The global psyllium husk powder market is expected to grow at an exponential growth rate during the forecast period owing to the increased awareness regarding health benefits and the growing dietary supplement industry. Changing lifestyle and higher consumer spending on health and nutraceutical products is projected to drive the demand for the psyllium husk powder market.
Asia-Pacific region is anticipated to dominate the global psyllium husk powder with imports to key markets in the U.S. and Europe. Moreover, the drastic shift towards organic ways to treat health issues is expected to boost the market growth in the coming years.
Emerging Trend towards Natural and Organic Products Are Anticipated to Drive the Market Growth
The growing environmental concerns among the individuals, particularly the young demographics, have created a need for more transparent products from various end-use industries, including food and beverages, pharmaceuticals, cosmetics, and several others. This change in consumer behavior has developed an on-going trend that has driven the demand for natural and organic products in the market.
Since psyllium husk is obtained naturally from the genus Plantago, it has become an ideal choice for the geriatric populace looking for an organic alternative for laxative medication for their indigestion problems.
Growing Popularity of Psyllium Husk Powder Owing to Its Versatile Properties in Various Application
The economical availability and healing properties of Plantago plants have gained this medicinal plant great popularity in recent years. This can be contributed to the various benefits associated with the use of psyllium husk that has not only added to its demand from food and beverages and pharmaceutical industry but also has created a need for the product from the industries like animal husbandry, cosmetics, and several others.
In food and beverages, psyllium can be used as a thickener and binder in health drinks, beverages, ice cream, bread, and other bakery products. In cosmetics, the products are served as a good binder and disintegrants in compressed tablets, whereas, in animal husbandry, the product is used as a hypocholesterolemic agent and supplement for milk replacer in animal feeds. This wide array of applications of the product in the various end-use industry is anticipated to add to its demand in the years to come.
Availability of a Significant Number of a Natural Substitute and Cheaper Synthetic Alternatives
Several alternatives for the product in the market are expected to be a key factor hindering its growth in the forthcoming years. These challenges for the product in the market are not only caused by natural alternatives such as flaxseed, xanthan gum, cornstarch, and arrowroot powder but also by the synthetic alternatives that significantly contribute to the market share.
Besides, as the demand for laxatives is rising, it is compelling the manufactures in the industry for more product innovation in the field, further resulting in the production of more alternatives in the market. This, in turn, is anticipated to impact the growth of the market during the forecast period.
Organic Psyllium Husk Powder to Hold the Largest Market Share
The organic segment is projected to witness a high CAGR over the forecast period 2017-2029 due to the increasing trend of natural-based products. Organic agriculture is gaining traction and is observed to move from an alternative approach to mainstream farming. It is a production system that avoids the use of synthetically produced harmful fertilizers, regulators, and pesticides. The demand for natural herbs and medicinal plants is on a rise owing to the increased health awareness as well as cost-effectiveness of these products. In recent years, the emergence of certifications for authentication of organic products has spurred the demand for natural supplements.
The growth in the organic psyllium husk powder is majorly attributed to the high exports of the product coupled with active support from the government and organizations, such as APEDA (Agricultural and Processed Food Products Export Development Authority). The organic powder is considered to have significantly higher levels of nutrients as compared to conventional produce. Besides, the organic psyllium contains 10% to 50% more antioxidants than conventional powder. The plethora of health benefits of organic products is boosting the demand for the organic psyllium husk powder market.
Increasing Consumption of Dietary Supplement to Boost the Demand for Psyllium Husk Powder
The pharmaceutical and dietary supplement segment is estimated to hold the largest market share in the global psyllium husk powder market. It is gaining popularity throughout the globe, particularly in health and natural environment-based products. Today, consumers are getting more conscious of natural-based products and are seeking environment-based ways to cure ailments and other health-related issues.
The psyllium husk powder is widely used in the manufacturing of tablets for its binding properties. According to the Consumer Healthcare Products Association, over 96% of U.S. individuals prefer OTC medicines to treat minor medical ailments. Psyllium husk has massive health favored benefits, which have promoted the demand for the powder in various pharmaceutical products.
Figure 1- Pharmaceutical Spending of G7 Countries, 2019 (% of health spending)
Source: OECD Database
People have increased the intake of organic supplements and nutraceuticals for boosting brain and heart health. Changing lifestyles and irregular eating patterns have increased the demand for more nutrient-based products. Growing laxative-based medication demand in emerging regions due to a sedentary lifestyle has resulted in increased demand for psyllium husk ever.
In the last few years, individuals worldwide have increased the consumption of additional supplements like psyllium husk for its high fiber content, which is essential for a healthy body. Apart from, promoting health, consumers are adding psyllium husk powder in their diets, which also helps them in weight loss. The array of benefits associated with psyllium husk powder has presented ample opportunities for the product in the pharmaceutical and dietary supplement sector.
Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Psyllium Husk Powder in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global psyllium husk powder market during the forecast period 2017-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region.
India is one of the largest producers of psyllium husk powder and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of psyllium husk powder. Owing to the favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India is prompting higher production.
Figure 2- Agricultural exports from India, 2018-2021 (USD Billion)
Source: India Brand Equity Foundation (IBEF)
In addition to this, the changing lifestyle of people, adoption of a healthy diet, and growing preference towards organic foods are propelling the food and beverage manufacturers in Asia-Pacific to use psyllium husk powder as a food additive. Furthermore, the rising urbanization in the region has increased the consumption of convenience foods like pasta, noodles, etc., which will further increase the demand for psyllium husk powder in the region.
Moreover, the growing pharmaceutical industry in the region because of the growing population is also anticipated to be responsible for the growth of this market due to the increasing applications of psyllium husk powder in this industry. The indigestion problems found among the huge geriatric population in the region also influence the growing demand for psyllium husk powder with the aging population.
North America to Present Lucrative Growth Opportunities for the Psyllium Husk Powder Market
The North American region is anticipated to be the second-largest consumer of psyllium husk powder owing to the flourishing dietary supplement and natural-based medication industry. The U.S. is the top importer of psyllium husk powder from India, strongly supported by the booming supplementary market. The presence of the key players involved in the manufacturing of dietary supplements is anticipated to boost the demand for psyllium husk powder in the region. According to the data presented by the Council for Responsible Nutrition USA, around 77% of U.S. adults reported the highest consumption of dietary supplements in the world.
Huge demand for supplements and increased production of nutraceuticals is expected to present potential opportunities for psyllium husk powder. Improving standards of living and expanding spending of people on health in the U.S. is projected to uplift the demand for psyllium husk powder. Rising e-commerce portals selling supplements and nutraceuticals coupled with additional discounts and offers are expected to open new avenues for the psyllium husk powder in the coming years. Government regulations for strict labeling of food supplements and increased awareness for natural green products are predicted to propel the market growth.
Some of the key players profiled in the global psyllium husk powder market are Altrafine Gums, Keyur Industries, Atlas Industries, Abhyuday Industries, Satnam Psyllium Industries, Rajganga Agro Product, Shree Mahalaxmi psyllium, Jyotindra International, Urvesh Psyllium Industries, Virdhara International, JYOT Overseas, Shubh Psyllium Industries, among many others.
Psyllium Husk Powder Market: Segmentation
By Distribution Channel
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