Baobab Powder Market size is estimated at $5.4 billion in 2020, projected to grow at a CAGR of 5.2% during the forecast period 2021-2026. Baobab powder is made from baobab seeds that have dried naturally on the tree. The baobab tree’s fruit is edible and has a sweet, tangy flavour. Baobab-based products are frequently touted as being high in antioxidants. Some proponents say that goods created with baobab fruit can help slow the aging process and guard against major ailments like heart disease and cancer owing to its antioxidants and riboflavin content. Owing to its numerous benefits, baobab powder is employed in a variety of industries. Furthermore, baobab powder is an effective source of riboflavin, vitamin C as well as antioxidants that subsidizes to the regular energy release, effective immune function, healthy and glowing skin. Hence, the growing health advantages related with baobab powder is the major factor leading to the Baobab Powder Market development. Aduna Ltd. offers baobab powder and its related items in the market, and usage for baobab powder is rising at a significant rate since then. Baobab is typically used in the powder form made of harvested fruit that are grounded and dried and has a pleasing citrusy flavor in it. Apart from this, the extensive use of baobab powder in nutrition, sports, and in nutritional supplements as consumers prefer drinks with nutritious benefits is additional factor nurturing its market growth. Therefore, to meet consumers’ preference for high nutritional profile drinks, the producers are focussing on innovation to introduce wide range of products. For instance, in January 2020, EcoProducts B’Ayoba, south African manufacturer launched two new products articulated mainly for beverage application including red baobab tea and ready-to-use baobab paste, thus, driving the Baobab Powder Industry.
Baobab Powder Market Segment Analysis – By Application:
Based on Application, Food & Beverages Segment accounted for the major revenue market share in 2020 attributed to the growing demand amongst customers for beverages with high nutritional benefits. Moreover, baobab powder has subtly tangy flavor which blends effortlessly with other fruit flavors, making it a nutrient-enriched addition to the number of food and beverage products. Further, the efficient nutritional profile of baobab powder has led itself to wide range of uses and offers a number of prospects for food innovation, based on what the producer are required to highlight i.e., riboflavin, antioxidants, low GI, fiber, and diabetes. During the assessment period, it is also projected that sales of sports, nutritional, and energy juices will expand at a faster rate. With a greater emphasis on health and wellbeing, beverage ingredients are becoming more important, and baobab powder beverages are gaining popularity in the market as customers want nutritional drinks that are high in nutrition value and free of added sugars and artificial additives driving the segment growth. Nutraceutical’s segment is anticipated to grow with the fastest CAGR of 5.3% in the forecast period 2021-2026 owing to the extensive use of baobab powder in many health supplements. Also, the usage of it in supplements helps in the improvement of liver function that in turn helps in the body’s natural cleansing ability.
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Baobab Powder Market Segment Analysis – By Distribution Channel:
Based on Distribution Channel, Online accounted for the largest revenue market share in 2020. This is owing towards ease of availability of a wide selection of products in various forms and uses as in various flavoring ingredients given by all brands at reasonable discounts. The growing number of smartphone and internet users is the primary driver of sector growth. These businesses give cash back and home delivery services, which contribute to the market's growth. Customers frequently purchase Baobab Powder for various application from online websites in order to save time due to the increasingly hectic lifestyle. Further, the online segment is expected to account for the largest share of the market, owing to the fact that online retailing offers more discounts and purchase options, and the online platform has grown in popularity as a result of its ability to deliver products to customers' doorsteps. Major corporations, such as Big Basket, are collaborating with internet shops to broaden their customer base owing to riboflavin & antioxidants properties. They also create their online portals and websites to promote the growth of the market in order to increase product sales, providing potential for the Baobab Powder Industry to flourish. Offline is projected to witness the fastest CAGR of 5.9% during the forecast period 2021-2026 as it provides the convenience and variety of options that consumer seeks. Specialty merchants are launching several varieties of Baobab Powder, for instance, Coca-Cola Iberia introduced Vive, a new soft drink under its Aquarius drinks brand, in 2016, that includes baobab extract among its ingredients. Aquarius Vive, a low-calorie beverage, has grown by 8.5 percent in volume. Pepsi also released Pepsi baobab drink in 2010, as part of a line that included Pepsi cucumber, hence enhancing the market's growth.
Baobab Powder Market Segment Analysis – By Geography:
Based on Geography, North America Baobab Powder Market accounted for the 41% revenue share in 2020 owing to the growing cognizance amongst customers concerning health benefits related with baobab powder including antioxidants and riboflavin properties, rising geriatric population coupled with the presence of major players in the region involved in production a varied range of products using baobab powder is a significant factor supporting the regional market growth. RoW is predicted to be the fastest growing region during the forecast period 2021- 2026 owing to large-scale production and increased convenience food products demand over the projection period which propel the Baobab Powder Market. Baobab has long been used in African herbal medicines to cure fever and high temperatures by swallowing a mash made from dried baobab bark which drives the industry demand during the forecast period.
Baobab Powder Market Drivers
Increasing Demand Of Baobab Powder For Oncology Treatment:
As Baobab supplements are rich in antioxidants, riboflavin, and anti-inflammatory characteristics, it is an outstanding way for the prevention and reduction of the risk of cancer. According to recent research conducted at the University of Otago, New Zealand laboratory trails proved that the presence of antioxidants and vitamin C in baobab kill cancer cells that assists as a key factor fueling the Baobab Powder Market during the forecast period 2021-2026. Hence, the worldwide upsurge in the number of people suffering from cancer along with the huge intake of baobab for killing of cancer cells is a key factor propelling the market growth. Furthermore, according to World Health Organization, cancer is the second highest cause of death globally, and is accountable for a projected 10 million deaths in 2020 driving Baobab Powder Market.
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Baobab Powder Market Challenges
Fluctuating Baobab Powder Prices:
The Baobab Powder Market's growth is hampered by the baobab quality, particularly poor quality with low antioxidants properties, that may impact consumer’s confidence. As a result, strong quality standards for baobab are mandatory to increase its worldwide demand. Exporters of the baobab from low-economic nations may also find it difficult to fix a price for their products owing to the distinct types on the market baobab is used in. Also, side-effects related to the surplus consumption of baobab powder act as a major hindrance for the advancement of the Baobab Powder Market during the forecast period 2021-2026. For instance, baobab powder leads to diarrhea, stomach pain, and flatulence that in turn is hindering the market during the forecast period 2021-2026.
Baobab Powder Market - Landscape:
The Baobab Powder Market's main strategies include product launches, mergers and acquisitions, joint ventures, and regional expansion. Baobab Powder Market top 10 companies are Aduna Limited, Baobab Foods, B’Ayoba, NP Nutra, Mighty Baobab Limited London, Organic Africa, EcoProducts, Atacora, Halka B Organics and Organic Burst UK Ltd.
Acquisitions/Product Launches:
In July 2021, EcoProducts partnered with Delivery Hero SE to launch new global Sustainable Packaging Program Vanguard™. The product is made of sugarcane and is grease resistant without the use of PFAS. The high-quality ecological packaging will soon be available in restaurants.
Key Takeaways
The Baobab Powder Industry is expanding owing to emerging applications in food and beverage industry with riboflavin nutrients & antioxidants properties.
Geographically, North America Baobab Powder Market held the largest revenue share of 41% in 2020 owing to higher consumption and production of Baobab Powder in the region. The scope of the Baobab Powder Market for various regions will be provided in the final report.
The market's growth will also be fuelled by ongoing research and advancements in end use is pushing the Baobab Powder industry forward during the forecast period 2021-2026.
Fluctuating cost of raw material for Baobab results in variation in demand needs which is poised to create hurdles for the Baobab Powder Market.
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