The new report by Expert Market Research titled, ‘Global Garcinia Cambogia Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global Garcinia Cambogia market, assessing the market based on its segments like form, application, distribution channel, regional markets and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size (2020): USD 110.22 million
• Forecast CAGR (2022-2027): 3.8%
• Forecast Market Size (2027): USD 137.86 million
The pharmaceuticals segment accounts for a significant portion of the garcinia cambogia market, based on application. This is due to garcinia cambogia’s beneficial properties, which include acid and gastric juice regulators, antioxidants, and improved glucose metabolism, which aid in the treatment of diseases like diabetes and gastrointestinal disorders. In 2017, more than 425 million people were diagnosed with diabetes. An increase in the number of diabetic patients as a result of poor eating habits and a lack of physical activity is driving product demand.
During the forecast period, demand for garcinia cambogia in North America, is expected to rise significantly. Due to an increase in the number of overweight and obese people in the region as a result of increased fast-food consumption, the market in the region is expected to grow. In 2018, obesity afflicted more than 80 million people in the United States. Because of its superior ability to regulate cholesterol and fat levels in the blood, garcinia cambogia extract is used as an anti-obesity supplement.
Garcinia gummi-gutta is an Indonesian tropical garcinia species. Some of the more common names include garcinia cambogia (a former scientific name), brindleberry, and kudam puli (pot tamarind). The fruit resembles a small pumpkin and is green to pale yellow in colour.
Segmentation of market by distribution channel:
• Supermarkets and Hypermarkets
• Convenience Stores
• Medical Stores
• Online Stores
On the basis of application, the market can be divided into:
• Dietary Supplements
On the basis of form, the market is divided into:
• Capsules and Tablets
The regional markets include:
• North America
• The Asia Pacific
• Latin America
• The Middle East
The overall market is being driven by the rapid expansion of the pharmaceutical and dietary supplement industries, which is due to an increase in the number of diseases. Furthermore, the product is widely used in food and dietary supplements for weight loss and intestinal issues, boosting demand. Furthermore, as a result of decreased physical activity and increased consumption of junk food, obesity is on the rise, fueling product demand. This is due to the presence of hydroxycitric acid in garcinia cambogia, which acts as an appetite suppressant, reducing the desire to consume more calories. This leads to weight and fat loss, which boosts the market’s growth.
Key Market Players
The major players in the market are NatureWise, NOW Health Group, Inc., Bioganix, The Himalaya Drug Company, NutriRise and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.