According to the research report titled ‘Global Rhodiola Extract Market Size study, by Product Type (Powdered and Encapsulated), by Application (Medicine, Cosmetics, Supplements and Other), and Regional Forecasts 2021-2027‘, available with Market Study Report, global rhodiola extract market is slated to grow significantly over 2021-2027.
 

As per the findings of the report, surging incidence of anxiety disorders and rising product demand for providing resistance to high altitude sickness are catalyzing the growth of global rhodiola extract market.
 

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Statista reported that the population in Canada increased from 36.5 million in 2017 to 37.53 million in 2019. Substantial increase in population at high altitudes is expected to bolster industry remuneration.
 

For the unversed, rhodiola is a flowering herb that is generally available in colder regions of Europe and Asia. It is also known as rose root, king’s crown, arctic root, and golden root. Rhodiola is a traditional medicine used for treating depression, headaches, anxiety, anemia, fatigue, and other diseases.
 

Additionally, increasing demand for herbal medicines as well as the rising trend of using natural dietary supplements are also fueling overall industry expansion.
 

Despite the positive outlook, high price of the extract and shortages in raw material supply are likely to hamper market development over 2021-2027.
 

In terms of product type, worldwide rhodiola extract industry is bifurcated into encapsulated, and powdered segments. With respect to application scope, the market scenario is classified into supplements, cosmetics, medicine, and others.
 

As per expert verbatim, North America, Europe, Latin America, and Asia Pacific are major benefactors to the industry remuneration. Among these, Europe currently holds a major market share, owing to favorable geographical locations leading to easy availability of raw material.
 

Meanwhile, North America industry is anticipated to grow significantly over the assessment period, accreditable to strong presence and availability of renowned brands, as well as rising consumer inclination towards herbal and organic medicines.
 

Speaking of the competitive landscape, Organic Herb Inc., Martin Bauer Group, Lonza Group, Ningbo J&S Botanics, Inc., Bioway (xi'an) organic ingredients Co., Ltd., Nutragreenlife Biotechnology Co.Ltd., Xi'an Lanyor Biotech Co., Ltd., Golden Horizon Technology Co., Ltd., Nutra Green Biotechnology Co., Ltd., and Herbo Nutra are the major players influencing global rhodiola extract market trends.