THE MANGOSTEEN MARKET IS ESTIMATED TO WITNESS HIGH GROWTH OWING
The mangosteen market has witnessed an increase in demand owing to its plethora of health benefits. Mangosteen fruit is gaining popularity due to the presence of xanthones which exhibit antioxidant, anti-inflammatory and antibacterial properties. It aids in reducing the risk of various chronic diseases and improving neurological health. Moreover, increasing consumer awareness towards the nutritional value of mangosteen is propelling the growth of the market.
The Global Mangosteen Market is estimated to be valued at US$ 76 Million in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the mangosteen market are Xi'an Victoria Biotech Co., Ltd., General Nutrition Centers, Inc., The Green Labs LLC, Nutra Green Biotechnology Co., Ltd., Plamed Green Science Group, Guilin Layn Natural Ingredients Corp., and Organic Herb Inc.
The increasing use of mangosteen extracts in thecosmetic and food & beverage industries is expected to offer lucrative opportunities for market growth. Innovation of mangosteen-based products with enhanced efficacy catering to specific segments like geriatric population will further accelerate market expansion.
Globally, Asia Pacific holds the major share in mangosteen production led by countries like Thailand, Vietnam, and Malaysia. However, growing health awareness is propelling demand from developed regions like North America and Europe as well. Furthermore, e-commerce has enabled greater accessibility of mangosteen products worldwide.
Market Drivers
The rising demand for mangosteen extracts in pharmaceutical applications is expected to remain a key driver for the market. Wide ranges of clinical research data support its benefits in wound healing, anti-aging, reducing inflammation, lowering the risk of several cancers, and more. Growing use of mangosteen supplements as a superfruit with versatile health advantages will augment the market growth over the forecast period.
PEST Analysis
Political: The government policies regarding international trade and imports/exports of fruits can impact the mangosteen market. Changes in regulations and trade policies influence the supply and availability of mangosteen.
Economic: Factors like rise in disposable income levels, willingness to spend on exotic fruits can positively influence the demand for mangosteen. Conversely, an economic slowdown can reduce consumer spending on non-essential items like mangosteen.
Social: Growing health consciousness and awareness about the medicinal benefits of mangosteen are creating social acceptance for it, thus expanding its market. The increasing Mangosteen market share is further supported by changing dietary preferences and openness to explore new exotic fruits, which also contribute to market growth.
Technological: Advanced farming techniques, automation in harvesting, and use of technologies in supply chain and logistics aid in efficient production and distribution of mangosteen. Transportation technologies help reduce wastage and spoilage during international trade of this perishable fruit.
Geographical concentration of Mangosteen Market
The Southeast Asian countries account for a major share of the global mangosteen market value due to large-scale production. Countries like Thailand, Vietnam and Indonesia are key cultivation zones and exporters. Thailand is the largest producer and exporter, meeting over 80% of the global supply. Apart from catering to domestic demand, these countries export mangosteen products to international markets in North America, Europe, and other Asian countries.
Fastest growing region for Mangosteen Market
The mangosteen market in North America region is witnessing highest growth rate compared to other international markets. Increasing popularity and availability of exotic fruits, growing health and wellness trend, rising Asian population and their influence on dietary patterns are boosting mangosteen demand in the USA and Canada. Food product developers are also innovating new mangosteen-based juices, snacks and food items to tap the market potential in this region.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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