With the presence of a large pool of participants, the global carica papaya seed oil market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Parchem Fine & Specialty Chemicals, R K Products, Katyani Exports, Augustus Oils Limited, Cosmark Pty Ltd, Suyash Herbs Exports Private Limited, and Grenera Nutrients Private Limited, and Lotus Garden Botanicals are some of the key vendors of carica papaya seed oil across the world. These players across carica papaya seed oil market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the carica papaya seed oil market study.
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Citing an instance, in September 2015, Micro Labs Limited, an Indian pharmaceutical firm, introduced Caripill tablet, which is manufactured from carica papaya leaf extracts and helps in increasing platelet count in dengue patients. Reportedly, the pill was approved by regulatory body and does not have any side-effects.
As estimated in this report, the global carica papaya seed oil market stood at US$ 148 million in 2017. Witnessing a tremendous rise during the period from 2018 to 2023, the revenue in this carica papaya seed oil market is expected to reach US$ 245 million by the end of the forecast period.
Wide Use Of Herbal & Ayurvedic Cosmetics To Spur Market Growth
“Mounting acceptance of personal grooming products along with escalating demand for herbal & ayurvedic cosmetics and natural treatments will propel the growth of carica papaya seed oil market,” says the author of this carica papaya seed oil market study. Apart from this, rapid expansion of food sector is projected to influence the expansion of carica papaya seed oil market trends in the near future.
The easy availability and massive popularity of substitute products over papaya seed oil, however, is the major factor inhibiting the expansion of carica papaya seed oil market.
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Escalating Awareness Pertaining To Skin Care To Support APAC’s Dominance
Regionally, Asia Pacific has been leading the worldwide carica papaya seed oil market and is anticipated to continue on the dominant position in the years to come, states the carica papaya seed oil market study. Mounting awareness about skin care and enhanced use of herbal & natural cosmetic products is the main factor behind the dominance of the Asia Pacific carica papaya seed oil market. High standard of living along with lucrative demand for personal care items is another significant factor that is supporting the growth of this regional carica papaya seed oil market. For the record, countries such as Japan are the key regional revenue pockets.
The global carica papaya seed oil market is segmented as follows:
- Medicinal/skin care
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- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa