Banaba Leaf Extract Market Size, Overview by Industry Growth, Applications and Forecast by 2025
Banaba tree (Lagerstroemia speciosa), the tropical flowering tree also known as pride of India has been used for making tea by brewing the dried leaves. Banaba leaf extract is still being used as a folk remedy for the treatment of diabetes in India, Philippines and other South East Asian countries. The anti-diabetic effect of banaba leaf extract is due to the presence of corosolic acid as found in clinical studies. With no adverse drug effects being reported, this extract has proven to be of immense potential, providing an alternate and safe method for the treatment of diabetes. The banaba leaf extract has shown a moderate decrease in weight and therefore it is also used in many weight loss formulations. In addition to this banaba leaf extract also helps maintain normal levels of antioxidants. This natural herbal extract has gained significant attraction from diabetic population who are looking for a better and safe diabetes medicine and thus creating a huge demand globally.
Banaba Leaf Extract Market Segmentation
Banaba leaf extract is segmented on the basis of dosage form, distribution channel and region. On the basis of dosage form it is segmented as powder, capsules and tinctures. The capsule formulation being more popular in use, is expected to endure its steady growth rate. However factors like increasing health awareness and availability of quick information online are expected to supplement the growth in sales of capsules formulation.
On the basis of distribution channel banaba leaf extract is segmented as; retail stores, specialty stores, and online retail. The major share of revenue being driven by retail segment, the online retail is expected to attain a superior growth rate and a substantial market share by showcasing the information available on internet.
On the basis of region the banaba leaf extract is segmented into Asia Pacific, North America, Japan Western Europe and Middle East. Japan with its high share in demand attributed to the vast popularity of traditional medicine and its benefits has attracted exporters worldwide and the wide acceptance of herbal health products in other developed countries like United States, Canada, France and U.K. has created a powering demand and thus it is expected to show an accelerated growth during the forecast period.
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Banaba leaf extract market Global Market Trends and Market Drivers:
The growth of herbal healthcare market remains persistent due to its appeal as healthy and safe to use products. The sedentary lifestyle among people is creating an ever increasing demand for health and wellness promoting supplements. Banaba leaf extract with its natural no side effect USP has gained attention from the diabetic population, furthermore the consumer centric approach in treatment of disease has led to a boom in the herbal product market; consumers looking for a safer alternative to pharmaceutical medicines have approached herbal products. The high valued trust on Ayurvedic preparation in western countries has attracted the Ayurvedic manufacturers to sell their products worldwide. The cemented faith among consumers of Ayurvedic products backed by the information available globally is expected to fuel the market growth of banaba leaf extract. Further innovations like use of nanotechnology by EastGate Biotech Corp. to boost the blood glucose lowering ability of banaba leaf extract is expected to drive the market growth.
Banaba Leaf Extract Market Key Players:
Variety of banaba leaf extract formulations have been introduced by the manufacturers and some of the global market players manufacturing banaba leaf extract market include; Nutra Green Biotechnology Co., Ltd., JIAHERB Inc., Eastgate Biotech Corp., Cambridge Commodities Ltd., New Directions Aromatics Inc., Vitaco Holdings Ltd., Swanson Health Products Inc. Among others.