Agriculture

Sea Buckthorn Market is Expected to Reach USD 1,669.1 Million by 2031

Mar 2024

Agriculture

As per the report published by Kings Research, the global Sea Buckthorn Market was valued at USD 786.2 million in 2023 and is projected to reach USD 1,669.1 million by 2031, growing at a CAGR of 10.08% from 2023 to 2031.

The global surge of interest in sea buckthorn, known for its vibrant orange berries, is driven by a combination of several factors. This versatile fruit, which is enriched with an array of vitamins, antioxidants, and other bioactive compounds, is increasingly being integrated into an expanding array of consumer products. Propelled by increasing consumer preference for natural and functional foods, sea buckthorn is gaining immense popularity within the food and beverage sector. Its incorporation into juices, jams, smoothies, and confections resonates particularly well with health-conscious demographics, fostering its adoption on a global scale. While Europe boasts a longstanding tradition of sea buckthorn utilization, Asia and North America are witnessing a notable uptick in consumer interest, driven by the introduction of novel product introductions.

Beyond its culinary applications, sea buckthorn's distinctive attributes have attracted attention from the cosmetics industry. Its oil, renowned for its high vitamin and antioxidant content, is increasingly featured in skincare formulations, believed to be beneficial for nurturing skin health, combating aging signs, and alleviating dryness. Preliminary research indicating its efficacy in addressing various skin ailments further bolsters its appeal in the beauty sector.

The utility of sea buckthorn extends beyond its conventional applications in the food and cosmetics sectors. Current research endeavors are focused on exploring its medicinal properties, with particular emphasis on its potential therapeutic efficacy in addressing diverse health concerns such as cardiovascular maladies, digestive ailments, and inflammatory conditions. Although investigations are ongoing, preliminary findings suggest a promising trajectory for sea buckthorn's future incorporation into the pharmaceutical domain.

Key Insights

  • Based on form, the juice segment held the largest market share of 37.96% in 2023
  • Based on application, the food & beverage segment is estimated to experience the highest CAGR of 11.90% over 2023-2031.
  • On the basis of region, Asia-Pacific accounted for the largest market share of 55.28% in 2023

Increasing Demand in the Nutraceutical Industry to Drive Market Growth

Sea buckthorn is renowned for its rich nutrient profile, including high levels of vitamins, antioxidants, and omega fatty acids. This nutritional powerhouse has gained recognition for its potential health benefits, such as boosting immunity, promoting cardiovascular health, and improving skin health. This has resulted in higher demand from the nutraceutical industry.

With increasing consumer awareness and demand for natural health supplements, the market for nutraceuticals continues to grow globally. Sea buckthorn's wide array of bioactive compounds positions it as a preferred ingredient for formulating supplements targeting various health concerns. Furthermore, its versatility allows for the development of diverse product forms, including capsules, powders, oils, and extracts, catering to different consumer preferences.

Moreover, research on sea buckthorn's therapeutic properties, particularly its potential anti-inflammatory and anticancer effects, further enhances its appeal in the nutraceutical sector. As regulatory frameworks evolve to accommodate the growing demand for natural health products, sea buckthorn-based nutraceuticals are poised to gain notable traction in the coming years.

Investment in research and development to explore novel applications and formulations, coupled with strategic partnerships between sea buckthorn suppliers and nutraceutical companies, is anticipated to be crucial for capitalizing on this opportunity.

Emerging Untapped Regions to Provide Lucrative Growth Opportunities

Over the next decade, the sea buckthorn market stands to benefit significantly from geographic diversification and cultivation expansion. While sea buckthorn is originally found in regions such as Europe and Asia, its cultivation potential extends to a broader range of climates and geographical locations. This presents an opportunity for market players to expand cultivation into new regions, thereby reducing dependence on specific geographic areas and mitigating risks associated with climate variability and environmental factors.

Furthermore, expanding cultivation into regions with conducive growing conditions but currently underutilized for sea buckthorn production could unlock new growth opportunities. For instance, countries with temperate climates or high-altitude regions may offer suitable environments for sea buckthorn cultivation. By tapping into these untapped markets, suppliers can diversify their supply chains, enhance resilience against external shocks, and meet the growing demand for sea buckthorn products.

North America to Experience the Highest Growth of 12.45% Over the Forecast Period

North America is projected for the highest growth over the forecast period, reaching a market size of USD 374.2 million in 2031, is supported by several factors. The region's increasingly health-conscious population, coupled with a growing awareness of the nutritional and therapeutic benefits of sea buckthorn, drives demand across various sectors including dietary supplements, functional foods, and cosmetics. Furthermore, North America's robust infrastructure supports efficient distribution channels and market access, facilitating the easy availability and accessibility of sea buckthorn products to consumers. Moreover, the region's dynamic food and beverage industry presents promising opportunities for incorporating sea buckthorn ingredients into a diverse range of products, catering to evolving consumer preferences for natural and functional ingredients.

Additionally, strategic partnerships between North American sea buckthorn suppliers and key industry players, coupled with innovative product development and marketing initiatives, are poised to fuel market growth, solidifying North America's position as a major region in the global sea buckthorn market.

Major Companies Forge Agreements to Strengthen Industry Foothold

The global sea buckthorn market is fragmented with key players such as HiPP, TEREZIA COMPANY s.r.o., SEABUCKWONDERS, SIBU SEA BERRY, A. G. Groups, Lubera Edibles, Organic India Pvt. Ltd., Aromatics Canada Inc., Weleda, and ERBOLOGY, among others. Companies aim to expand their business globally through acquisitions, partnerships, product introductions, collaborations, and mergers.

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