LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global asafoetida market to grow at a CAGR close to 6% during the forecast period, according to their latest market research report.
Online distribution platforms is one of the major trends being witnessed in the global asafoetida market 2019-2023. Besides apparel and a plethora of other items, grocery items are also becoming popular on online shopping portals. Online platforms are expected to become key distribution channels for asafoetida sales during the forecast period. Online sales are convenient for consumers, as they offer ease of shopping, save time, and deliver orders promptly. Offering their products online also helps small retailers and vendors in enhancing the visibility and profitability. Also, in recent times, apart from online retailing portals, asafoetida product manufacturers such as Patanjali Ayurveda provide the option of shopping directly from their websites. The penetration of online grocery shopping is deepening across the world as it provides a hassle-free experience. Companies such as Amazon, Walmart, Tesco, Abbate, Natures Basket, and Big Basket are fast-growing online grocery stores. This is encouraging various asafoetida vendors to focus on the internet-savvy customer segment and enter the online retail format.
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According to Technavio analysts, one of the key factors contributing to the growth of the global asafoetida market is the health benefits of asafoetida:
Global asafoetida market: Health benefits of asafoetida
Asafoetida is associated with a range of health benefits, which has boosted its consumption. Asafoetida is used for preventing stomach disorders such as irritable bowel syndrome (IBS), gas, acidity, indigestion, and bloating. It has anti-inflammatory properties that help flush out toxins from the digestive tract and restore normal Ph levels in the stomach. Asafoetida is also used as an alternative to treat respiratory syndromes such as dry cough, asthma, and bronchitis. Its paste has anti-viral and antibiotic attributes to relieve chest congestion and helps in the smooth discharge of cough when applied on the chest. Furthermore, asafoetida has various benefits for the hair and scalp. It helps retain moisture in the scalp to keep the hair free of frizziness and dryness. It also prevents excessive hair fall and dandruff and makes the hair thicker and stronger. Thus, with many such advantages, the market for asafoetida is expected to witness a positive outlook during the forecast period.
According to a senior analyst at Technavio, “Apart from health benefits, other factors that are driving the asafoetida market is the growth in packaging and modern herbal practices. Asafoetida is a major constituent in modern herbal treatments. It is used in several pharmacological activities and is undergoing various clinical trials for flatulence, epilepsy, influenza, cancer, sterility, miscarriage, premature labor, leucorrhoea, and blood pressure. Ferule asafoetida is also under chemical trials for chemo-protective therapy, and lipid profile.”
Global asafoetida market: Segmentation analysis
The global asafoetida market research report provides market segmentation by product (MILKY WHITE asafoetida and red asafoetida), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
APAC held the largest share of the market in 2018, accounting over 58% share, followed by the EMEA and the Americas respectively. However, during the forecast period, the Americas is expected to register the highest incremental growth, followed by the EMEA region.
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Market Sizing
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Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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