Industry: Food and Beverages
Published Date: January-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 250
Report ID: PMRREP33282
Newly-released Horny Goat Weed Extract market analysis report by Persistence Market Research reveals that global sales of Horny Goat Weed Extract 2022 were held at US$ 78 Million. With a projected CAGR of 6.9% from 2023 to 2033, the market is expected to reach a valuation of US$ 164 Million by the end of the forecast period. Herbal Supplements are expected to be the significant revenue-generating application for Horny Goat Weed extract, projected to grow at a CAGR of 6.7% from 2023 to 2033.
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Attributes |
Details |
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Global Horny Goat Weed Extracts Market (2023) |
US$ 84 Million |
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Global Horny Goat Weed Extracts Market (2033) |
US$ 164 Million |
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Global Horny Goat Weed Extract Market CAGR (2023-2033) |
6.9% |
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U.S Horny Goat Weed Extract Market CAGR (2023 – 2033) |
5.8% |
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Key Companies Covered |
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As per the Horny Goat Weed Extract Research by Persistence Market Research - a market research and competitive intelligence provider, historically, from 2018 to 2022, the value of Horny Goat Weed Extract increased by around 7.8% CAGR. With an absolute dollar opportunity of US$ 80 Million, the market is projected to reach a US$ 164 Million valuation by 2033.
Horny goat weed extract is predominantly used in the manufacturing of herbal supplements for numerous ailments such as knee and joint pain, memory loss, physical weariness, erectile dysfunction, low libido, high blood pressure, and atherosclerosis.
The herbal supplements market has grown at a significant rate in recent years as people are looking for alternatives to synthetic drugs as they consider herbal products safer and more natural than the synthetic products traditionally available in the market.
The global herbal supplements market had a market value of approximately US$ 78 Million in 2022 and is projected to reach a value of US$ 164 Million by 2032 with a CAGR of around 6.9%.
The horny goat weed extract market has expanded due to rising consumer demand for natural and herbal products to enhance erectile dysfunction, sexual arousal, and desire. Another factor influencing the growth of horny weed extract as an ingredient in herbal supplements is the rise in awareness about the benefits of herbal supplements. As the popularity of horny weed extract has grown, the pharmaceutical industry has taken note and is spending extensively on research and development of horny weed extract as an active component.
According to research, approximately 10% to 14% of the people in the U.S. and the U.K. suffer from erectile dysfunction (ED) hence creating profitable opportunities for the horny goat weed extract manufacturers to poach in. According to estimates by WHO around 320 Million people will be affected by ED by 2025. This will cause a significant surge in demand for medication for ED hence providing a lucrative opportunity for horny goat weed extract manufacturers.
According to estimates by WHO, around 1.1 Million people all across the world are suffering from hypertension. With the rise in the incidence of cases of hypertension and ED and people looking for alternative treatment options, the market for horny goat weed extract is expected to rise in the forecasted period. The surge in demand for horny goat weed extract has also resulted in the rise of experiments by the pharmaceutical industry to manufacture new products/medicines as well as scientists who aim to study the effect of icariin on the human body.
Another factor that makes the horny goat weed extract market lucrative is there is the existence of a small number of players. Therefore, there are several companies that are investing heavily in the research and development of horny goat weed extract.
North America had a market size of US$ 31 Million in 2022 and it has US$ 34 Million in 2023. It is projected that North America will have a market worth US$ 66 Million in 2033.
According to research, around 18 Million men over the age of 40 in the U.S. and approximately 3 Million Canadian men over the age of 40 have been diagnosed with ED (Erectile Dysfunction). The U.S. and Canada also have around 27% of their population diagnosed with high blood pressure. As a result, North America is one of the world's predominant markets for sexual advancement products and hypertension-treating drugs.
People are seeking herbal alternatives as the drugs currently available in the market have side effects that significantly affect the patient's overall health. Due to the growth in the prevalence of ED and hypertension in the region and the need for alternative medication, the horny goat weed extract market is expected to expand rapidly.
United States Horny Goat Weed Extract Market Analysis:
The market in the United States is expected to grow to be worth US$ 51 Million by 2033 with an absolute dollar growth of US$ 22 Million between 2023 and 2033. The market in the United States has grown at a CAGR of 6.3% from 2018 to 2022 and is expected to grow at a CAGR of 5.8% from 2023 to 2033.
The increase in the number of cases of ED (Erectile Dysfunction) and hypertension is what's behind the surge in demand. According to the CDC (Centres for Disease Control and Prevention), there are 116 Million individuals in the United States who are expected to have hypertension, and 18 Million adults over the age of 40 are suffering from erectile dysfunction (ED).
The use of herbal supplements as treatments in the U.S. is also becoming more popular. The country's herbal medicine market is anticipated to grow over the assessment period as a result of the growth in the number of individuals suffering from ED and hypertension as well as the people preferring more natural alternatives.
UK Horny Goat Weed Extract Market Analysis:
The market in the UK is expected to grow to be worth US$ 7.6 Million with an absolute dollar growth of US$ 3.4 Million between 2023 and 2033. The market in the U.K. has grown at a CAGR of 6.6% from 2018 to 2022 and is expected to grow at a CAGR of 6.1% from 2023 to 2033.
A report by public health England estimates that 12.5 Million adults and 2.1 Million people under the age of 45 in the UK suffered from high blood pressure in 2015. Recent studies indicate that over 16 Million males in the UK experience erectile dysfunction (ED). Due to the growth in incidences of ED and hypertension as well as the tendency toward more natural therapies, the market for horny goat weed extract in the country is anticipated to grow over the course of the assessment period
China Horny Goat Weed Extract Market Analysis:
The market in China is expected to grow to be worth US$ 14 Million by 2033, with an absolute dollar growth of US$ 7.5 Million between 2023 and 2033. The market in China has grown at a CAGR of 9.3% from 2018 to 2022 and is expected to grow at a CAGR of 7.9% from 2023 to 2033.
Horny goat weed used to obtain the extract is only found in China. Besides, Chinese people have one of the most significant rates of hypertension globally. The World Health Organization estimates around 270 Million individuals in China have hypertension, however, only 13% of those people have their illnesses under control. This is a result of the inadequate healthcare infrastructure in the nation's remote regions.
Horny goat weed extract has shown promising results in keeping blood pressure in check and with the rise in popularity of herbal medications, owing to which the market in the country is projected to grow significantly during the assessment period.
Japan Horny Goat Weed Extract Analysis:
In Japan, the market is expected to grow to be worth US$ 11.9 Million in 2033 with an absolute dollar growth of US$ 183 Million between 2023 and 2033. The Horny Goat Weed Extract Market in Japan has grown at a CAGR of 7% from 2018 to 2022 and is expected to grow at a CAGR of 6.4% from 2023 to 2033.
According to current studies, around 34% of men in Japan suffer from ED, and around 46 Million individuals suffer from hypertension. The growing elderly population and the unhealthy lifestyle of Japanese people are the main factors influencing the incidence rate of ED and hypertension. The trend towards more natural medicines is expected to drive growth in the horny goat weed extract market during the assessment period, which will result in increased demand for the product.
South Korea Horny Goat Weed Extract Market Analysis:
The South Horny Goat Weed Extract Market is expected to grow to be worth US$ 6.6 Million by 2033, with an absolute dollar growth of US$ 3.4 Million between 2023 and 2033. The Horny Goat Weed Extract Market in South Korea has grown at a CAGR of 8.5% from 2018 to 2022 and is expected to grow at a CAGR of 7.3% from 2023 to 2033.
According to research in 2019, it is estimated that 23% of South Korean men were experiencing erectile dysfunction, while the Korean Society of Hypertension reports that around 28% of the population in the country is currently suffering from hypertension. This is around 6.8 million males in the nation who have hypertension. Due to the trend towards more herbal supplements and therapies on the rise in the country, the market for horny goat weed extract in the nation is expected to expand during the assessment period.
Which Application in the Horny Goat Weed Extract Industry is projected to Witness Significant Growth?
Herbal supplements are projected to witness significant growth as it has grown at a CAGR of 7.4% from 2018 to 2022 and is expected to grow at a CAGR of 6.7% from 2023 to 2033.
Herbal supplements have been utilized for decades as medicines and cures for a variety of illnesses. Due to the health advantages of these herbal supplements, people all over the world are gravitating toward them. Herbal supplements are one type of non-pharmaceutical, natural, non-food item that is used to improve health. Herbal supplements are made from plant ingredients and rarely ever have any negative effects.
Herbal supplements such as horny goat weed extract are a better alternative than sildenafil which is a commonly used drug molecule for treating ED and can be toxic to the body if taken in large amounts. Other factors such as rising prices of conventional medicines and a focus on healthy living can expand the market of horny goat weed extract during the assessment period.
Which Type of Horny Goat Weed Extract is Expected to be Most Lucrative?
Horny goat weed with 98% purity is projected to witness significant growth as it has grown at a CAGR of 7.6% from 2018 to 2022 and is expected to grow at a CAGR of 6.8% from 2023 to 2033.
The well-established manufacturers in developed countries generally use the 98% purity horny goat weed extract for manufacturing herbal supplements whereas, the companies in developing countries as well as start-ups use the extract that is at lesser purity.
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The global market is estimated at US$ 84 Million in 2023.
The global market is projected to witness a market size of US$ 164 Million in 2033.
The CAGR growth of the Horny Goat Weed Extract Market from 2018 to 2022 is 7.8%.
CAGR growth of the Horny Goat Weed Extract Market from 2023 to 2033 is projected to be 6.9%.
Purity 98% in the Horny Goat Weed Extract is projected to witness large demand and its CAGR till 2033 is forecasted to be 6.8%.
Herbal supplements are projected to witness a significant demand by 2033 and are expected to grow at a CAGR of 6.7%.
The market in the United States is projected to reach US$ 51.4 Million by 2033 and is expected to grow at a CAGR of 5.8% from 2023 to 2033.
The key players operating in the market are Biotrex, Nature’s bounty, Novel Nutrients, Dr. Trust, Novel Nutrients, Simply Herbal, Zenith Nutrition, Now Foods, Run herb Inc, Nanjing Nutrihub BioTech, Xian Shunyi Bio-Chemical Technology, Ningbo J&S Botanics.
