The functional beverage industry continues to grow annually. With an increased focus towards health and wellness, beverage ingredients play a vital role. Baobab ingredient beverages are expected to increase during the forecast period, as consumers are desiring nutritional drinks with high nutrition value, without added artificial ingredients or other sugars. Further, there’s a lot of innovation in the healthy beverage space with baobab ingredients, with new product launches focused on functional and value-added drinks.
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Revenue generated from the baobab ingredient market is estimated to be valued at roughly US$ 3,921.1 Mn by the end of 2018 and is expected to increase at a CAGR of 5.3% over the forecast period. The global baobab ingredient market is expected to be valued at approximately US$ 6,289.4 Mn by the end of 2026. The baobab ingredient market is expected to increase 1.5x its current size by value by the end of the forecast period. The global baobab ingredient market was pegged at 142,880 tons in 2017, and is forecast to reach 223,765 tons by the end of 2026, expanding at a CAGR of 5.0%. The baobab ingredient market is estimated to represent an incremental $ opportunity of US$ 2,138.7 over the forecast period.
The demand for baobab ingredients is inevitable, and the baobab tree is known as the ‘tree of life’, which consists of high amounts of vitamin C found in baobab fruits. Baobab ingredients contain essential minerals, energetic fiber, and antioxidants, which helps in boosting energy levels; aids with liver detoxification, cleansing, and detoxifying; reduces anxiety; improves the immunity system; and exhibits anti-aging properties.
Beverages or products of baobab ingredients that taste similar to the key ingredients are trending, and companies are responding by simplifying flavor profiles. Consumers are demanding baobab ingredient-based products whose flavors are authentic and taste true to nature due to the preference for fresh and aromatic components, as the pulp of the fruit is used in baking as a milk-curdling agent, as a flavoring for yogurt and ice cream, and as a source of calcium for pregnant and lactating women which is boosting the demand for baobab ingredient in the market.
Changing consumer preferences, tastes, and eating and purchasing habits, as well other factors may hamper the growth of the baobab ingredient market, affecting the sector, including new market entrants and demographic changes.
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Baobab Ingredient Market: Taxonomy
By product type, the baobab ingredient market is segmented into baobab pulp, baobab powder, and baobab oil. The baobab powder type segment is likely to be the most attractive segment in the baobab ingredient market during the forecast period, owing to its novel antioxidant properties, which is becoming popular amongst health conscious consumers. On the basis of application, the baobab ingredient market can be segmented into industrial and retail. The industrial segment is estimated to account for a significant revenue share of 76.8% in 2026, and is expected to register a significant growth rate during the forecast period in the global baobab ingredient market. By source, the baobab ingredient market is segmented into organic and conventional. The conventional segment is likely to be the most attractive segment during the forecast period in the global baobab ingredient market. Furthermore, on the basis of distribution channel, the baobab ingredient market is segmented into direct and indirect. The indirect segment is further sub-segmented into specialty stores, online stores, and others. Amongst these sub-segments, the specialty stores segment is anticipated to occupy the largest market share of 65.0% in 2018 in the baobab ingredient market. The online stores sub-segment is expected to register a high growth rate during the forecast period in the global baobab ingredient market.
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