LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global baobab powder market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global baobab powder market will grow at a CAGR of over 6% during the forecast period. The health benefits of baobab powder are a major factor driving the market’s growth.
The demand for baobab powder is increasing due to the numerous health benefits associated with the baobab fruit. High amounts of vitamin C, soluble fiber, antioxidants, and vital minerals are present in the baobab powder. In addition, the baobab powder helps in boosting energy levels, improves immunity, aids in liver detoxification, decreases anxiety, and has anti-aging properties.
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In this report, Technavio highlights the increase in online purchasing as one of the key emerging trends driving the global baobab powder market:
Increase in online purchasing
The rise in e-commerce business across the globe has created ample opportunities for vendors in the superfood industry to increase the visibility and profitability of their products. Currently, the e-commerce business comprises of nearly 12% of the world's retail trade. The amount of money spent on per online transaction and the number of online transactions made across the globe has increased substantially. The "buy it now" attitude among consumers is driving the growth for e-commerce. Such factors are contributing towards the growth of the global baobab market.
“In order to avoid time-consuming billing queues, consumers prefer to purchase products through the online medium and pay for their orders through their cards or through other cashless payment methods. Along with enhanced product visibility, online shopping platforms also provide better security features for payments and efficient customer service. The advent of this trend has encouraged various superfood competitors to focus on the internet-savvy consumer segment and enter online retail formats. This proves to be cost-effective when compared with a physical store format,” says a senior analyst at Technavio for research on food.
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Global baobab powder market segmentation
This market research report segments the global baobab powder market into the following applications (food, beverage, and personal care) and key regions (the Americas, APAC, and EMEA).
The food segment held the largest market share in 2017, accounting for nearly 48% of the market. The market share for this application is expected to decrease by 2022. The fastest growing application is beverage, which will account for 37% of the total market share by 2022.
EMEA was the leading region for the global baobab powder market in 2017, accounting for a market share of 43%. The market share for EMEA and the Americas is expected to decrease by 2022, whereas APAC is expected to witness growth during the forecast period.
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