Forskolin Market Size, Share & Trends Analysis Report By Purity (Low, Medium, High), By Application (Food & Beverages, Cosmetics, Pharmaceuticals), By Region (Europe, Asia Pacific), And Segment Forecasts, 2022 - 2030

Report Overview

The global forskolin market size was valued at USD 457.18 million in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 8.7% from 2022 to 2030. The demand for forskolin is driven by its inclusion in various end-use industries, such as pharmaceuticals, food and beverages, healthcare, and cosmetics. With an increase in consumer preference for herbal, naturally-processed, and ayurvedic products, the demand for such commodities with significant medicinal value is expected to rise in the coming years. The global market has a high potential to grow as the product has a wide application scope in many industries as the main material for the production of medicines, healthcare, and fitness products.

Forskolin is extracted from the stems and roots of a plant from the mint family, named Coleus Barbara. Since ancient times, this plant was considered a medicinal plant because of its healing capacity. This plant has significant use in the Ayurveda industry and now is gaining importance in allopathy as well. The different levels of purity of the product have different applications associated with each of them. Low-purity materials are used in formulating dietary supplements, medium-purity materials are used in food and beverages and high-purity materials are used in the formulation of cosmetic products.

With the growing concerns about health and fitness, products with high medical usage gained importance and resulted in rapid growth in their demand. Most of the population around the globe is shifting towards herbal and ayurvedic commodities; thereby, driving the pharmaceutical and cosmetic market. Increasing global concerns about food security and quality resulted in the increased demand for adequate measures taken by the producers and manufacturers. Traditional herbal materials are replacing laboratory-based chemicals in the process of manufacturing medicines, cosmetics as well as food and beverages.

Purity Insights

The high purity segment dominated the market with a revenue share of around 68.0% in 2021. The high share of the segment is attributed to the growing demand for high-grade forskolin in the personal care & cosmetics sector. High-purity forskolin is derived from the roots of the plant. This extraction results in the purest form of forskolin, which is widely utilized in the cosmetic and skincare industries as a conditioning agent. Medium purity type is the second-largest segment due to its wide application scope in various food and beverage products. The rising demand for organic commodities in the food and beverages industry, which is good for consumption in the human body, has driven the market for medium-purity products.

The forskolin with medium purity of 50% to 95% undergoes various processes after its extraction from the roots of the plant. The isolation by hydrotropic extraction is one of the most commonly used methods for obtaining medium-purity products. Several health benefits resulting from the consumption of forskolin in the form of health and dietary supplements contributed to its surged demand across the globe. Due to many research and development activities, carried out by the industry players, it has become possible to manufacture low-purity products, which are extensively used in the production of dietary supplements, by high-performance liquid chromatography method. These products have shown high evidence of treating Alzheimer’s disease. It may be considered a promising drug in the coming years.

Application Insights

On the basis of applications, the global market has been further segmented into Food & beverages, cosmetics, pharmaceuticals, dietary supplements, and others. The dietary supplements application segment dominated the market with a revenue share of more than 35.0% in 2021. This high share is attributed to the non-toxic nature that makes it safe for human consumption, which, in turn, fuels the global demand. The growing awareness regarding the consumption of dietary supplements in developing economies can further contribute to the product demand over the next decade. Forskolin active ingredient is majorly used in the formulation of several daily-use dietary supplements owing to its nutritional content.

This ingredient, with its low purity ranging from 10% to 50%, is used in the formulation of healthcare products and fat loss capsules. Apart from its use in dietary supplements, the product helps in the treatment of thyroid and reduces cardiovascular risks among its consumers. The pharmaceutical application type has the second-highest percentage of revenue share, globally. India is the major consumer of forskolin as it is found in abundance in the region. The product has been used as a tonic in the Indian traditional medicine system. The use of forskolin has been proved to be beneficial in maintaining blood pressure in the human body and treating many serious diseases like cancer, Alzheimer's, asthmatic conditions, and diabetes.

Regional Insights

The Europe region dominated the global market in 2021 and accounted for the maximum revenue share of more than 32.5%. This is attributed to the surge in demand for natural products over the past few years considering the high production of customized personal care products and growing consumer awareness regarding their health benefits. The region has also emerged as one of the top markets for personal care and cosmetics. The demand for natural ingredients in cosmetics is being influenced by socio-demographic trends in Europe. The demand for natural products, with active qualities, such as anti-aging, is increasing due to a rise in the aging population.

Younger generations, on the other hand, are looking for more environmentally friendly and sustainable products, believing that natural ingredients are better for human health and the environment. North America accounted for the second-highest revenue share in 2021 due to the surge in demand for natural products considering the growth in dietary supplements in the industry. This growth is credited to the rising prevalence of obesity and weight-related disorders. The demand for dietary supplements is high as a result of consumers’ busy schedules and high-stress levels, which cause lifestyle disorders, such as obesity, high blood pressure, and diabetes.

Key Companies & Market Share Insights

The competition in this market is highly dependent on the product mix, the number of sellers, and geographical location. The product manufacturers are engaged in continuous R&D to develop numerous other applications in various industries and to develop more products with technological advancements to get maximum benefits/profit. Manufacturers are focusing intensely on improving their product portfolios along with the introduction of natural products aimed at keeping pace with future requirements for sustainable development.

Key companies are entering into long-term contracts with domestic and international suppliers and distributors to diversify their sources and maintain the quality of the products. Adoption of backward integration across the value chain is observed among several industry players. They acquire farms to cultivate the crop, which is ultimately used as a raw material for product formulation. Some of the key players operating in the global forskolin market are:

• Alchem International Ltd.

• Nutra Green Biotechnology

• Shaanxi Jiahe Phytochem

• Glentham Life Sciences

• Flavour Trove

• Cymbio Pharma Pvt. Ltd.

• Alpspure Lifesciences Pvt. Ltd.

• Bioprex Labs

Forskolin Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global and regional levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global forskolin market report on the basis of purity, application, and region:

• Purity Outlook (Volume, Tons; Revenue, USD Thousand, 2018 - 2030)

  • Low (10-50%)

  • Medium (50-95%)

  • High (> 95%)

• Application Outlook (Volume, Tons; Revenue, USD Thousand, 2018 - 2030)

  • Food and Beverages

  • Cosmetics

  • Pharmaceuticals

  • Dietary Supplements

  • Others

• Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2018 - 2030)

  • North America

  • Europe

  • Central & South America

  • Middle East & Africa