New York, April 04, 2023 (GLOBE NEWSWIRE) -- The Stinging Nettle Root Extract Market revenues were estimated at US$ 58.2 Million in 2022 and are anticipated to grow at a CAGR of 7% from 2023 to 2033, according to a recently published Persistence Market Research report. By the end of 2033, the market is expected to reach a valuation of US$ 118 Million.
The U.S. stands as a prominent market for stinging nettle root extract, expected to account for an absolute dollar opportunity of US$ 16 Million between 2023 and 2033.
The stinging nettle plant is found globally though it is native to Asia and Europe. It is a medicinal plant that is used in the treatment of enlarged prostate, urinary tract infection, osteoarthritis, and helps to maintain high blood pressure. Every part of this plant has a medicinal benefit, leaves are used in the treatment of arthritis whereas stems and roots are used in the treatment of urinary tract infections and benign prostatic hyperplasia.
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It is available in form of capsules and powder, which are sold online as well as offline platforms like supermarkets, specialty stores, and medical stores. It is used as a dietary supplement which is can be purchased without a prescription. The medicinal benefit of stinging nettle root extract in various diseases leads to its market growth in the coming years.
For instance, in 2019, there were around 94 million cases of benign prostatic hyperplasia compared to 51.1 million cases in 2000 globally which is a rise of around 70%. These increasing numbers show that there is a need for developing more effective medicines for their treatment. These factors promise for a swift growth in demand for stinging nettle root extract.
Competitive Analysis:
Key players in the Stinging Nettle Root Extract Market are Now Foods, Aksuvital, Xi'an Lyphar Biotech, Alpspure Lifesciences Private Limited, Bio-Botanica, Charkit Chemical, Powerline Health, Zenith Nutrition, and Solaray.
Some of the recent developments in the market are:
• In April 2021, Nestle entered into an agreement with Bountiful Co. to acquire its supplement maker brands for $5.7 billion. The brands acquired under this agreement included Puritan’s Pride, Solgar, Nature’s Bounty, and Osteo Bi-Flex. This acquisition is targeted to extend its roots in mineral and nutritional supplements.
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More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Stinging Nettle Root Extract market, presenting historical market data (2018-2022) and forecast statistics for the period from 2023 to 2033.
The study reveals extensive growth in Stinging Nettle Root Extract
- by Form (Powder, Capsule), by Application (Food and Beverages, Pharmaceuticals industry),
- by Sales Channel (Supermarkets/Hypermarkets, Medical Stores, Specialty Stores, Online Stores),
- by Region( North America, Latin America, Europe, Asia Pacific, Middle East, Africa) – 2023 to 2033
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