Prunus Africana, also known as African cherry has been used in the medicinal treatment for benign prostatic hyperplasia (prostate cancer) and other disorders for many decades. Prunus Africana trees are only found in some of the African countries and use as a solid, semi-solid and power form. Bark extraction from the Prunus Africana has found its application in numerous industries such as food & beverages, pharmaceutical, nutraceutical, cosmetics, construction and mining industry among other industries. The demand for the bark of Prunus Africana is increasing across the region, as well as globe, resulting in increased production of Prunus Africana in key producing countries. Low cost of these products with several health benefits is also the key factor attracting the potential importing countries towards the use of Prunus Africana. Due to the fragmented nature of the market, rising demand for these products has created a significant opportunity for the new entrants into the market. Many key countries are consuming Prunus Africana in large quantity as these type of plants have the potential to save the world from deadly diseases.
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Global Prunus Africana Market Dynamics
One of the key growth factors, which are driving the growth of the global Prunus Africana market in the food industry during the forecast period is increasing demand for Prunus Africana owing to the growing number of a patient pool for some severe disorder primarily prostate cancer. Alternate factors behind the growth of the market includes its use in numerous end-use industries, low cost, increasing international trade and environment-friendly nature among the other factors. Thereby, these factors are creating a significant market opportunity for local, as well as global, manufacturers/producers who are extracting bark from the Prunus Africana. To gain a high-profit margin in global Prunus Africana market during the forecast period, key vendors are strategically planning on signing an agreement with local distributors to increase their customer base across the globe.
However, a limited number of producers and various legislature regulations in the global Prunus Africana market, which is likely to hamper the growth of the market during the forecast period. Moreover, its presence only limited to the Africa region is also the other factor, which is restraining its expansion globally.
Global Prunus Africana Market Key Players
Europe and North America have a large presence of key vendors for the extraction in the global Prunus Africana market who are continuously working on introducing anti-cancer and anti-inflammatory products in the global market. Some of the key market participants in the global Prunus Africana market are Groupe Fournier; Parchem fine & specialty chemicals; Indena Spa; Laboratoires Debat; Madaus GmbH; and other prominent players in Prunus Africana market.
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Global Prunus Africana Market Scenario
The global market for Prunus Africana is expected to grow at a moderate CAGR during the forecast period. The Prunus Africana market is anticipated to create a significant opportunity for extract producers to gain a high momentum in the global market. Prunus Africana market across the globe has witnessed an amplified demand from the European and North American countries, which is expected to show the same trend during the forecast period. The Prunus Africana market has a widespread but fragmented demand in the Africa region. Trade in these products in Europe, North America and the Asia Pacific region is expanding at a steady growth rate. Europe is estimated to lead the global Prunus Africana market in terms of consumption followed by North America and the Asia Pacific during the forecast period.
Global Prunus Africana Market Segmentation
The Prunus Africana market can be segmented on the basis of form, source and end-use industry. On the basis of form, Prunus Africana market can be categorized into solid, semi-solid and powder form. On the basis of source, the Prunus Africana market can be segmented into organic and conventional. On the basis of end-use industry, the Prunus Africana market can be classified into food & beverages, pharmaceutical, mining, construction, nutraceutical, cosmetics and other end-use industries. Geographically, the global Prunus Africana market can be segmented into seven regions, namely North America, Latin America, Europe, CIS & Russia, Japan, the Asia Pacific excluding Japan, and Middle East & Africa.
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