PUBLISHER: Market Research Future | PRODUCT CODE: 1642436
PUBLISHER: Market Research Future | PRODUCT CODE: 1642436
Global Kratom Market Research Report Information by Product Type (Powdered Kratom, Kratom Extracts, Kratom Capsules & Tablets and Kratom Tinctures), by Form (Processed and Raw Leaves), by End User (Pain Management, Mood Enhancement, Energy & Focus and Relaxation & Anxiety Relief), by Distribution Channel (store-based and non-store based), and By Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) Forecast Till 2032
In 2023, the market for Kratom was estimated to be worth USD 5.62 billion.
With a compound annual growth rate (CAGR) of 12.26% from 2023 to 2032, the Kratom market industry is expected to reach USD 15.92 billion by that time.
The opioid crisis, increased awareness of kratom and its potential advantages, and the development of practical and user-friendly applications are the main causes of the steady demand for kratom.
Several significant trends have emerged in the Kratom market in recent years, reflecting the evolving nature of this herbal supplement made from Mitragyna leaves. These developments are changing the market and influencing companies and consumers worldwide. The increase in customer awareness is the most prominent trend related to the Kratom market. An increasing number of people are looking for natural and comprehensive answers to health issues because of the growing popularity of kratom as an alternative treatment for pain management, stress reduction, and mood enhancement. But there are also several regulatory issues that have arisen because of this growing demand. Safety and quality assurance issues have also gained attention.
Perspectives on Market Segments
The kratom market has been divided into four segments based on the kind of product: powdered kratom, kratom extracts, kratom capsules and tablets, and kratom tinctures.
The market has been divided into two segments based on the form: Processed Leaves and Raw Leaves.
The market has been divided into four segments based on end-use: Pain Management, Mood Enhancement, Energy & Focus, and Relaxation & Anxiety Relief.
The kratom market has been divided into store-based and non-store-based segments based on the distribution channel.
Regional Perspectives
The market is divided into North America, Europe, Asia Pacific, South America, and the Middle East and Africa by region, according to the study. With a market share of 41.28% in 2023, the North American Kratom market is projected to grow at a compound annual growth rate (CAGR) of 13.08%. Changes in regulations are having an impact on the North American Kratom market. Due to increased scrutiny and disparate regulatory actions taken by various states and municipal governments, suppliers and retailers of Kratom are placing an increasing amount of attention on following the law. Businesses that exhibit a dedication to quality control procedures, such carrying out exhaustive product testing and applying precise labelling, are more likely to win over customers and maintain a competitive edge in the ever-changing regulatory landscape. One significant development is the variety of Kratom products available in North America. A variety of strains and vein colors are offered to consumers, each of which is claimed to have unique properties. To appeal to a wider range of clients with different tastes, vendors are also increasingly offering Kratom products in a number of formats, including powders, capsules, tinctures, and extracts.
Phytoextractum Plants and Extracts (US), Herbal RVA (US), Happy Hippo LLC (US), PurKratom (US), Kats Botanicals (US), Kratom Spot (US), Mitragaia (US), Kraken Kratom (US), and Super Speciosa (US) are important companies in the Kratom business.
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