Forskolin Market Projected To Exhibit Robust CAGR of 8.7% For The Forecast Period From 2022 To 2030: Grand View Research Inc.

The global forskolin market size is expected to reach USD 966.22 million by 2030, registering a CAGR of 8.7% over the forecast period, as per the new report by Grand View Research, Inc. The growth is majorly driven by the rising demand from the pharmaceutical industry owing to its high medical value. The market is expected to grow because of end-users’ inclination from synthetically processed to naturally-derived ingredients. Forskolin has a wide range of application scope across various industries, such as food & beverages, pharmaceuticals, and cosmetics among others. It has been used as a traditional medicine in the field of ‘Ayurveda’ since ancient times, for the treatment of heart, abdominal, and respiratory diseases, among others.

Forskolin comes from the roots and stem of a plant named Coleus barbatus. This plant is from the mint family and can be found in some regions of Asia. Constant research and development activities carried out by major market players have proved its wide usability along with its advantages. During the COVID-19 pandemic, the pharmaceuticals and healthcare industries gained importance, thereafter, the demand for these products eventually increased. The increasing awareness among the growing population will also support the growth of this market. Materials with immense usage in the production of healthcare and medicinal products witness high demand in the market.

The demand for forskolin is driven by its inclusion in various end-use industries, such as pharmaceuticals, food and beverages, healthcare, and cosmetics. With an increase in consumer preference for herbal, naturally-processed, and ayurvedic products, the demand for such commodities with significant medicinal value is expected to rise in the coming years. The global market has a high potential to grow as the product has a wide application scope in many industries as the main material for the production of medicines, healthcare, and fitness products.

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Forskolin is extracted from the stems and roots of a plant from the mint family, named Coleus Barbara. Since ancient times, this plant was considered a medicinal plant because of its healing capacity. This plant has significant use in the Ayurveda industry and now is gaining importance in allopathy as well. The different levels of purity of the product have different applications associated with each of them. Low-purity materials are used in formulating dietary supplements, medium-purity materials are used in food and beverages and high-purity materials are used in the formulation of cosmetic products.

Forskolin Market Report Highlights

• The low purity segment is estimated to register the fastest CAGR from 2022 to 2030 owing to the wide application scope of the low-purity product in various dietary supplements, which have a higher demand globally
• The pharmaceutical application segment is projected to account for the fastest CAGR from 2022 to 2030 due to a rise in the global consumption of pharma and healthcare products
• Asia Pacific is projected to be the fastest-growing regional market during the forecast period due to the constantly growing demand and easy product availability in this region
• Moreover, key market players are based in APAC and are constantly working to provide a diverse range of products through high investments in their R&D. A rise in demand for clean and herbal commodities especially in the cosmetic industry has paved the way for forskolin to be used in many end-use sectors
• Due to the rapid technological advancements, many companies are focusing on developing forskolin sustainably with high-speed innovations in synthetic biology
• The production from various other raw materials, which on testing, could prove to be more advantageous to the human body, are being conducted effectively
• The prominent players in the market are more focused on the production technologies to gain maximum profit against minimum resource consumption

The competition in this market is highly dependent on the product mix, the number of sellers, and geographical location. The product manufacturers are engaged in continuous R&D to develop numerous other applications in various industries and to develop more products with technological advancements to get maximum benefits/profit. Manufacturers are focusing intensely on improving their product portfolios along with the introduction of natural products aimed at keeping pace with future requirements for sustainable development.

Key companies are entering into long-term contracts with domestic and international suppliers and distributors to diversify their sources and maintain the quality of the products. Adoption of backward integration across the value chain is observed among several industry players. They acquire farms to cultivate the crop, which is ultimately used as a raw material for product formulation. Some of the key players operating in the global forskolin market are:

• Alchem International Ltd.
• Nutra Green Biotechnology
• Shaanxi Jiahe Phytochem
• Glentham Life Sciences
• Flavour Trove
• Cymbio Pharma Pvt. Ltd.
• Alpspure Lifesciences Pvt. Ltd.
• Bioprex Labs