Tongkat Ali Extract Market Share, Size, Trends, Industry Analysis Report, By Type (Powder, Tablets, Capsules, and Liquid); By Application; By Distribution Channel; By Region; Segment Forecast, 2024 – 2032
- Published Date:Mar-2024
- Pages: 118
- Format: PDF
- Report ID: PM4729
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global tongkat ali extract market was valued at USD 76.32 billion in 2023 and is expected to grow at a CAGR of 5.1% during the forecast period.
The root of the Tongkat Ali plant has been traditionally used in herbal medicine, and it is believed to have various health benefits. One of its most well-known uses is as an aphrodisiac and for its potential to enhance male sexual health. The Tongkat Ali Extract Market refers to the market for products derived from the extraction of active compounds from the root of the Tongkat Ali plant. The main active compounds in Tongkat Ali include quassinoids, eurycomanone, and various bioactive compounds. These compounds are believed to contribute to the plant's medicinal properties.
The widespread product use in the treatment of various types of health conditions, including low libido, fatigue, depression, and lethargy, and the surging prevalence of the product used in several conventional medicines in Southeast Asia due to the wide range of health benefits being found in this, are the major factors driving the demand and growth of the market.
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In addition, a significant increase in consumers' spending capacity on their health & wellness and a surge in the number of health-conscious consumers globally, which resulted in increased product adoption as a major health supplement and encouraged manufacturers to develop new tongkat ali products with enhanced capabilities and characteristics, are further likely to propel market growth.
Moreover, the exponential rise of e-commerce across both developed and developing economies, which allows the major product manufacturers or producers to reach a wider global audience directly and reduce the reliance on traditional retail channels, is gaining huge traction and creating lucrative growth opportunities for the market. Building a strong online presence and leveraging different social media platforms like Instagram, Facebook, and YouTube could help companies to tap into a larger customer base.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the tongkat ali extract market. During the spread of the pandemic, many countries worldwide have imposed stringent travel restrictions and import/export limitations that have largely affected the availability of products in many regions. The pandemic also caused huge disruptions in global supply chains due to transportation restrictions, lockdowns, and labor shortages that led to difficulties in sourcing and manufacturing of raw materials.
Industry Dynamics
Growth Drivers
Growing Oroduct Usage as Folk Medicine to Treat Several Diseases Driving the Market growth
The rapidly increasing use of Tongkat ali extract as a folk medicine for various kinds of health issues, including aging, leukemia, stress, syphilis, anxiety, constipation, fever, glandular swelling, and malaria, among others, along with the surging prevalence of obesity and increasing cases of many other health diseases all over the world, are the major factors propelling the demand and growth of the tongkat ali extract market.
Rising Demand for Herbal Drugs is Likely to Boost Market growth
The surging penetration and prevalence among consumers of natural herbs over conventional pharmaceuticals, with the greater awareness of several health benefits of herbal medicines all over the world, coupled with the growth in the production of these plants, especially in the South Asian nations, are further anticipated to create lucrative growth opportunities for the market in the near future.
Report Segmentation
The market is primarily segmented based on type, application, distribution channel, and region.
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By Type |
By Application |
By Distribution Channel |
By Region |
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By Type Analysis
Powder Segment Accounted for the Largest Market share in 2023
In 2023, the powder segment accounted for the largest market share, mainly in countries like Malaysia and Indonesia, and rising product popularity across the world due to its potential to enhance aesthetic performance, overall vitality, and muscle mass.
Besides this, consumers worldwide are increasingly seeking new and effective natural and plant-based supplements as alternatives to synthetic products like Tongkat ali extract. Thereby, with the increase in adoption and utilization of various types of health or dietary supplements across a wide range of end-user industries, the sales of the powder-based extract have surged drastically.
By Application Analysis
The Dietary Supplements Segment held a Significant Market share in 2023
The dietary supplement segment held a significant market share in 2023, which is majorly driven by increasing demand for natural and herbal dietary supplements because of the rising consumer interest in holistic health and wellness and the surging number of scientific research studies exploring the potential health benefits of the product and growing incorporation of Tongkat Ali into various supplements globally.
For instance, according to the National Health Statistics Reports, around one-third of children and most of the adults in the United States use dietary supplements. In addition, around 34.8% of children and 58.5% of adults across the country use at least one supplement in a month, and the number has been increasing continuously.
By Distribution Channel Analysis
The Online Segment is Expected to Witness the Fastest CAGR During the Forecast Period
The online segment is expected to witness the fastest-growing CAGR throughout the study period. These platforms provide a digital marketplace where consumers can easily access and purchase a variety of products, including dietary supplements like Tongkat Ali extract.
Many businesses, including those in the herbal supplements and health products sector, recognize the importance of establishing a strong online presence. Building an online presence allows companies to reach a wider audience beyond geographical boundaries and tap into the growing trend of e-commerce.
Further, the increasing number of people opting for online shopping is a key driver for the growth of the online segment in the Tongkat Ali Extract Market. Consumers are turning to online platforms for the convenience, variety, and accessibility they offer, contributing to a higher demand for Tongkat Ali extract and other health supplements through digital channels. Online shopping provides several advantageous features that attract consumers. These features include the availability of products from various brands, convenient payment methods, easy access to product information, and the convenience of home delivery. These factors contribute to the preference for online shopping models over traditional offline modes.
Regional Insights
Asia Pacific Region Dominated the Largest Market share in 2023
In 2023, the Asia Pacific region dominated the largest market share. The regional market growth can be mainly accelerated by the wider presence of tongkat Ali in various Asian countries and the long history of traditional product use in various medicines and health supplements coupled with the exponential growth of the nutraceutical industry, which includes dietary supplements and functional foods.
Apart from this, as various major economies in the APAC region are growing rapidly and their consumer disposable income has also been increasing in recent years, which allowed them to spend more on health and wellness products, including supplements like Tongkat ali extract, is anticipated to boost the region’s growth.
The North American region is anticipated to exhibit the fastest growth during the forecast period, owing to growing awareness among people about the adaptogenic properties of the product, which could make it appealing to individuals looking for natural ways to reduce their stress and improve mood coupled with the growing need as an energy-boosting and vitality-enhancing product mainly for the aging population in countries like US and Canda.
Key Market Players & Competitive Insights
The tongkat ali extract market is highly fragmented, with the presence of several regional market players across the world who are increasingly focusing on the development of new and improved products with enhanced characteristics. The prominent companies in the market are also adopting various business development strategies, including partnerships, acquisitions, mergers, and collaborations, for the expansion of their market reach and customer base.
Some of the major players operating in the global market include:
- Akarali
- Beton Nutrition Corporation
- LJack Sdn Bhd
- Nutra Green Biotechnology Co. Ltd.
- Naturalin Bio-Resources Co., Ltd
- Xian Tonking Biotech
Tongkat Ali Extract Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 80.11 billion |
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Revenue forecast in 2032 |
USD 119.31 billion |
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CAGR |
5.1% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Type, By Application, By Distribution Channel, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region, and segmentation. |
FAQ's
Tongkat Ali Extract Market Size Worth $ 119.31 Billion By 2032
The top market players in Tongkat Ali Extract Market Akarali, Beton Nutrition Corporation, LJack Sdn Bhd, Nutra Green Biotechnology Co. Ltd
Asia Pacific contribute notably towards the Tongkat Ali Extract Market
The global tongkat ali extract market is expected to grow at a CAGR of 5.1% during the forecast period.
Tongkat Ali Extract Market report covering key segments are type, application, distribution channel, and region.
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