Impact of COVID-19 on Velvet Bean Extract Market : Implications on Business
Mucuna pruriens commonly known as Velvet bean is a medicinal plant belonging to the Leguminosae family. It is a tropical crop native to Southeast Asia. The velvet bean extract is obtained from nature’s one of the most interesting and unusual medicinal beans. The velvet bean extract market is anticipated to witness a growing demand over the forecast period owing to the increasing use of the extract in the treatment of a plethora of diseases and ailments. The velvet bean extract is used in the treatment of infertility in males by enhancing sexual drive, nervous disorders like tension, lack of concentration, and improving mood. The primary use of velvet bean extract is in the treatment of Parkinson’s disease due to the presence of high level of L-Dopa. The velvet bean extract also has many preventive, curative, and healing properties like antioxidant, anti-inflammatory, antitumor, anti-leukemic, anti-diabetic, estrogenic, antiviral, and antiseptic properties. The velvet bean extract is very popular among, and athletes as the extract is used to reduce excess fat, boost the energy and concentration levels which add-ons to the overall performance and efficiency of the athletes. The velvet bean extract is also used in the food and animal feed industry.
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Pharmacological and Medical Proficiency open the door for Velvet Bean Extract:
The market for velvet bean extract is expected to witness a growing demand over the forecast period owing to the therapeutic and medical proficiency of the extract in many diseases and ailment. The velvet bean extract has neuroprotective effects and is used primarily in the treatment of Parkinson’s disease. Besides, many pharmacological activities like anti-venom, anti-microbial, neuroprotective, anti-diabetic, and anti-oxidant activities associated with velvet bean extract is expected to propel the demand for the extract further. The need for velvet bean extract is anticipated to increase due to increasing neurological disorders among population due to busy lifestyles and growing competition. Also, the extract is popular among the bodybuilders and athletes as the vanilla bean extract is used to increase the energy and reduce the body weight while improving the concentration level of the person. The demand for the velvet bean extract will also boost owing to its potential capability in the treatment of male infertility low sperm count, and low libido levels.
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Velvet Bean Extract market: Market Segmentation
On the basis of nature, the Global Velvet Bean Extract market has been segmented as:
- Organic
- Conventional
On the basis of form, the Global Velvet Bean Extract market has been segmented as:
- Liquid
- Powder
On the basis of application, the Global Velvet Bean Extract market has been segmented as:
- Food industry
- Animal feed
- Pharmaceutical and Nutraceutical
- Dietary supplement
- Others
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Global Velvet Bean Extract market: Market Participants
The key market participants identified across the value chain of the global Velvet Bean Extract market are: The Himalaya Drug Company, Shenzhen Jiachen Biotechnology Co., LTD., Sun Potion Transformational Foods, Banyan Botanicals, and THE GROVE
Opportunities for Velvet Bean Extract market:
The market for velvet bean extract will witness a growing demand owing to its potential capability in the treatment of Parkinson’s disease. The Parkinson’s disease is the second most common neurodegenerative disease, and about 10 million people across the globe suffer from this disorder. The demand for velvet bean extract will boost in developed regions like North America and Europe where consumers are more health conscious and prefer proper medical and pharmacological treatment of the ailment. The velvet bean extract will find good opportunity among bodybuilders and sportsperson as the extract helps the athletes to maintain an appropriate concentration level, body weight, and body energy. Further, the demand for velvet bean extract will boost the growing market for dietary supplements over the forecast period. The increasing potency of velvet bean extract in the treatment of male infertility and as an aphrodisiac is further providing a thrust to the demand for the extract.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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