Echinacea Extract Global Market Evidences Rapid Growth Set to Reach $3.12 Billion by 2028

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What factors are propelling the growth of the Echinacea Extract Market?

The echinacea extract market size has witnessed a significant increase in recent years. Estimated to grow from $1.81 billion in 2023 to $2.02 billion in 2024, the market is demonstrating a compound annual growth rate CAGR of 11.4%. This growth in the historic period can be traced back to an increasing consumer interest in natural remedies, growing awareness of health benefits, a surging demand for dietary supplements, an expanding herbal medicine market, increased research and development activities, coupled with a higher availability of echinacea extract products.

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Looking ahead, what does the future hold for the Echinacea Extract Market?

The market for echinacea extract is anticipated to witness even larger growth in the coming years. Projected to inflate to $3.12 billion in 2028, the market is expected to attain a compound annual growth rate CAGR of 11.5%. Factors influencing the forecast period's growth included a burgeoning trend towards preventive healthcare, an increasing adoption of echinacea in skincare products, expanding applications in pharmaceuticals, increasing popularity of organic products, rising disposable income, and a growing influence of social media marketing. Trends expected to proliferate in the forecast period comprise expansion of e-commerce and online retail channels, development of innovative echinacea-based formulations, new extraction and processing technologies, and a wider incorporation of echinacea extract in beauty and cosmetic products.

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What dynamics are fueling the market growth?

An upcoming propellor of market growth can be identified in the shift towards eco-friendly alternatives in the soft drinks and beverages market. Soft drinks and beverages, typically carbonated or flavored, are consumed widely for refreshment and enjoyment. Rising sales of these products, stimulated by changing consumer preferences for convenient, ready-to-drink options and the continuous introduction of innovative, health-oriented products, are expected to propel the growth of the eco-friendly straw market. Contributing to this is the use of eco-friendly straws in the soft drinks and beverages industry as a sustainable alternative to traditional plastic straws. For instance, according to May 2024's British Soft Drinks Association report, total soft drink sales in the UK touched 15,343 million liters in 2023, marking a 2.9% year-over-year growth when compared to 14,912 million liters in 2022.

How Is The Echinacea Extract Market Segmented?

The echinacea extract market covered in this report is segmented as:

1 By Type: Reagent Grade, Food Grade, Medical Grade, Other Types
2 By Echinacea Extract Form: Liquid, Capsule, Powder
3 By Application: Medicine, Food And Beverages, Dietary Supplements, Ornamental, Beauty Products, Essential Oils, Other Applications
4 By Distribution Channel: Online Stores, Retail Stores, Hypermarket Or Supermarket, Herbal Specialty Stores

What Are The Emerging trends in the Echinacea Extract Market?

Major companies in the echinacea extract market sphere are focussing on developing herbal medicines and echinacea products with advanced anti-aging skincare technology. Designed to reduce wrinkles and sagging through the enhancement of skin plumpness and firmness, this technology stimulates fat production to counter the signs of aging. A noteworthy example is Biocogent LLC, which launched the Volpura EPO in March 2024. Derived from Echinacea purpurea, it aids in combatting signs of aging by improving the skin's natural plumping processes. The formula works by stimulating the adipocytes fat cells and increasing fat production up to five times, resulting in improved plumping and firmness.

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