Global Asparagus Extracts Market Size (2023 - 2030)

As per our research report, the global asparagus extracts market size is anticipated to witness a CAGR of 5.1% from 2023 - 2030. The increasing health awareness among consumers, increased demand for organic asparagus, and growing demand for asparagus extract from the pharmaceutical industry are some factors majorly driving the market growth.

Industry Overview:

Asparagus extract is derived from Asparagus racemosus or Asparagus officinalis. Asparagus racemosus is used in nutraceuticals and pharmaceuticals industries as it is recommended by Ayurveda for the treatment of dyspepsia and gastric ulcers. Asparagus extract is made from the plant's spears, roots, and stems. Asparagus extract is available as a powder, pill, or liquid. Asparagus extract contains copper, selenium, natural folate, vitamin K, B1, B2, C, and E. Antioxidants including quercetin and glutathione are also present. Asparagus extract is used as a dietary supplement as it helps to lower cholesterol, blood pressure, and blood glucose levels, among other things. Asparagus extract is commonly used in alternative medicine to detoxify the bladder and urinary tract. Quercetin, a flavonoid with antibacterial, antiviral, and anti-inflammatory effects, is abundant in asparagus. Asparagus is high in antioxidants such as vitamin E, C, and polyphenols, which assist to neutralise free radicals that cause cell damage. It is also high in vitamin K (which aids in blood clotting), folate (necessary for a healthy pregnancy), and asparagine, an amino acid (essential to normal brain development). The development in consumer health awareness has caused a shift in the global market with consumers increasingly seeking organic, easy-to-eat foods that are also good for their health. Asparagus extract contains antioxidants, cholesterol-lowering effects, and antidepressants, thus boosting the market demand.

COVID-19 pandemic impact on Asparagus Extracts Market

Movement restrictions across Europe and the rest of the world had wreaked havoc on the global economy. Extra border inspections caused delays, which are bad for perishable commodities. Furthermore, several governments quarantine trucks and/or drivers, resulting in considerable ground fleet reductions, particularly in Europe. Quarantines also apply to ships, which must stay longer in port as a result, increasing the danger of product damage and delaying the delivery of goods to markets. With travel limitations, the farm workforce had shrunk dramatically. The industry is primarily dependant on seasonal labor. With products approaching harvest season, a lack of labor creates a serious limitation that could result in product loss and market shortages. The supply and demand relationship, which has been thrown off by the pandemic's impact on important agricultural industries, determines prices. As a result of the global economic downturn, items that would typically be transported from one country to another were rejiggered. Because of developments in global trade, the story of asparagus pricing has unfolded. Mexico exports 30% of asparagus, with many of those going to both the United States and Asia. Shipments to Asia declined, owing to a drop in economic activity, prompting Mexico to divert asparagus to its northern neighbor. Growing health consciousness, as well as an increased understanding of the health advantages of asparagus, are important factors likely to propel the global asparagus market forward in the coming years.

MARKET DRIVERS:

The increasing health awareness among consumers and increased demand for organic asparagus is driving the growth of the asparagus extracts market

A shift in the global market has occurred as a result of growing consumer health awareness since it has been noticed that customers prefer organic, easy-to-consume products that provide health benefits. North America and Europe lead the organic asparagus business with both areas significantly boosting the import and production of organic asparagus in recent years. Asparagus extract follows all of the trends and has antioxidant, antidepressant, and cholesterol-lowering effects, all of which are predicted to propel the asparagus extract market forward. Over the years, there has been a global shift in the pattern of alcohol consumption. Excessive alcohol intake has been linked to a host of health problems, including liver damage and several disorders. According to research, asparagus extract can assist boost the activity of enzymes essential for alcohol metabolism in liver cells and can be taken as a supplement or a remedy to prevent a few diseases.

Increasing demand for asparagus extract from pharmaceutical industry is driving the market growth

The recent trend of adopting herbal medications by pharmaceutical and healthcare firms is driving the asparagus extracts market growth.  Asparagus extract is derived from the plant's spears, roots, and stems. Asparagus extract is used as a dietary supplement as it lowers blood pressure, lowers cholesterol, regulates blood glucose levels, and provides many other health benefits. Asparagus racemosus is employed in businesses such as nutraceuticals and pharmaceuticals as it is suggested by Ayurveda for the treatment of dyspepsia and stomach ulcers.

MARKET RESTRAINTS:

Lack of knowledge regarding the range of dosage among consumers and possible side effects of asparagus is likely to hamper the market growth

Although asparagus is safe to eat, little is known regarding the safety of asparagus extract in the long run. There isn't enough data on the safety of asparagus in children, pregnant women, or nursing mothers. Asparagus can sometimes cause allergic reactions when used on the skin or eaten as a vegetable. There is a dearth of understanding about the proper dosing range for asparagus extract. Depending on the consumer's age, health, gender, and other characteristics, the dose may vary. As a result of consumers' lack of information about the asparagus extract dose, an overdose might cause allergies, weight loss, and other health problems, which is projected to impede the asparagus extract market's growth.

High costs for processing & storage of asparagus are a restraining factor for the growth of the asparagus extracts market

The need for increased capital expenditure in asparagus storage and processing is the most significant impediment to global asparagus sales growth. The cost of packaging, refrigeration and transportation is quite high. Manufacturers suffer more financial losses when the price per pound falls. Processed asparagus such as asparagus in soups, brine, mixed vegetable products, and other processed asparagus products which are offered at a higher cost price, are anticipated to have a lower adoption among various segments of the global population. Asparagus has been sold through direct marketing, and some farmers have set up stalls in villages to encourage the sale of organic products. Furthermore, product distribution through direct marketing is significantly weaker in emerging markets compared to developed markets, hence direct marketing is projected to stifle asparagus market growth over the projection period.

ASPARAGUS EXTRACTS MARKET REPORT COVERAGE:

This research report on the global Asparagus Extracts Market has been segmented and sub-segmented based on form, end-use, and region.

Asparagus Extracts Market – By Form

• Powdered Asparagus Extract
• Liquid Asparagus Extract

Based on Form, the Asparagus Extracts Market is bifurcated into Powdered Asparagus Extract and Liquid Asparagus Extract. The Powdered Asparagus Extract is the leading segment owing to its ready-to-use formula and easy availability. Asparagus racemosus is another name for Shatavari. It belongs to the asparagus family and is an adaptogenic plant as well. Shatavari is an ayurvedic medicine used as a general health tonic to enhance energy. The root of the Asparagus racemosus plant is used to make Shatavari powder. Polysaccharide content in Asparagus Liquid Extract is standardized (12.5 percent). Polysaccharides act in a variety of ways, depending on their source; asparagus-based polysaccharides are known for their plumping, firming, and smoothing effects, making them particularly well-suited to treatments promoting younger-looking skin. These polysaccharides are also said to strengthen collagen fibers, which are the skin's main structural component. This has a firming and lifting effect on the skin, making the complexion appear younger.

Asparagus Extracts Market – By End Use

• Food & Beverage Industry
• Dairy Products
• Bakery Products
• Pharmaceuticals
• Nutraceuticals
• Personal Care & Cosmetics
• Others

Based on End Use, the Asparagus Extracts Market is bifurcated into Food & Beverage Industry, Dairy Products, Bakery Products, Pharmaceuticals, Nutraceuticals, Personal Care &  Cosmetics, and Others. The Food & Beverage Industry segment held the dominant share in the global asparagus extracts market. The usage of asparagus extracts in the production of different food products like biscuits, cakes, and innovative nutritional products is driving the growth of this segment. The demand for organic food products with high nutritional value is increasing among consumers. Asparagus extracts have antioxidant and antidepressant properties. Consumers are willing to pay more for healthy food items which is a key driver in fostering the market growth for asparagus extracts. The Pharmaceuticals and Nutraceuticals segments are witnessing considerable growth owing to the extensive applications of asparagus extracts for their herbal properties. Asparagus spears are a popular snack. Medicine is made from the root and seeds of asparagus extracts.

Asparagus Extracts Market - By Region:

• North America
• Europe
• Asia-Pacific
• Rest of the World

Geographically, the North American Asparagus Extracts Market held the largest share in the global market owing to the high awareness among consumers regarding the health benefits of asparagus leading to its high consumption. Asparagus has low calories and high nutritious content which is driving its demand in North America. Additionally, increasing demand for frozen and canned asparagus among consumers is also supporting the growth of the market.

Europe is also anticipated to be at the forefront of the expansion of the asparagus market as it is a key manufacturer of asparagus. The increasing use of asparagus in purees and soups in this region is supporting the growth of the market.

The Asia Pacific is the largest market for asparagus extracts and is anticipated to continue its trend in the forecast period owing to awareness of its health benefits. In terms of production, China is anticipated to remain the largest producer of asparagus globally during the forecast period.

Major Key Players in the Market

1. Chi’s Enterprise, Inc.
2. SA Herbal Bioactives LLP
3. Herbo Nutra
4. Sava Healthcare Limited
5. SV Agrofood
6. Xi’an Tianrui Biotech Co., Ltd
7. Shreedha Phyto Extracts
8. Maypro Industries, Inc.
9. Navchetana Kendra 
10. Allpure Organics

Notable happenings in the Global Asparagus Extracts Market in the recent past:

• Product Launch- In January 2022, SAVA Healthcare, announced the launch of its OTC  business of herbal formulations, under the name SAVA Herbals, based on the science of Ayurveda.
• Partnership- In April 2019, Applewood Fresh Growers LLC formed a partnership with New Era’s American Asparagus to offer fresh Michigan asparagus in addition to apples.