Plant-Based API Market Poised To Hit $52 Billion By 2034, Fuelled By Psychedelics And Cannabinoids
Market Overview
The Plant-Based API market is experiencing a remarkable transformation, projected to reach a valuation of $52 billion by 2034. This growth is significantly propelled by innovations in psychedelics and cannabinoids.
Growth in Asian Markets
- India is leading with an impressive CAGR of 8.8%.
- China follows closely with a growth of 8.7%.
- South Korea is also showing a robust 8.6% growth rate.
Leading Companies
Key industry players, such as Abbott Laboratories (NYSE:ABT) and Teva Pharmaceutical Industries (NYSE:TEVA), are spearheading advancements in this evolving market. Their investments in plant-based APIs, particularly in psychedelic-assisted therapies, are crucial for driving innovation and meeting market demands.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.