Detoxification process helps body improve immune system, digestion and helps the body relieve harmful toxins.
And, the global detox product market is set to chart a decent growth over the forecast period of 2019 to 2027. The steady CAGR (Compound Annual Growth Rate) that the market would witness will create worthy growth opportunities for market players to dabble with.
It is being driven ahead by increasing levels of drug addiction and high levels of drinking alcohol and smoking. And education of masses about the adverse effects of these is generating demand for these products.
Global Detox Product Market: Notable Developments
The global detox product market is witnessing numerous developments that are not just significant for players to take note of but also to understand how the market would operate over the coming years. An in-depth dive in can be had in our upcoming report.
In 2018, red tea detox was unveiled and it was a hit as it not just detoxified the body but also helped with weight loss in a major way. This brings us to how significant it is for companies to develop new products and thereby, diversify their portfolios.
The global detox product market is slightly consolidated and moving steadily towards fragmentation and prominent players in the market include Pfizer Inc.; Novartis AG.; West-Ward Pharmaceuticals Corp.; Mallinckrodt PLC.; Biodelivery Sciences International Inc.; Mylan N.V.; Body Ecology, Inc.; Detoxify LLC.; Himalaya Global Holdings Ltd.; The Bioforce Group; and others. Players are focusing on improving their products to keep an edge over competitors.
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Global Detox Product Market: Key Trends and Drivers
Certain factors are shaping the growth curve for global detox product market. They are paving the way for how market would operate over the coming years. A glimpse is shared below.
- The incidence of drug abuse is rising over the world. As per data from the United Nations Office on Drugs and Crime (UNODC), the prevalence of drug use is deep – about 3.4% to 7.0% globally. And governments are scurrying to fix the issue, leading to growth in the detox products markets. As of now, the demand for treatment is particularly high in Western and Central Europe. Here, the maximum patients are from the opioid usage category. There were about 1.5 million of opioid users in the continent in 2013. And, about 700000 of these asked for treatment. The trend is set to continue. Also, cannabis use in Asia stay high, creating opportunities of growth for players in detox market.
- The herbal segment is looking at improved demand, especially the green tea segment. It has numerous health benefits, especially for smokers, who are creating a high demand for the product in the market. Thus, it doesn’t come a surprise that more novel flavours hit the market every now and then.
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Global Detox Product Market: Geographical Analysis
North America holds a major share of the market. And, the Unites States plays a big role in helping the region maintain its position of dominance. This is primarily because it is seeing a massive increase in addicts and the government is leaving no stone unturned to improve the situation. And, thus it is running a number of programs that aim at educating and spreading awareness about the adverse effects of substance use and how to fight the menace once someone is caught up in its web.
However, it might be worth noting here that the region that will demonstrate new growth opportunities is Asia Pacific (APAC). The region is in its worst phase of drug addiction, especially areas such as Punjab in India, etc and would need detox products over the forecast period.