Foodpharmaceutical peony Market Research Report 2020 to 2025
As per the report, the global foodpharmaceutical peony market accounted for USD 62 million in the year 2019 and is presumed to expand with a CAGR of 12.7% during 2020-2025, thus reaching USD $99.5 million by the end of projected period. For the record, peony is a type of plant in which the seeds, flowers, and the roots are used for medicinal purposes. The product facilitates in treating cracked skin, autoimmune disorders, PCOS, and menstrual cramps. Thus, rising prevalence of kidney and heart disorders, stomach ailments, breathing problems, arthritis, and hyperprolactinemia has enhanced the adoption of peony, which in turn is a major factor driving the foodpharmaceutical peony market growth.
Rising concerns regarding the adverse effects of synthetic medicines and food items coupled with strict government regulations has enhanced the demand for natural food and medicinal additives. The favorable government initiatives which promote the use of peony seed oil in food products are further aiding the market expansion. This factor along with technological advancements pertaining to peony plant are stimulating the industry outlook. However, consumption of peony by mouth during pregnancy may result in uterine contractions which in slated to hinder the market growth. Moreover, lack of awareness and raw materials associated with peony may further inhibit the foodpharmaceutical peony market expansion in the ensuing years.
As per the product type, the foodpharmaceutical peony market is classified into Paeonia ostii and Paeonia rockii. The Paeonia ostii market segment is expected to register substantial growth during the forecast period. Dried crushed petals of Paeonia ostia are used to make tea which further helps in treating cough, varicose veins, and haemorrhoids. Moreover, the roots and the barks of this plant offer sedative, antispasmodic, antipyretic, anti-inflammatory, and anti-bacterial properties. Thus, rising adoption of Paeonia ostii for treating gastrointestinal disorders, irritability, ulcers, nosebleeds, menstrual disorders, boils, and other fevers is fueling the segmental growth.
Based on the application spectrum, the foodpharmaceutical peony market is categorized into food industry and pharmaceutical industry. The pharmaceutical industry applications of peony are presumed to grow substantially during the estimated timeframe. Growing inclination towards natural ingredients in pharmaceutical sector and growing pharmaceutical industry are facilitating the business scenario. Moreover, rising healthcare expenditure, rising concerns regarding the use of synthetic ingredients, and technological advancements in pharmaceutical industry are boosting the growth of the segment.
As per the regional analysis, the foodpharmaceutical peony market is divided into Americas, Europe, Asia-Pacific, and Middle East & Africa. The foodpharmaceutical peony market in Europe will witness lucrative growth in the forthcoming years. The growth is attributed to technological advancements in the field of medicine, increasing healthcare spending, and strict government regulations regarding the use of synthetic ingredients in food and pharmaceutical products.
Peony Love, Ruipu Mudan, Active Organics, Weizhen Guose Agriculture, Henan Xiangyue, Gansu Wanlonxigi, Martin Bauer Group, Naolys, Anhui Chinature, Klorane, Novoherb, Pioneer Herb, Xi’an Shenyuan, Anhui Fengyag Phytochemistry, Naturex, Nelsons Natural World, Xi’an Changue Phytochemistry, Nutra Green, King-Stone, and Aunutra are the prominent companies operating in the foodpharmaceutical peony market.