The ‘Global Areca Nut Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global areca nut market, assessing the market on the basis of its segments like type, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Areca Nut Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 50%
The consumption of medicines which have areca nut as a main ingredient are witnessing a heightened demand, thereby, bolstering the areca nut market. These nuts are also used in the treatment for anaemia which is significantly increasing the applications of areca nuts in the healthcare sector across developing countries. Areca nuts are consumed for the treatment of various stomach issues including parasites like tapeworms and roundworms which is further anticipated to drive the growth of the market for areca nut in the forecast period. Properties of areca nuts such as being antioxidant, anti-inflammatory, neuroprotective, and analgesic are likely to play a pivotal role in the expansion of the market for areca nuts globally.
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Increasing globalisation and rising popularity of cultural dishes made with areca nut are anticipated to propel the areca nut market. The wide use of areca nuts in betel leaves with multiple flavours is improving the market for areca nuts. They are used in several forms, like dried, fresh, roasted, baked, cured, and boiled, which further increases their use in different food products. Areca nuts are also used in multiple industrially manufactured products, like pan masala and gutka, the increasing sales of which are contributing towards the growth of the market for areca nuts.
Areca Nut Industry Definition and Major Segments
Areca nut is a fruit of the areca palm, which is either consumed alone or as quids, which is a combination of tobacco, areca nut, and line inside a betel leaf. Areca is a plant, and its nuts are often used for the purpose of making medicines, for example, to treat schizophrenia or glaucoma. These nuts are also used as mouth fresheners and act as a remedy for digestion.
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On the basis of type, the market is bifurcated into:
- Red
- White
Based on region, the market is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Areca Nut Market Trends
Alternative uses of areca nut plants are expected to be a key trend in the areca nut market in the coming years, encouraging plantation and farming of areca plants. The stems of areca nuts are useful building materials in villages and are widely used for construction purposes while the leaves of areca nut are a good source for organic manure.
Areca nuts are also used as cement bond to develop cheap constructional materials and can be easily produced from traditional process. Cement boards made from areca nuts have good physical properties and this may lead areca nuts to become an alternative for several inefficient raw materials in the manufacturing industry. Hence, due to the increasing construction activities, the market for areca nut is anticipated to grow further in the forecast period.
Key players in the areca nut market are introducing new and innovative ways of producing areca nuts with lower harmful effects than traditional methods of production. Artificial areca nut flavourings are also being introduced in the form of mouth fresheners to sustain and attract a wider consumer base. These flavourings are now used in sweets, candies, and other eatables. Customers are inclining towards the use of these flavoured treats as they have a sweet taste and can be offered as a digestive, which is increasing the market for areca nuts.
Key Market Players
The major players in the global areca nut market report are PT Ruby Privatindo, PT Swastika International, and The CAMPCO Ltd., among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.