aldrich), Fengming Chlorophyll Co., LTD, Global Essence, Hansen, Knowde, Sensient Colors, Natural Health Products (INT) Ltd, Pioneer Herbals, British Chlorophyll, and Xi an Sost Biotech Co., LTD are some of the key players operating in the global industry.
Further, the companies are initiating collaborative initiatives in order to increase their market share. For instance, in October 2021, IBN (Ingredients by Nature) partnered with Virentia, based in Canada, in order to develop ChloroBlast, a chloroplast concentrate from alfalfa. The company has announced that the product will be available for food & beverage applications in mid-2022.
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Polaris Market Research has segmented the Chlorophyll Extract market report on the basis of type, application, and region:
Chlorophyll Extract, Type Outlook (Revenue – USD Million, 2018 – 2030)
Chlorophyll Extract, Application Outlook (Revenue – USD Million, 2018 – 2030)
- Food Additive
- Dietary Supplement