The global demand for the Chlorophyll Extract market was valued at USD 255.65 Million in 2021 is expected to reach USD 428.38 Million in 2028 growing at a CAGR of 7.6% between 2022 and 2028. The demand for chlorophyll extract is huge from various end-use industries including dietary supplement, personal care, food and beverages, and cosmetics. The demand in several industries is growing owing to their characteristics that make it the better choice for different applications.
Chlorophyll extract has a tremendous demand in dietary supplement application owing to its characteristics such as antioxidant and low toxicity. Chlorophyll extract is extensively used for increasing efficacy of dietary supplements. Furthermore, the application in skincare and cosmetics production is expected to heave the demand for chlorophyll extract. It helps to improve the texture and appearance of cosmetics and personal care products. In addition,when used in personal care products changes the flow properties of water. Thus, benefiting a variety of personal care products by allowing manufacturers to create crystal clear serum, softer creams and lotions, and enhanced cleansing systems. All these benefits of chlorophyll extract in different applications are expected to drive the global market.
Cosmetics and personal care products with chlorophyll extract are in the market since years. Use of cosmetic products is flourished with rising image of cosmetic brands across middle income class. In the early 21st century, low-middle income class across the globe started adopting new fashion world quickly. With increase in the adoption of fashion trends, aesthetic value of the body increased leading to higher adoption of cosmetics and personal care products. In the pharmaceutical and cosmetic sector demand for chlorophyll extract has increased as these sectors have increased use of chlorophyll extract as an antioxidant, antiseptic, and anti-inflammatory in their products, driving the global market.
Segmental Overview
On the basis of types, the market is segmented into power, liquid, and tablets. Chlorophyll extract is converted to tablet, liquid, and powder to increase its ease of use. This ultimately increases its adoption rate, benefiting the overall market growth.
Chlorophyll extract in a powder form is generally used across food and beverages sector, cosmetics, and personal care industry. Demand as powder is more from industrial sector as compared to the retail consumer sector. Chlorophyll extract in powder form is used for wound healing, acne, and hay fever conditions, but there is no good scientific evidence to support these uses well enough.
Based on application, the global market is segmented into food additive, cosmetics, and dietary supplement. Application array of chlorophyll extract is expanding with time through which demand and adoption will thrive.
Chlorophyll extract provide a possibility for food & beverage industry to improve their product portfolio and enclose demand. Food and beverage sector has high demand for chlorophyll extract as better taste, texture, color, flavor, quality, and nutrition are the characteristics that food products need today. There are many applications across the food & beverage industry that can be explored with increasing indulgence as food additive. It is used to encapsulate flavors and nutritional ingredients against active interactions, oxidation, release of active ingredients, and hydrolysis.
Regional Trends
Regionally, the market for Chlorophyll Extract is fragmented into North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa.
Europe is one of the leading food & beverages, cosmetics, and personal care products markets across the globe due to the high spending power of consumers and their willingness to try on new and advanced products. Food products and personal care brands have strong production unit presence across Europe, which is expected to increase demand for chlorophyll extract in Europe, driving the European chlorophyll extract market. However, in the last two years, the U.K market is hampered due to Brexit (Britain Exit) because it has brought in several changes in the trade policies and international tax rates, hampering the regional market growth. Packaged food material industries are major contributors in the European market. Consumer trend in the Europe is leaning towards new age; the consumer is demanding technologically advanced food products, cosmetics, and personal care products. Technologically advanced consumer products is using chlorophyll extract as antiseptic and anti-inflammatory in high amounts, supporting the Europe market growth.
The Middle East is modern technology-driven market due to high per capita spending and high imports from Europe, North America, and Asia Pacific. Since the early 21st century, ethical beliefs in the Middle East are slowly fading off, which subsequently has been propelling the adoption of advanced cosmetics, personal care products, food & beverages, and beauty products, driving the Middle East market. Moreover, flourished food & beverages industry across Middle East and tremendously grown personal care industry, are boosting the demand for chlorophyll extract in the Middle East market.
Africa accounts for the least share of the global chlorophyll extract market due to very low awareness regarding chlorophyll extract infused food & beverages, personal care, and beauty products in the region. In addition, Africa is struggling with poor economic growth, extremely low per capita income, and very poor healthcare infrastructure. Thus, the consumption of cosmetic products with chlorophyll extract is low in the region. Moreover, slow GDP growth, very low adoption of chlorophyll extract infused packaged food products, very low awareness, and many other factors, are some of the major factors hindering the African chlorophyll extract market growth.
Competitive landscape
Some of the major companies operating within the market are: Sigma Aldrich, Fengming Chlorophyll Co., LTD, Mane Kancor, Sensient Colors, Pioneer Herbals, British Chlorophyll and Others. Out of which, British Chlorophyll dominates the market with an active market share of 10.60% in 2021, followed by Sigma Aldrich with 6.92%.
Segments
By Type
• Liquid
• Tablet
• Powder
By Application
• Food Additive
• Cosmetics
• Dietary Supplement
Global Chlorophyll Extract Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Chlorophyll Extract market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.
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