Rose plant is globally popular and culturally significant flowering plant that is cultivated across the world, with many varieties being native to Asia. Rose extracts are medically or therapeutically significant components that are derived from petals, fruits, leaves and seeds of the rose plant. Each of these types of extracts has been part of traditional medicines but are finding increasing commercial applications.
Market Dynamics of Rose Extract Market
The market for rose oil is a function of the increasing consumer preference for natural and organic ingredients in everyday products. Rose oil is particularly used as an essential oil due to its bactericidal, antispasmodic, and antidepressant properties. The increasing use of essential oils is due to the growing preference for safe and harmless alternatives to allopathic solutions.
In the case of rose extract, a high presence of vitamin C is a major driver for its adoption in the food and beverage industry. For instance, it has been observed that rose contain over 50% more vitamin C than oranges. In this context food fortification, which is the addition of one or more beneficial ingredients to food and beverage products, is an important opportunity for rose extracts. Rose extracts is also gaining prominence for its role in the treatment of osteoarthritis, which is a condition that affects bone and joint health in the elderly population.
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A major drawback for the rose extract market is the presence of a high number of substitute products at competitive prices. This competition is also in the use of source material as roses are majorly used for its ornamental and aesthetic value. Increasing awareness among consumers about the medicinal benefits of rose extracts is expected to counter this trend.
Market Segmentation of Rose Extract Market
The Rose Extract market is segmented on the basis of type, application, and form.
On the basis of type, the market is segmented into rose oil (petals), rose extract (fruit), others (leaf extract, seed oil). Rose oil is a major segment of the market due to high usage in essential oil, personal care products and, food and beverage applications. Rose extract is also a significant segment and occupies considerable market share due to increasing applications in supplements that treat osteoarthritis. On the basis of form, the market is segmented into powder and liquid forms.
On the basis of application, the market is segmented into beverages, bakery products, jams, jellies, and syrups; soup, supplements, essential oils and others. The essential oils segment occupies considerable market and represents significant prospects in terms of growth due to increasing online penetration and growth in developing regions. The beverages segment is further divided into herbal tea and others. Herbal tea and, jams, jellies, and syrups are major applications for rose extract. Supplements segment represents an important part of the market and is expected to grow at a rapid rate due to increasing applications.
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Regional Outlook of Rose Extract Market
The Rose Extract market in North America, Latin America, Western Europe, Eastern Europe, and Asia Pacific excluding Japan, Japan, and MEA is covered in the report.
North America and Western Europe occupy a significant share of the market but offer lesser growth when compared to Asia Pacific. The growth in Asia-Pacific is driven by countries such as India and ASEAN countries due to increasing reliance on supplements, consumer spending and growing prominence of aromatherapy.
Key Market Players in Rose Extract Market
Some of the key players of the Rose Extract market include Mountain Rose Herbs, Grana Sur, Parchem Fine & Specialty Chemicals, Afriplex, ParkAcre Enterprises Ltd., Foodchem International Corporation, Spectrum Chemicals & Laboratory Products Co., Ltd, DM Pharma, etc.