In recent years, there has been a considerable development of the global baobab ingredient market. A bigger share of the credit for this development of the global market goes to the growing awareness about the advantages of baobab ingredient. According to a latest report on the global baobab ingredient market published by Transparency Market Research, the valuation of the market is projected to reach US$6.28 bn by the end of 2026. Initially, the market was valued at US$3.92 bn in 2018. During the given forecast period of 2018 to 2026, the global baobab ingredient market is projected to exhibit a healthy CAGR of 5.30%. The market is expected to achieve a sale of 223,765 tons in volume by the fall of 2026.
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Increasing Awareness about Benefits of Baobab Fruit to Drive Market Growth
Baobab fruits are rich in vitamin C. In recent years, there has been a growing demand for vitamin C across the globe. Naturally, it has had a positive effect on the development of the global baobab ingredient market. In addition to this, the fruit is also rich in necessary minerals, energetic fibers, and essential antioxidants. Such benefits are lending a helping hand in pushing the popularity of the baobab fruit, and thus, the overall development of the global market. Furthermore, growing information about the medical benefits of these baobab ingredient such as offering high levels of energy, enhancing the immunity system, lowering anxiety, and cleaning and detoxing liver will heavily support the development of the global market.
The research report on the global baobab ingredient market paints a very detailed picture of its overall working dynamics. The market is segmented on the basis of type of product, distribution channel, source, and application. In terms of product type, the global baobab ingredient market is dominated by the segment of baobab powder. The demand for this product type is higher due to its ease of use and is expected to remain dominant throughout the course of the forecast period.
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Industrial Applications Capture Majority of Market Share by 2026
In terms of source type, the demand for conventional baobab ingredient is higher than the organic ones. However, with the growing trend of using organic and natural materials, the segment of organic baobab materials is expected to witness a considerable growth in the near future. On the front of application segment, the industrial applications of baobab ingredient are likely to remain dominant over the aforementioned forecast period of 2018 to 2026. It is projected that the share of the industrial application segment will reach up to 77% of the overall market share. In terms of distribution channels, there are two main sub-segments – direct channel and indirect channel of distribution. The research report expects that the sale from indirect distribution channel will be higher than that of the direct one. In terms of geographical segmentation, the global baobab ingredient market is expected to be dominated by North America and Europe respectively. Asia Pacific segment is projected to witness a promising growth in the near future.
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Some of the leading companies operating in the global baobab ingredient market include names such as Mighty Baobab Ltd., Halka B Organics, Aduna Ltd., B’Ayoba Pvt. Ltd., and Woodland Foods among others.