Yarrow Market Share, Size, Trends, Industry Analysis Report, By Form (Powder and Liquid Extract); By End-Use; By Sales Channel; By Region; Segment Forecast, 2024 – 2032
- Published Date:Dec-2023
- Pages: 116
- Format: PDF
- Report ID: PM4149
- Base Year: 2023
- Historical Data: 2019-2022
The global yarrow market was valued at USD 477.12 million in 2023 and is expected to grow at a CAGR of 5.1% during the forecast period.
The significant increase in product utilization in cosmetics and personal care products because of its skin-soothing and anti-aging properties and the continuously growing popularity of yarrow extracts due to its several potential health benefits including anti-inflammatory and antimicrobial properties, are the leading factors expected to drive global market growth. Additionally, with the growing advancements in cultivation techniques such as organic and sustainable farming practices that led to higher yield and better-quality yarrow and rapid development of new yarrow-based products catering to demand from various industries, are further likely to bode well for the market growth.
To Understand More About this Research: Request a Free Sample Report
Moreover, several major leading businesses in the market are heavily investing into research & development activities to innovate wide range of yarrow-based products including herbal teas, dietary supplements, cosmetics, and essential oils that helps cater to various consumer preferences and needs, which in turn, resulting in huge growth potential for the market in the near future.
However, the limited awareness about the product potential health benefits and availability around the world and presence of various regulatory requirements related to cultivation, processing, and sale of herbal products, are among the factors likely to hamper market growth.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the Yarrow market. The emergence of the deadly virus has stimulated the consumer's desire to know where their food comes from and what additives are being added to the food product. The increased health awareness among consumers has positively influenced the demand for Yarrow over the preference for synthetic food colorants.
For Specific Research Requirements, Request for a Customized Research Report
- Rapid increase in the number of people preferring natural products are likely to drive market growth
The rapid change in consumer preferences and increased number of people seeking or interested in natural products like yarrow because of its several types of beneficial properties including diaphoretic and tranquilizing actions and anti-inflammatory coupled with the prevalence for improved farming techniques in major producing regions, are among the leading factors fostering the global yarrow market growth.
There has been an emerging trend in the market over the years about the use of yarrow leaves and flowers as a culinary herb and flavoring agent in some cuisines. Thus, with the continuous increase in demand for unique and natural flavor profiles in the food industry and change in consumer taste and consumption patterns all over the world, the need for products like yarrow has grown drastically.
The market is primarily segmented based on form, end-use, sales channel, and region.
By Sales Channel
To Understand the Scope of this Report: Speak to Analyst
By Form Analysis
- Powder segment accounted for largest market share in 2023
The powder segment accounted for the largest market share. The growth of the segment market can be largely attributed to its ability to easily incorporated into various products and applications including herbal supplements, teas, culinary dishes, cosmetics, and skincare formulations along with this, the product powder form allows for the consistent dosing and easy integration into several herbal remedies and supplements.
Beside this, as the yarrow powder is derived from the yarrow plant, which is widely known for its potential health benefits, the powder contains various types of advantageous or beneficial compounds such as flavonoids, alkaloids, and volatile oils, that are believed to have medicinal properties and might also include anti-inflammatory, antimicrobial, and digestive benefits, that makes the yarrow powder a valuable ingredient in herbal remedies and supplements and resulting in significant segment market growth.
By End-Use Analysis
- Healthcare segment held the significant market share in 2023
The healthcare segment held the substantial market share in terms of revenue, which is majorly driven by increasing global aging population and exponential rise in population growth all over the world leading to greater demand healthcare services and products and constant surge in technological advancements in medical field like robotics, telemedicine, and medical devices. As, yarrow contains compounds like tannins and flavonoids which could help promoting wound healing and surging use of product to alleviate menstrual cramps and other symptoms associated with it, which in turn, has fueled the product demand in the healthcare market.
- For instance, according to the World Health Organization, the number of people aged 60 years or above is projected to reach 1.4 billion by 20230, with an increase from 1 billion in 2020. And, the number of aged populations worldwide is estimated to double with 2.1 billion people by 2050.
By Sales Channel Analysis
- E-commerce segment is expected to witness highest growth
The e-commerce segment is anticipated to be the fastest growing segment with significant growth rate over the coming years, on account of significant change in consumer purchasing behavior and rapid emergence of several new online shopping platforms across the globe offering range of benefits including easier access to yarrow products, availability of different brands at one place, convenient payment options, and home delivery among others.
Apart from this, the drastic increase in proliferation for mobile and other smart devices like tablets and laptops that has made it easier for consumers to shop from anywhere and at any time, has been positively impacting the segment market growth at extensive pace.
- For instance, as per a report published in 2023 by OBERLO, the number of smartphone users were around 6.8 billion in 2022, which accounts for approx. 80% of worldwide population. The number of smartphone users has grown rapidly in the recent past, as there were only 3.7 billion smartphone users in the world in 2016, which has increased by over 86.5% in these 7 years.
- North America region dominated the global market in 2023
The North America region dominated the global market, mainly attributable to large number of consumers seeking natural and herbal remedies for the treatment of various health issues and constant increase in herbal and botanical industry particularly in countries like United States and Canada coupled. Beside this, the growing research & development activities to explore the medicinal properties of yarrow and new potential applications in industries such as pharmaceutical and cosmetics.
The Asia Pacific region is anticipated to be the fastest growing region with healthy CAGR rate during the course of projected period, owing to widespread traditional use of yarrow in APAC region that is gaining momentum and huge traction in the recent years and growing consumer awareness about the benefits of sustainable and organic farming practices.
Key Market Players & Competitive Insights
The yarrow market is significantly competitive with the presence of large number of regional as well as global market players. The leading players in the market are focusing on various business development strategies including acquisitions, partnerships, collaborations, and new product launches to expand their market reach and global presence.
Some of the major players operating in the global market include:
- Albert Vieille
- Amphora Aromatics Ltd.
- Bristol Botanicals Ltd.
- Carruba Inc.
- Mother Bay Spice Company
- Neal’s Yard Remedies
- NHR Organic Oils
- Organic Infusions Inc.
- Penta Manufacturing
- SRS Aromatics
- Starwest Botanicals
- The Good Scent Company
- In October 2022, Exxon Mobil Corporation, announced that they have made 2 new discoveries at the Salifin-1 & Yarrow-1 wells in Guyana. The company and its partner Hess Corp. said that the first projects being sanctioned by two companies are currently producing above capacity and average at 360,000 barrels of oil per day.
- In September 2022, Green Goo, introduced plants for the face & body skin care. It is made with Green Goo’s proprietary lipid infusion process and is likely to be helpful for acne, eczema, and targeting aging, as it is formulated with yarrow, calendula, & chamomile.
Yarrow Market Report Scope
Market size value in 2024
USD 501.45 million
Revenue forecast in 2032
USD 743.99 million
5.1% from 2024 – 2032
2019 – 2022
2024 – 2032
Revenue in USD million and CAGR from 2024 to 2032
By Form, By End-Use, By Sales Channel, By Region
North America, Europe, Asia Pacific, Latin America; Middle East & Africa
Report customization as per your requirements with respect to countries, region and segmentation.
key companies in yarrow market are Amphora Aromatics, Penta Manufacturing, Good Scent Company, Starwest Botanicals
The global yarrow market is expected to grow at a CAGR of 5.1% during the forecast period.
The yarrow market report covering key segments are form, end-use, sales channel, and region.
key driving factors in yarrow market are rapid increase in the number of people preferring natural products are likely to drive market growth
The global yarrow market size is expected to reach USD 743.99 million by 2032