Fenugreek seed extract market, in the recent years has inked a rather pronounced growth path, subject to the dramatic surge in commercialization of the product. Boasting a very high nutritional profile, fenugreek has gained exceptional traction as a medicinal herb and is therefore rapidly penetrating the medical, cosmetic, and F&B sectors. Increasing consumer awareness toward healthy living & eating habits has significantly drawn demand for fenugreek seeds in diets. Add to it, the rising demand for fenugreek extract from athletes owing to its excellent natural heath supplement properties will further fortify fenugreek seed extract industry share. Reportedly, fenugreek consumption has displayed marked benefits in controlling type 2 diabetes, obesity, and cholesterol lowering. That said, this nutrient dense seed is overt to gain remarkable proceeds in the ensuing years. According to reports, in 2016, the global fenugreek seed extract market accounted for USD 3.5 million, and is further anticipated to surpass 470 tons by 2024, in terms of volume.
North America Fenugreek Seed Extract Market, By Application, 2013-2024, (Tons)
Pharmaceutical sector to prominently influence the application landscape of fenugreek seed extract market
Despite its bitter taste and pungent smell, fenugreek seeds have been heavily utilized in pharmaceutical and medical applications, subject to its demand for treatment & prevention of diseases. The growing demand for natural ingredients-based medicines has had a substantial impact on the growth of fenugreek seed extract market in these domains. Estimates claim that in 2016, the pharmaceutical application raised a valuation of over USD 2 million, primarily driven by its increasing use in medicines and in treatment of metabolic diseases, oxidative damages, and chronic diseases. Besides this, strong scientific evidence of fenugreek in Ayurveda as an antifungal, antibacterial, antihyperlipidemic, antimicrobial, and anti-inflammatory agent has provided significant impetus to the global fenugreek seed extract industry, which according to reports is expected to witness a demand of over 210 tons from the pharmaceutical application in the coming seven years.
Having established a strong foothold in the medical sector, fenugreek seed extract market is further expected to gain exceptional proceeds from the food & beverage as well as the cosmetics sector. The seed is widely used as a very distinct spice to add flavor in curry, food pastes, and sauces, on the grounds of which, the food & beverage application contributed to around 40% of fenugreek seed extract market share in 2016. In addition, the seed contains high dietary fiber and has key elements such as manganese, iron, selenium, and potassium, which by extension has expanded fenugreek seed extracts application scope in the cosmetics industry. Reports estimates the cosmetic application to register a CAGR of 13.5% over 2017-2024, given the extensive product usage in anti-aging creams, oil serums, hair products, and shampoos.
It is imperative to note that India is the largest producer of fenugreek seed across the world, with Rajasthan at its foray. The seed is extensively traded as a spice & as an oil extract to Japan, UAE, Sri Lanka, and other European countries of UK. If estimates are to be believed, the export of this seed has witnessed remarkable growth by crossing 21,800 tons in the year 2011-2012 – validating the region to be a lucrative growth ground for fenugreek seed extract industry players to invest.
An insight into recent research developments in fenugreek seed extract industry
Such promising research developments and ongoing projects validating the use of this naturally powerful medicinal herb, bears testimony to the fact that fenugreek seed extract market is on the verge of gaining tremendous momentum in the ensuing years. In fact, it is needless to say that the competitive landscape of fenugreek seed extract industry will witness major collaborations between research institutes, health organizations, and food manufactures in a bid to develop new products and gain competitive edge. Taking into account all the aforesaid trends, it is quite overt that the commercialization matrix of fenugreek seed extract market will witness overwhelming proceeds in the years ahead. The results obtained from a study report published by Global Market Insights, Inc., projects fenugreek seed extract market to exceed USD 9.5 million by the year 2024.