Global Saw Palmetto Market Size Set to Reach USD 1.2 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global saw palmetto market size at USD 805.21 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global saw palmetto market size to grow at a significant CAGR of 3.85% reaching a value of USD 1,236.41 million by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global saw palmetto market size at USD 805.21 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global saw palmetto market size to grow at a significant CAGR of 3.85% reaching a value of USD 1,236.41 million by 2029. Major growth drivers for the global saw palmetto market include the rising demand for natural and herbal remedies, increasing prevalence of prostate-related disorders, such as BPH, and growing consumer awareness about the benefits of saw palmetto. The prevalence of prostate-related disorders such as benign prostatic hyperplasia (BPH) has been increasing globally. Saw palmetto has been traditionally used to alleviate BPH symptoms, leading to a higher demand for saw palmetto products as an alternative or complementary treatment. There has been a notable shift in consumer preference towards natural and herbal remedies instead of pharmaceutical options. Saw palmetto, being a natural and plant-based ingredient, aligns with this preference and has gained popularity as a natural alternative for prostate health support. Also, the ongoing research and scientific studies on the efficacy and safety of saw palmetto have contributed to its market growth. The availability of scientific evidence and positive outcomes from clinical trials have enhanced the credibility and acceptance of saw palmetto products. However, quality control issues are anticipated to restrain the overall market growth during the period in analysis.
Global Saw Palmetto Market – Overview
Saw Palmetto is the fruit derived from the Serenoa repens plant, a shrub predominantly located in the southeastern part of the United States. It is utilized to produce extracts and tonics and has gained recognition for its potential to enhance testosterone levels. People have historically employed Saw Palmetto extract to address concerns related to urinary tract and reproductive health. The extract is commonly incorporated into dietary supplements found in traditional herbal medicine, as well as in cosmetics and personal care products. Saw Palmetto extract is rich in flavonoids, plant sterols, and fatty acids, making it a valuable natural source of these compounds.
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Impact of COVID-19 on Global Saw Palmetto Market
COVID-19 pandemic adversely affected the global saw palmetto market. The disruptions in global supply chains and restrictions on international trade affected the availability and distribution of saw palmetto berries. The closure of businesses and reduced workforce in the agriculture sector resulted in challenges related to harvesting and processing. Also, the decline in consumer spending and uncertainty in the market led to a decrease in demand for saw palmetto berries. However, the increased focus on health and wellness during the pandemic may have driven some demand for natural remedies like saw palmetto.
Global Saw Palmetto Market – By Nature
Based on nature, the global saw palmetto market is split into organic and conventional segments. The organic segment holds a higher market share by nature. There has been a growing trend among consumers to choose organic products due to concerns about synthetic chemicals, pesticides, and the desire for natural and environmentally friendly options. This preference for organic products extends to dietary supplements and herbal remedies like saw palmetto. Organic products are often associated with higher quality and safety standards. Consumers may perceive organic saw palmetto as being free from synthetic additives, pesticides, and genetically modified organisms (GMOs), which can lead to a preference for organic options. Also, consumers who prioritize their health and environmental sustainability may opt for organic products, including saw palmetto. Organic farming practices promote soil health, biodiversity, and reduce the use of synthetic inputs, aligning with the values of conscious consumers.
Competitive Landscape
Major players operating in the global saw palmetto market include Nature's Way, Himalaya Herbal Healthcare, Goodcare Nutraceuticals, Monterey Bay Spice Company, MTC Industries Inc., Saw Palmetto Berries Co-op of Florida Inc., Valensa International, and Maypro Martin Bauer. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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