Fondly known as the miracle root for preservation of life, notoginseng has always nurtured research interests of geroscientists. Beyond the relatively conventional and more commonly sought-after application area, i.e. in anti-aging products, a new research study of Transparency Market Research (TMR) attempts to explore additional functional areas of the extracts of notoginseng root to help stakeholders in the global notoginseng root extract market, spot profitable opportunities.
Global revenues from notoginseng root extract roughly equated US$ 300 Mn in 2018, which are likely to see steady growth in the forthcoming years.
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Through 2028, the modest rise in global notoginseng root extract consumption is foreseen to account for a just-under 4% CAGR for the market revenues. The demand from end-use segments will continue to revolve around the health trend, which governs a majority of revenue generation channels driven by current consumer sentiments.
Targeting the ever-expanding health-conscious consumer demographics and eyeing the rapidly surging number of buyers associated with the health supplements category, manufacturers in the notoginseng root extract market are harnessing the growing popularity of ‘organic and natural’. With a consistently increasing consumer number seeking products that hold therapeutic potential, TMR projects a fairly optimistic market outlook for the therapeutically effective attributes of notoginseng root extract.
Contemplating Whitespace Opportunities in Pharma, Banking on Therapeutic Excellence
Pro-haemostatic activity of notoginseng root extract has been affirming its benefits in accelerating blood clotting process, which continues to create opportunities for producers in pharmaceuticals industry. However, the recently demonstrated anti-haemostatic properties point to a critical research area that deserves deeper assessment of the possible role of notoginseng root extract in the process of excessive bleeding.
While several pharmacological formulations already include notoginseng root extract as one of the key ingredients, immuno-stimulatory, anti-inflammatory, anti-fibrotic, neuroprotective, vasodialatory, and anti-hypertensive properties of notoginseng root extract further prompt a broader scope of application in years to come.
China’s Primacy Pervasive, Importers’ Focus Shifting to Non-traditional Territories to Reach Quality Benchmark
China’s traditionally popular medicinal herb, notoginseng has been witnessing decently growing traction within the developed regional markets over the recent past. European and North American pharmaceutical industry is cited to generate sizeable demand for high-quality notoginseng root extract. However, looking at the stringent and highly specific complex growth requisites of notoginseng, producers in the market ought to remain focused on the optimization of growth environment for notoginseng so as to deliver the desired quality of its root extract.
Ongoing research studies on identification of the most feasible growth environment and growth cycle of notoginseng for determining and preserving its biological attributes are likely to assist the growth of market further. The pressing demand for high-quality root extracts is compelling companies to reconsider their focus for import, which has been restricted to China’s traditional cultivating lands. Surpassing the traditional Chinese cultivators of notoginseng, including Qujing, Honghe, and Kunming, market stakeholders are accelerating a shift toward a few other lucrative areas for high-quality notoginseng production – such as Baise and Wenshan.
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Competition Landscape Highly Consolidated, Remains Influenced by Quality Quo
Notoginseng root extract is extensively used by health supplement manufacturers owing to its numerous health benefits and low cost. In addition, increasing reliance on plant-based protein and record amount of spending on wellness and personal care by millennials are also influencing the use of natural ingredients such as notoginseng root extract in health supplement products. Leading notoginseng root extract manufacturers are thus particularly focusing on targeting health supplements manufacturers for their pipelined product sales strategies.
Key players in the notoginseng root extract market are prominently based in China and are currently focusing on shifting to new regional markets that represent flourishing pharmaceutical landscape. On backdrop of maximum potential for health supplements sales and strong presence of globally leading pharma and neutraceutical manufacturers, North America is expected to remain the preferred destination for Chinese players. Europe also remains an important expansion target for producers of notoginseng root extract.
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