Global Broccoli Extract Market By Type (Powder, Capsule), By Application (Cosmetics, Functional Food, Dietary Supplements), By Region, And Segment Forecasts, 2023 to 2029

The Global Broccoli Extract Market was valued at USD 250 million in 2023 and is poised to grow beyond USD 450 million by the end of 2031, registering a CAGR of 7.3% during the forecast period of 2023-2031. The growth of the global broccoli extract market is primarily driven by increasing consumer awareness about health and wellness, rising demand for natural and organic products, and the growing popularity of dietary supplements. Broccoli extract is rich in essential nutrients, antioxidants, and phytochemicals, making it a sought-after ingredient in the food, beverage, and cosmetics industries.

Global Broccoli Extract Market Dynamics

Drivers:

• Rising Health Consciousness:

  
  Increasing consumer awareness about the health benefits of broccoli extract, such as its antioxidant and anti-inflammatory properties, is driving market growth. Consumers are increasingly seeking natural ingredients to improve overall health and well-being.

  
  

• Demand for Natural and Organic Products:

  
  The growing demand for natural and organic products in the food and beverage industry is boosting the market for broccoli extract. Consumers are becoming more conscious of the ingredients in their food and prefer products that are free from synthetic additives.

  
  

• Popularity of Dietary Supplements:

  The increasing popularity of dietary supplements and functional foods is a significant driver for the broccoli extract market. Broccoli extract is used in various supplements to provide essential nutrients and support health benefits.

Restraints:

• High Production Costs:

  
  The high production costs associated with extracting active compounds from broccoli can be a barrier to market growth. The process requires advanced technology and expertise, leading to higher product prices.

  
  

• Limited Awareness in Developing Regions:

  Limited awareness and availability of broccoli extract in developing regions can hinder market growth. Efforts to educate consumers about the benefits of broccoli extract are needed.

Opportunities:

• Expansion into New Applications:

  
  The increasing popularity of natural ingredients presents opportunities for broccoli extract manufacturers to expand into new applications, such as cosmetics and personal care products. Broccoli extract is known for its skin-enhancing properties and can be used in skincare formulations.

  
  

• Product Innovations:

  
  Innovations in broccoli extract formulations, such as encapsulation and enhanced bioavailability, can enhance market growth. Developing products that offer improved benefits and convenience can drive demand.

  
  

• Growing Demand for Functional Foods:

  The growing demand for functional foods and beverages presents opportunities for broccoli extract manufacturers. The inclusion of broccoli extract in functional products can enhance their nutritional profile and appeal to health-conscious consumers.

  
  

Market by Form Insights:

Powder:

The powder segment emerged as the largest revenue contributor in 2023 and is expected to maintain its dominance during the forecast period. Broccoli extract powder is widely used in dietary supplements, functional foods, and beverages due to its ease of incorporation and long shelf life.

Liquid:

The liquid segment is also significant, driven by the demand for ready-to-use formulations in beverages and cosmetics. Liquid broccoli extract is known for its versatility and is used in various applications, including skincare products and health drinks.

Capsules/Tablets:

The capsules/tablets segment is expected to witness substantial growth, driven by the increasing popularity of dietary supplements. Broccoli extract capsules and tablets offer convenience and precise dosing, making them popular among consumers.

Market by Application Insights:

Food and Beverage:

The food and beverage segment accounted for the largest market share in 2023, with more than 50%. Broccoli extract is used in various food and beverage products, including smoothies, health drinks, and functional foods, to enhance their nutritional profile.

Dietary Supplements:

The dietary supplements segment is expected to grow, driven by the increasing demand for health and wellness products. Broccoli extract supplements are popular for their antioxidant properties and potential health benefits.

Cosmetics and Personal Care:

The cosmetics and personal care segment is also growing, with broccoli extract being used in skincare products for its anti-aging and skin-enhancing properties. The demand for natural and organic skincare products supports market growth in this segment.

Market by Regional Insights:

North America:

North America holds a significant market share, driven by strong consumer awareness, the presence of major market players, and the popularity of dietary supplements. The United States is a major market for broccoli extract, with high demand from the food, beverage, and cosmetics industries.

Europe:

Europe is a major market for broccoli extract, particularly in countries with a strong focus on health and wellness. The UK, Germany, and France are significant consumers of broccoli extract, driven by the demand for natural and organic products.

Asia-Pacific:

The Asia-Pacific region is expected to grow at the highest CAGR, driven by increasing consumer awareness, rising health consciousness, and supportive government policies. China, Japan, and India are key markets in the region.

Competitive Scenario:

Major players in the Global Broccoli Extract Market include NutraCap Labs, NutraValley, Source Naturals, Swanson Health Products, Nature’s Way, NOW Foods, Herbalist & Alchemist, Botanic Choice, Organika Health Products Inc., and Zhou Nutrition. These companies are focusing on product innovation, expanding distribution networks, and strategic collaborations to enhance their market presence.

Scope of Work – Global Broccoli Extract Market Report Metric Details

Key Market Developments:

1. September 2023: NutraCap Labs announced the launch of a new line of broccoli extract supplements with enhanced bioavailability, targeting the growing demand for natural and effective dietary supplements.

2. June 2023: Swanson Health Products introduced a new range of broccoli extract capsules, offering improved antioxidant properties and immune support, catering to health-conscious consumers.

3. March 2023: Organika Health Products Inc. entered into a strategic partnership with a leading skincare brand to develop broccoli extract-infused skincare products, aiming to leverage the extract's skin-enhancing properties.

Frequently Asked Questions:

Q1. What is the current market size of the Global Broccoli Extract Market?

Ans. The global broccoli extract market size was estimated at USD 250 million in 2023 and is expected to reach USD 450 million by 2031, registering a CAGR of 7.3% during the forecast period of 2023-2031.

Q2. What are the major growth drivers of the Global Broccoli Extract Market?

Ans. The growth of the Global Broccoli Extract Market is mainly driven by increasing consumer awareness about health and wellness, rising demand for natural and organic products, and the growing popularity of dietary supplements.

Q3. Which region holds the largest market share in the Global Broccoli Extract Market?

Ans. North America holds a significant market share, driven by strong consumer awareness, the presence of major market players, and the popularity of dietary supplements.

Q4. Which segment accounted for the largest market share in the Global Broccoli Extract Market?

Ans. The food and beverage segment accounted for the largest market share in 2023, driven by the demand for natural ingredients to enhance the nutritional profile of various food and beverage products.

Q5. Who are the key market players in the Global Broccoli Extract Market?

Ans. Key players include NutraCap Labs, NutraValley, Source Naturals, Swanson Health Products, Nature’s Way, NOW Foods, Herbalist & Alchemist, Botanic Choice, Organika Health Products Inc., and Zhou Nutrition.