Anticipated to reach USD 393.1 million in 2024, the sea buckthorn market is gaining widespread recognition for its health benefits, particularly in Asia and Europe. With a projected CAGR of 10.1% from 2024 to 2034, the market is poised for substantial growth, fueled by the increasing popularity of functional foods.
Sea buckthorn’s versatility, allowing it to be incorporated into various products such as juices, shakes, and pies, contributes significantly to its growth potential. By 2034, the market is forecasted to reach a valuation of USD 1,025 million, driven not only by its use in food but also by its expanding role in cosmetic products.
As the demand for organic ingredients rises in the cosmetic industry, sea buckthorn stands out as a preferred choice among consumers, further bolstering its market value.
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As part of its functionality in food, sea buckthorn is also finding notable application in dietary supplements. As dietary supplements become more common, due to a combination of factors like the aging population and more people taking up sports, sea buckthorn’s use in them is supposed to grow.
“While the market faces some obstacles, like improper supply of raw material on occasion, the overall prospects of it are positive. Use of sea buckthorn for the making of alcoholic drinks is filled to the brim with potential for investors,” says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).
Key Takeaways from the Sea Buckthorn Market
- The sea buckthorn market is projected to be valued at US$ 393.1 million in 2024.
- Sea buckthorn predominantly comes in the form of juice. Juice is expected to account for 34% of the market share in 2024.
- Dietary supplement tops the application segment. For 2024, dietary supplements are anticipated to account for 28% of the market share.
- South Korea is a promising country for the market. For the forecast period, the CAGR for South Korea is estimated to be 12.3%.
- China and Japan are pegged to be lucrative countries for the market. The CAGR for China and Japan over the forecast period is predicted to be 10.8% and 11.8% respectively.
- The market is expected to register a CAGR of 11.4% in the United Kingdom over the forecast period.
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Competition Analysis of the Sea Buckthorn Market
The market is diverse, as companies of all scales have room to thrive. Partnerships are common in the sector, especially with companies in end user industries. Some of the prominent companies in the market include SeabuckWonders, Wellsash, W.S. Badger Company Inc., and Natures Aid Ltd.
Recent Developments in the Sea Buckthorn Market
- In July 2023, the 30 Day product was launched by Australia-based Mud Organics in the United States. The product contains sea buckthorn
- In 2024, a study was published by researchers from Memorial University, Canada, expounding on the benefits of sea buckthorn in fighting obesity.
Key Companies in the Sea Buckthorn Market
Key companies in the industry include SeabuckWonders, Wellsash, W.S. Badger Company Inc., Natures Aid Ltd., Erbology, SIBU, WELEDA, Leh Berry, Natura Health Product, and TEREZIA COMPANY S.R.O.
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Key Segments of Sea Buckthorn Market
By Application:
Based on application, the sea buckthorn market can be segmented into the following segments: dietary supplements, pharmaceutical, cosmetics & personal care, food and beverages, and others.
By Form:
Based on the form, the sea buckthorn market can be segmented into the following segments: juice, oil, powder, and others.
By Region:
The sector has been analyzed with the following regions covered: North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East and Africa.
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