The global rosehip extract market has been growing steadily in recent years, driven by a combination of factors such as increasing consumer interest in natural and organic products, growing awareness of the health benefits of rosehip extract, and the rising demand for rosehip extract in the skincare and cosmetic industry. According to a report by Allied Market Research, the global rosehip extract market size was valued at USD 150.9 million in 2020 and is expected to reach USD 244.8 million by 2028, growing at a compound annual growth rate (CAGR) of 6.0% during the forecast period.
One of the major trends in the rosehip extract market is the increasing demand for organic and natural products. Consumers are becoming more aware of the harmful effects of synthetic chemicals and are looking for natural and organic products that are safe for their health and the environment. This trend has led to a surge in demand for natural ingredients like rosehip extract, which is perceived to be healthier and safer compared to synthetic ingredients.
Another trend in the rosehip extract market is the growing demand for rosehip extract in the skincare and cosmetic industry. Rosehip oil is widely used in skincare products due to its moisturizing and anti-aging properties. It helps to reduce the appearance of fine lines and wrinkles and improves skin elasticity. With the growing demand for natural and organic skincare products, the demand for rosehip extract is expected to continue to rise in the coming years.
The rising popularity of functional foods and dietary supplements is also expected to boost the demand for rosehip extract. Rosehip extract is a rich source of vitamins, antioxidants, and essential fatty acids, making it a valuable ingredient in functional foods and dietary supplements. It is believed to have several health benefits, including boosting the immune system, promoting healthy skin, and reducing inflammation.
However, the high cost of rosehip extract is one of the major challenges faced by the market. The extraction process is time-consuming and labor-intensive, which increases the cost of production. This makes rosehip extract relatively expensive compared to other natural ingredients. The high cost of production is expected to limit the growth of the market, especially in developing countries where consumers have a lower purchasing power.
Geographically, Europe is the largest market for rosehip extract, accounting for more than 35% of the global market share. The high demand for natural and organic products in Europe, coupled with the growing awareness of the health benefits of rosehip extract, is driving the growth of the market in the region. North America is also a significant market for rosehip extract, with the United States being the largest market in the region.
The Asia Pacific region is expected to witness significant growth in the rosehip extract market during the forecast period. The rising demand for natural and organic products in countries like China and India, coupled with the growing awareness of the health benefits of rosehip extract, is expected to drive the growth of the market in the region.
Key players in the rosehip extract market include The Nature’s Bounty Co., Nexira Inc., L’Oréal S.A., Croda International Plc, and others. These companies are focusing on product innovation and development to stay ahead of the competition. For instance, in June 2021, Nexira Inc. launched a new organic rosehip powder that is rich in vitamin C and antioxidants, making it a valuable ingredient in functional foods and dietary supplements.
In conclusion, the global rosehip extract market is expected to witness significant growth in the coming years, driven by the increasing demand for natural and organic products, the rising demand for rosehip extract in the skincare and cosmetic industry, and the growing popularity of functional foods and dietary supplements. However, the high cost of production is a major challenge that needs to be addressed to ensure the sustainable growth of the market.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.
