Global Sweet Wormwood (Artemisia Annua) Extract Market Size By Form, By Application, By End User, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global Sweet Wormwood (Artemisia Annua) Extract Market Size By Form, By Application, By End User, By Geographic Scope And Forecast
Sweet Wormwood (Artemisia Annua) Extract Market Size And Forecast
The global Sweet Wormwood (Artemisia Annua) Extract Market size was valued at USD 75 Million in 2023 and is projected to reach USD 225.3 Million by 2030, growing at a CAGR of 19.8% during the forecast period 2024-2030.
Global Sweet Wormwood (Artemisia Annua) Extract Market Drivers
The demand for and growth of sweet wormwood (Artemisia annua) extract is impacted by a number of factors. Here are a few significant market forces
Increasing Artemisinin Demand Artemisinin, a substance utilised in the creation of artemisinin-based combination therapies (ACTs) for the treatment of malaria, is abundant in sweet wormwood extract. The market for sweet wormwood extract is expanding due to the increase in demand for artemisinin on a global scale.
Malaria prevalence Malaria continues to be a significant worldwide health concern, particularly in areas where the disease is more common. The necessity for efficient malaria therapy is what drives the demand for artemisinin-based medications, which are made from sweet wormwood extract.
Emphasis on Natural and Herbal Remedies The demand for sweet wormwood extract is influenced by consumers’ growing desire for herbal and natural medicines. The extract is prized for both its possible therapeutic purposes and historical importance.
Activities in Research and Development The investigation of new uses and possible health advantages of sweet wormwood extract is aided by ongoing research and development initiatives in the fields of herbal medicine and natural substances.
Governmental Measures to Combat Malaria The demand for artemisinin and sweet wormwood extract is driven by government-led initiatives and programmes focused at combating malaria, particularly in endemic areas.
Pharmaceutical Industry Growth The pharmaceutical sector is expanding, and novel medicine combinations and formulations containing sweet wormwood extract help to expand the market.
Increasing Public Knowledge of Herbal Supplements Consumer interest and market demand are fueled by growing knowledge of the possible health advantages of herbal supplements, particularly sweet wormwood extract.
Global Initiatives to Fight Tropical Illnesses With its anti-malarial capabilities, sweet wormwood extract contributes to the global effort to fight tropical diseases. Market expansion is aided by joint initiatives and support for disease prevention.
Sustainable Environmental Practises Since the extract is made from the plant’s aerial portions, sweet wormwood production is frequently seen as environmentally sustainable. Customers find this feature appealing, which helps the market expand.
Increasing the Variety of Products Offered Pharmaceutical and herbal supplement businesses are broadening their product lines to include sweet wormwood extract in a range of dosages, including capsules, tinctures, and extracts.
Global Sweet Wormwood (Artemisia Annua) Extract Market Restraints
While there are a number of growth-promoting factors for the sweet wormwood (Artemisia annua) extract market, there are also a number of potential barriers to its expansion. Here are some significant market obstacles
Geographical and climatic restrictions The best growing conditions for sweet wormwood may only be found in a few locations because to its sensitivity to climate. Climate-related problems may affect the uniformity and availability of the raw material.
Complexity of Plant Growth and Harvest Sweet wormwood needs special agricultural techniques and can be labor-intensive to grow and harvest. Obstacles in growing and harvesting may have an impact on the entire supply chain.
Demand Dependence on Artemisinin The demand for artemisinin, a drug used to treat malaria, is directly related to the market for sweet wormwood extract. Market fluctuations for sweet wormwood extract might be caused by changes in the demand for artemisinin.
Price Turbulence Price volatility in the sweet wormwood extract market may occur as a result of variables like climate change, supply chain breakdowns, and shifts in consumer demand for herbal supplements.
Quality Standards and Regulatory Compliance It might be difficult to make herbal supplements and pharmaceutical goods conform to regulatory criteria. Market participants may have restrictions as a result of complying with regulatory obligations and quality standards.
Artificial Artemisinin’s Rivalry The market for sweet wormwood extract may be impacted by the development of synthetic artemisinin as a substitute for naturally produced artemisinin. Competition from synthetic manufacture may arise in terms of price and accessibility.
Limited Understanding and Patron Acceptance Market expansion could be hampered by consumers’ low level of knowledge about the health advantages of sweet wormwood extract and herbal supplements in general. Market success for herbal medicines depends on consumer acceptance and confidence.
Supply Chain Breakdowns The availability of sweet wormwood extract on the market may be impacted by supply chain disruptions such difficulties with shipping, storage, or processing.
Variable Quality The market reputation and consumer confidence may be impacted if sweet wormwood extract has inconsistent quality as a result of changes in plant growing circumstances, cultivation procedures, or processing techniques.
Environmental Issues A probable overharvest of sweet wormwood and environmental worries about agricultural practises could have an adverse effect on the market.
Global Sweet Wormwood (Artemisia Annua) Extract Market Segmentation Analysis
The Global Sweet Wormwood (Artemisia Annua) Extract Market is segmented based on Form, Application, End User, and Geography.
Sweet Wormwood (Artemisia Annua) Extract Market, By Form
Liquid Extracts Concentrated liquid forms of sweet wormwood extract.
Powder Extracts Extracts processed into powder form for various applications.
Capsules and Tablets Sweet wormwood extract encapsulated or compressed into tablet form for easy consumption.
Sweet Wormwood (Artemisia Annua) Extract Market, By Application
Pharmaceuticals Sweet wormwood extract used in the pharmaceutical industry, particularly for the production of artemisinin-based combination therapies (ACTs) for malaria treatment.
Nutraceuticals Extracts used in the production of herbal supplements and nutraceutical products.
Cosmetics and Personal Care Application of sweet wormwood extract in cosmetics and personal care products for potential skin benefits.
Food and Beverages Use of sweet wormwood extract as a natural ingredient in food and beverage products.
Sweet Wormwood (Artemisia Annua) Extract Market, By End User
Pharmaceutical Companies Companies involved in the production of pharmaceuticals and anti-malarial drugs.
Nutraceutical Manufacturers Companies producing herbal supplements and natural health products.
Cosmetic and Personal Care Brands Companies formulating skincare and personal care products.
Food and Beverage Industry Companies incorporating sweet wormwood extract into food and beverage formulations.
Sweet Wormwood (Artemisia Annua) Extract Market, By Geography
North AmericaMarket conditions and demand in the United States, Canada, and Mexico.
EuropeAnalysis of the Sweet Wormwood (Artemisia Annua) Extract Market in European countries.
Asia-PacificFocusing on countries like China, India, Japan, South Korea, and others.
Middle East and AfricaExamining market dynamics in the Middle East and African regions.
Latin AmericaCovering market trends and developments in countries across Latin America.
Key Players
The major players in the Sweet Wormwood (Artemisia Annua) Extract Market are
By Form, By Application, By End User, and By Geography.
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