LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global moringa products 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 moringa products market will grow at a CAGR of nearly 10% during the forecast period. The rising awareness of the health benefits of moringa products is a major factor driving the market’s growth.
The past decade has seen significant growth in moringa products, which includes moringa leaf powder. The growing awareness of their health benefits is a major factor driving the increasing consumer demand for moringa products, especially in Europe and the Americas.
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In this report, Technavio highlights the growing millennial population worldwide as one of the key emerging trends driving the global moringa products market:
Growing millennial population worldwide
People born in the early 1980s to late 1990s are defined as millennials. In 2017, their age range should be between 18 and 36 years. The higher inclination toward trying out new product variants is driving growth for the moringa products among millennials when compared to the older generations. Also, a majority of the millennial population includes unmarried individuals who are not burdened by family responsibilities and are open to new experiences.
“Moringa products were able to expand to different geographies and increase their customer base due to factors such as the rising disposable income among consumers. This expansive population segment emerged as a huge opportunity for players in the global moringa. Countries such as India and China, which consists of nearly 29% and 27% of the total millennial population respectively are projected to be one of the fastest growing markets for moringa products during the forecast period,” says a senior analyst at Technavio for research on food.
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Global moringa products market segmentation
This market research report segments the global moringa products market into the following products (moringa seeds and oil, moringa leaves and leaf powder, and moringa fruits, tea, and pods) and key regions (the Americas, APAC, and EMEA).
The moringa seeds and oil segment held the largest market share in 2017, accounting for nearly 48% of the market. The market share for this product is expected to increase nearly 3% by 2022.
APAC was the leading region for the global moringa products market in 2017, accounting for a market share of 78%, followed by EMEA and the Americas. The key factor that is driving the sales of these products across all these regions can be attributed to the growing consumer awareness of the health-promoting benefits of consuming moringa products.
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