Garcinia Cambogia Extract Market Size (2023 – 2030)

The Garcinia Cambogia Extract Market was valued at USD 114.08 million and is projected to reach a market size of USD 156.37 million by the end of 2030. Over the forecast period of 2023-2030, the market is projected to grow at a CAGR of 4.02%. 

Garcinia Cambogia extract is of Southeast Asian origin and was particularly used in ancient medicinal remedies for improving digestive and bowel systems. However, with increased research and development, its applications increased to other areas such as in cosmetics (creams, gels, and lotions), in food & beverage as a flavoring agent, and in functional foods for improving overall health. However, there are mixed impacts of garcinia cambogia extract on human health, which require proper knowledge and usage of the products based on this extract. Furthermore, the future holds positive for garcinia cambogia extract, as consumers become more aware of their health and increase their demand for natural and botanical extracts in the market. Moreover, continuous research and developments in the usage and effects of garcinia cambogia extract are anticipated to offset its side effects and enhance future growth opportunities in the market.

Key Market Insights:

As per FAO, garcinia cambogia seeds contain 30% fat content, which can be used as an alternative to ghee, which is common in Indian food culture.

As per research published by the National Institute of Health, nearly 15% of adults in the USA have used weight-loss dietary supplements.

As per CDC’s National Health Report Statistics, dietary supplements formed a larger part of the consumer healthcare market, accounting for US $55.7 billion in sales in 2020.

According to a report by the CDC, 17.1% of adults in the USA, aged over 20 try to lose weight by following a specific diet.

Garcinia Cambogia Extract Market Drivers:

Growing trends in health & and wellness have boosted the demand for garcinia cambogia extract in the market.

Post-pandemic there is an increase in health & wellness among consumers, which has raised the demand for health-related products in the market. Furthermore, obesity and cholesterol issues among young adults are another reason for increasing health awareness among people. For instance, as per World Heart Federation, 1 billion people, will be living with obesity by the year 2030. These include immunity-boosting products, gut health improvement products, and weight management products. Moreover, garcinia cambogia extract is a major ingredient in many dietary supplements and health drinks, as it helps boost energy, improves digestive issues, and assists in weight loss. Moreover, companies promote their garcinia cambogia extract products on social media through collaborations with social media influencers and celebrities, which further influences consumer demand for natural and botanical extract products. Additionally, increasing demand for at-home and herbal remedies is boosting the demand for garcinia cambogia extract-based nutritional drinks in the market.

The rapidly booming e-commerce industry drives the demand for garcinia cambogia extract in the market.

Nutraceuticals and pharmaceutical companies have increased their online presence since the pandemic. This has increasingly influenced consumer buying decisions and hence increased the demand for garcinia cambogia extract from e-commerce platforms. Moreover, health & and wellness brands over access to a variety of product catalogues and appropriate product information, which enable consumers to buy the appropriate product as per their requirements. Additionally, consumer retaining marketing such as continuous offers on health products, early access to exclusive products, free expert advice and consultation with dieticians and fitness enthusiasts has further increased consumer demand for garcinia cambogia extract from online channels.

Garcinia Cambogia Extract Market Restraints and Challenges:

Lack of consumer awareness regarding the health benefits of garcinia cambogia extract can decline in its demand in the market. This is because there is very limited scientific evidence regarding the health benefits of garcinia cambogia extract, raising safety concerns among consumers.

Furthermore, low-quality and high-dosage supplements containing garcinia cambogia extract can result in reverse effects of its benefits on the digestive system, leading to a decline in demand for garcinia cambogia extract in the market.

Garcinia Cambogia Extract Market Opportunities:

The Garcinia Cambogia Extract Market is anticipated to deliver lucrative opportunities for businesses, which include acquisitions, partnerships, collaborations, product launches, and agreements during the forecasted period. Furthermore, increasing demand for a healthy lifestyle and growing trends in fitness are predicted to develop the market for the garcinia cambogia extract and enhance its future growth opportunities.

GARCINIA CAMBOGIA EXTRACT MARKET REPORT COVERAGE:

Garcinia Cambogia Extract Market Segmentation: By Form

• Powder

• Capsule

• Liquid

In 2022, based on market segmentation by form, liquid occupies the highest share of about 26% in the market. Garcinia cambogia extract in liquid form offers easy consumption to consumers, as it can be added to other items such as dietary supplements and juices to enhance the taste as well as provide health benefits to consumers. The major advantage of liquid garcinia cambogia extract is that it can be absorbed quickly as compared to capsules and is available in dropper or bottled form allowing consumers to customize and control their intake.

The powder segment is the fastest-growing segment during the forecast period. Garcinia cambogia extract in powdered form is widely used in the food & and beverage sector for flavour enhancing and health benefits purposes. These include adding powdered garcinia cambogia to water, juices, thick shakes or smoothies, and others. In addition, dietary supplements with garcinia cambogia powder are increasingly in demand due to their weight management benefits.

Garcinia Cambogia Extract Market Segmentation: By Distribution Channel

• Offline

• Online

In 2022, based on market segmentation by distribution channel, offline occupied the highest share of about 35% in the market. Offline channel includes supermarkets, convenience stores, specialty health & wellness stores, pharmacy & medical stores, and others. These channels offer a variety of garcinia cambogia products in different forms and with different other ingredients that cater to growing consumer demand for natural and plant-based ingredient-based products. These include garcinia cambogia teas, dietary supplements, energy drinks, specialized medicines, and others that are increasingly demanded by consumers due to their varied health benefits. Moreover, offline channels have knowledgeable staff that provide appropriate knowledge to consumers regarding the intake, dosage, side effects, and benefits of the products, thus helping consumers make better purchasing decisions.

The online segment is the fastest-growing segment during the forecast period, which consists of online specialty health & wellness websites, online supermarkets and retailers, and others. These channels offer various garcinia cambogia products to consumers with detailed product information and product reviews by other customers that help them make better purchasing decisions. Moreover, increased demand for doorstep delivery and convenience shopping is fueling the market growth of online channels selling garcinia cambogia extract-based products.

Garcinia Cambogia Extract Market Segmentation: By Application

• Food & Beverage

• Beauty & Personal Care

• Pharmaceuticals

• Nutraceuticals

• Others

In 2022, based on market segmentation by application, nutraceuticals occupied the highest share of about 36% in the market. Garcinia cambogia extract is increasingly used as an ingredient in dietary supplements, functional beverages, and capsules that offer increased health benefits to consumers. These include the use of garcinia cambogia extract in weight management and appetite control products, digestive and gut health supplements, and herbal drinks products. Moreover, the rising demand for a healthy lifestyle by consumers is the major contributor to the growth of this segment in the garcinia cambogia extract market.

Food and beverage is the fastest-growing region during the forecast period. Garcinia cambogia extract finds increased application in food & and beverage due to its natural and fruity flavour. Moreover, they are widely used for the preservation of food, as they help in enhancing the shelf life of food products. Moreover, it is increasingly used as a flavoring agent in fish curries, and fish items. Furthermore, increasing demand for fitness-related food has increased the usage of garcinia cambogia extract in energy and protein bars, medicinal and herbal tea, and also in coffee for consumers who want reduced intake of caffeine in their body.

Garcinia Cambogia Extract Market Segmentation: Regional Analysis

• North America

• Europe

• Asia-Pacific

• South America

• Middle-East & Africa

In 2022, based on market segmentation by region, Asia-Pacific occupied the highest share of about 37% in the market. Culinary versatility and traditional medicinal and health practices for improving digestive issues in Southeast Asia countries such as India have contributed to the demand for garcinia cambogia extract in the region.

North America is the fastest-growing region during the forecast period.  The growth is attributed to rising obesity and increased health awareness among consumers for weight loss and improved metabolic activities have contributed to the demand for garcinia cambogia extract in the region.

COVID-19 Impact Analysis on the Garcinia Cambogia Extract Market:

The pandemic had a significant impact on the garcinia cambogia extract market. On one hand, difficulty in sourcing and processing garcinia cambogia extract witnessed a slowdown due to supply chain disruptions, shortage of labor, and restrictions in transportation. However, increased health awareness and closure of gyms induced consumers to purchase garcinia cambogia extract-based dietary supplements and beverages that help them maintain their health during the pandemic. This increased demand was catered to by the rising presence of health & wellness companies on e-commerce platforms, which provided contactless and door-step delivery to consumers during the later phase of a pandemic.

Latest Developments:

The market for garcinia cambogia extract is anticipated to witness increasing growth in the healthcare sector, as people increasingly prefer alternatives to weight loss solutions that help them maintain their health. Moreover, the rising demand for food products with botanical extracts, especially in tea, protein shakes, energy bars, energy drinks, and others is further increasing the market demand for garcinia cambogia extract.

Key Players:

1. Power Up Health

2. BioGanix

3. NOW Foods

4. Natrol

5. St. Botanica

6. Naturabest

7. Potent Organics

8. Top Secret Nutrition