Asafoetida Market Size, Share, Opportunities, And Trends By Type (Milky White Asafoetida, Red Asafoetida, Others), By Application (Food Industry, Pharmaceutical Industry, Cosmetic Industry, Others), By Distribution Channel (Online, Offline), And By Geography - Forecasts From 2024 To 2029

The asafoetida market is expected to grow at a CAGR of 8.8%, reaching a market size of US$850.835 million in 2029 from US$558.839 million in 2024.

Asafoetida is a pungent resin extracted from the roots of the Ferula plant. This distinctive spice has been used for centuries in traditional medicine and culinary practices across different cultures. It provides numerous health benefits and is traditionally used to treat digestive problems such as bloating, indigestion, and flatulence. Asafoetida contains anti-inflammatory properties used to treat respiratory conditions such as chronic bronchitis and asthma. It is widely utilized in numerous applications including the food industry, pharmaceutical industry, and cosmetic industry. Increasing investments in the pharmaceutical sector and demand for natural and organic products are major driving forces behind the Asafoetida market growth.

Market Drivers

• Increasing demand for natural and organic products drives the asafoetida market growth.

Consumers are more health-conscious and aware of the potential negative effects of synthetic ingredients, due to which they are actively seeking out alternatives that align with their desire for a healthier lifestyle. Asafoetida's ability to improve digestion, reduce flatulence, and treat respiratory problems has made it a popular choice for health-conscious people. Due to the advanced health benefits of asafoetida, health-conscious consumers prefer organic products, which has positively accelerated the asafoetida market growth. Additionally, according to the Agricultural & Processed Food Products Export Development Authority (APEDA), India produced approximately 2.9 million MT (2022-23) of certified organic products, which included a variety of food products and spices.

• Favourable investments in the pharmaceutical sector bolster the asafoetida market growth.

Asafoetida is a valuable pharmaceutical ingredient derived from the root of Ferula plants. This resinous substance is widely used for its medicinal properties, and in the pharmaceutical industry, it is used to produce a variety of medicines and formulations. The increasing investments in the pharmaceutical industry contributed to the Asafoetida market growth. For instance, according to the White House data, in September 2022, the Department of Health and Human Services announced its investment of $40 million to expand biomanufacturing's role in producing active pharmaceutical ingredients (APIs), antibiotics, and key starting materials for vital medications and pandemic response.

• The establishment of cosmetic products manufacturing facilities propelled the asafoetida market growth.

Asafoetida is widely used in the manufacturing of cosmetic products due to its distinct odour and serves as a valuable natural fragrance ingredient in perfumes, skincare products, and cosmetics. Its antimicrobial and antifungal properties make it an ideal ingredient in facial cleansers and acne-fighting creams, and it also has antioxidant and anti-inflammatory properties, making it suitable for soothing irritated skin and reducing inflammation. People are becoming more conscious of their appearance and self-care, which increases demand for cosmetic products and drives the construction of new manufacturing facilities. For instance, in May 2023, Beiersdorf AG announced its investment of €300 million in a cutting-edge and environmentally friendly plant in Leipzig-Seehausen, Germany, which will produce up to 450 million cosmetic products for the European market each year.

Asia Pacific is projected to grow significantly.

Asia Pacific is anticipated to account for a significant share of the asafoetida market due to the numerous establishments in major countries in the region. For instance, in November 2022, ITC announced the launch of a global spices processing facility in Andhra Pradesh, with processing lines for turmeric, chili, and blended spices. The facility will produce over 15 organic spices and boost ITC's food exports globally, thereby supporting a major spice value chain. Additionally, in November 2023, Nu Skin Enterprises announced the official launch of a new manufacturing facility in Shanghai, China, with an investment of approximately $55 million. The new facility will increase the company's production capacity and supply chain responsiveness in China and other Asian markets.

Market Development

• August 2022- Dabur India Ltd, India's leading Ayurvedic and Natural Health Care Company, announced the launch of the Dabur Vedic Tea portfolio with Dabur Vedic Green Tea Detox Kahwa, a Green Tea embedded with Ayurvedic Herbs and Rock Salt that is created with 8 whole herbs, including asafoetida.

Company Products

• Hingraj Powder- Everest offers Hingraj Powder, which is ideal for giving vegetable dishes a richer and stronger flavor. It is an amber-coloured resin extracted from the root or stem of a perennial plant known scientifically as Ferula Asafoetida. When released in hot oil, it produces a smooth and robust flavor, and it is more commonly available in compounded forms. It is available in 25 gms, 50 gms, and 100 gms packaging.
• Compounded Asafoetida Powder- LALJEE GODHOO & CO. provides Compounded Asafoetida Powder, which is simple to use and adds an essential tadka to any dish. The Lumps are dehydrated to produce asafoetida powder using sophisticated machinery that prevents crystal formation, ensuring complete quality assurance. It is available in packaging sizes of 50g, 100g, 200g, and 500g and is useful as a digestive spice that has the added benefit of lowering cholesterol and reducing gas and is also helpful in many other medical conditions.
• DAHI BARA MIX- DAHI BARA MIX is a dahi powder offered by Shan Foods that is used to combine lentils and yogurt. It contains 2g of protein and 450mg of sodium. The ingredients are asafoetida, citric acid, maltodextrin, and hydrolyzed soy protein, and it comes in a 150g package.

Segmentation

• By Type
  • Milky White Asafoetida
  • Red Asafoetida
  • Others
• By Application
  • Food Industry
  • Pharmaceutical Industry
  • Cosmetic Industry
  • Others
• By Distribution Channel
  • Online
  • Offline
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

1.8. Key Benefits to the Stakeholder

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Processes

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. ASAFOETIDA MARKET BY TYPE

5.1. Introduction

5.2. Milky White Asafoetida

5.2.1. Market Trends and Opportunities

5.2.2. Growth Prospects

5.2.3. Geographic Lucrativeness

5.3. Red Asafoetida

5.3.1. Market Trends and Opportunities

5.3.2. Growth Prospects

5.3.3. Geographic Lucrativeness

5.4. Others

5.4.1. Market Trends and Opportunities

5.4.2. Growth Prospects

5.4.3. Geographic Lucrativeness

6. ASAFOETIDA MARKET BY APPLICATION

6.1. Introduction

6.2. Food Industry

6.2.1. Market Trends and Opportunities

6.2.2. Growth Prospects

6.2.3. Geographic Lucrativeness

6.3. Pharmaceutical Industry

6.3.1. Market Trends and Opportunities

6.3.2. Growth Prospects

6.3.3. Geographic Lucrativeness

6.4. Cosmetic Industry

6.4.1. Market Trends and Opportunities

6.4.2. Growth Prospects

6.4.3. Geographic Lucrativeness

6.5. Others

6.5.1. Market Trends and Opportunities

6.5.2. Growth Prospects

6.5.3. Geographic Lucrativeness

7. ASAFOETIDA MARKET BY DISTRIBUTION CHANNEL

7.1. Introduction

7.2. Online 

7.2.1. Market Trends and Opportunities

7.2.2. Growth Prospects

7.2.3. Geographic Lucrativeness

7.3. Offline

7.3.1. Market Trends and Opportunities

7.3.2. Growth Prospects

7.3.3. Geographic Lucrativeness

8. ASAFOETIDA MARKET BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. By Material

8.2.2. By Application

8.2.3. By Product Type

8.2.4. By Country

8.2.4.1. United States

8.2.4.1.1. Market Trends and Opportunities

8.2.4.1.2. Growth Prospects

8.2.4.2. Canada

8.2.4.2.1. Market Trends and Opportunities

8.2.4.2.2. Growth Prospects

8.2.4.3. Mexico

8.2.4.3.1. Market Trends and Opportunities

8.2.4.3.2. Growth Prospects

8.3. South America

8.3.1. By Material

8.3.2. By Application

8.3.3. By Product Type

8.3.4. By Country

8.3.4.1. Brazil

8.3.4.1.1. Market Trends and Opportunities

8.3.4.1.2. Growth Prospects

8.3.4.2. Argentina

8.3.4.2.1. Market Trends and Opportunities

8.3.4.2.2. Growth Prospects

8.3.4.3. Others

8.3.4.3.1. Market Trends and Opportunities

8.3.4.3.2. Growth Prospects

8.4. Europe

8.4.1. By Material

8.4.2. By Application

8.4.3. By Product Type

8.4.4. By Country

8.4.4.1. United Kingdom

8.4.4.1.1. Market Trends and Opportunities

8.4.4.1.2. Growth Prospects

8.4.4.2. Germany

8.4.4.2.1. Market Trends and Opportunities

8.4.4.2.2. Growth Prospects

8.4.4.3. France

8.4.4.3.1. Market Trends and Opportunities

8.4.4.3.2. Growth Prospects

8.4.4.4. Italy

8.4.4.4.1. Market Trends and Opportunities

8.4.4.4.2. Growth Prospects

8.4.4.5. Spain

8.4.4.5.1. Market Trends and Opportunities

8.4.4.5.2. Growth Prospects

8.4.4.6. Others

8.4.4.6.1. Market Trends and Opportunities

8.4.4.6.2. Growth Prospects

8.5. Middle East and Africa

8.5.1. By Material

8.5.2. By Application

8.5.3. By Product Type

8.5.4. By Country

8.5.4.1. Saudi Arabia

8.5.4.1.1. Market Trends and Opportunities

8.5.4.1.2. Growth Prospects

8.5.4.2. UAE

8.5.4.2.1. Market Trends and Opportunities

8.5.4.2.2. Growth Prospects

8.5.4.3. Others

8.5.4.3.1. Market Trends and Opportunities

8.5.4.3.2. Growth Prospects

8.6. Asia Pacific

8.6.1. By Material

8.6.2. By Application

8.6.3. By Product Type

8.6.4. By Country

8.6.4.1. Japan

8.6.4.1.1. Market Trends and Opportunities

8.6.4.1.2. Growth Prospects

8.6.4.2. China

8.6.4.2.1. Market Trends and Opportunities

8.6.4.2.2. Growth Prospects

8.6.4.3. India

8.6.4.3.1. Market Trends and Opportunities

8.6.4.3.2. Growth Prospects

8.6.4.4. South Korea

8.6.4.4.1. Market Trends and Opportunities

8.6.4.4.2. Growth Prospects

8.6.4.5. Taiwan

8.6.4.5.1. Market Trends and Opportunities

8.6.4.5.2. Growth Prospects

8.6.4.6. Thailand

8.6.4.6.1. Market Trends and Opportunities

8.6.4.6.2. Growth Prospects

8.6.4.7. Indonesia

8.6.4.7.1. Market Trends and Opportunities

8.6.4.7.2. Growth Prospects

8.6.4.8. Others

8.6.4.8.1. Market Trends and Opportunities

8.6.4.8.2. Growth Prospects

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Competitive Dashboard

10. COMPANY PROFILES

10.1. Everest Masala.

10.2. Laljee Godhoo

10.3. DS Group

10.4. Shan Foods Pvt Ltd

Everest Masala.

Laljee Godhoo

DS Group

Shan Foods Pvt Ltd