Report Code: CMI17443

Published Date: August 2022

Pages: 220+

Category: Pharmaceuticals

Report Snapshot

CAGR: 6%
1.8B
2021
1.9B
2022
2.6B
2030

Source: CMI

Study Period: 2024-2033
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Aecochem Corp
  • Haihang Industry Co. Ltd.
  • Actavis
  • Shreeji Pharma International
  • Others

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Reports Description

As per Custom Market Insights the Global Quinine Market, market was estimated at around USD 1.8 billion in 2021 and is projected to witness a CAGR of 6% during 2022-2030, to reach around USD 2.6 billion by 2030. The report examines the Quinine market’s drivers and restraints, as well as their impact analysis. Also, the report mentions global opportunities prevailing in the Quinine market.

Quinine Market: Overview

Quinine drug that is used for treating malaria and babesiosis. When artesunate is unavailable, Quinine is used to treat malaria caused by chloroquine-resistant Plasmodium falciparum. Although it is used to treat restless legs syndrome, it is not recommended for this use due to the risk of side effects. It can be administered intravenously or orally. Quinine resistance has been observed in some parts of the world. Quinine is also used to impart a bitter taste to tonic water. Quinine was used to treat malaria and other febrile conditions, leg cramps caused by vascular spasms, inner hemorrhoids, varicose veins, and pleural cavities after thoracoplasty.

Quinine Market: COVID–19 Impact Analysis

The COVID-19 pandemic is currently the world’s largest and most serious health crisis. COVID-19 has no definitive treatment. Vaccine administration has begun in several countries, but no vaccine is completely effective. Several people are not protected even after vaccination, and some people cannot be vaccinated; therefore, research on COVID-19 treatment is still needed.

Chloroquine (CQ), as well as hydroxychloroquine (HCQ), as well as hydroxychloroquine (HCQ), are two of the drugs being studied. While both have strong activity against SARS-CoV-2, they have serious side effects. With its abundant natural ingredients, Indonesia has one potentially useful compound, Quinine sulphate (QS) that possesses the same structure and activity as CQ and HCQ but a better safety profile. Because hydroxychloroquine, a Quinine modification, is being used to treat COVID-19, the ancient malarial drug is regaining popularity. The market for Quinine thus witnessed a sharp upward trend during 2020 and is expected to witness growth throughout the forecast period.

Quinine Market: Growth Drivers

Increasing tonic water consumption

Tonic water is extensively consumed as a healthy drink around the world due to the presence of Quinine. This tonic water has outstanding medicinal properties and contains 83 milligrams of Quinine per liter. Market manufacturers now offer a wide variety of products with artificial sweeteners and flavors. Tonic water’s medicinal benefits are also driving global demand for the product. The rise in demand for tonic water worldwide is propelling the growth of the Quinine market.

Rising cases of Malaria

While global attention has been concentrated on COVID-19, 14 million new cases of malaria were reported in 2020, and the number of incidents and deaths reported in the new WHO malaria report is the highest since 2012. The new WHO malaria report shows the highest incidences of cases and deaths since 2012, with most of those deaths, nearly 93 percent, occurring in Africa among children less than the age of five. Quinine is used for treating Plasmodium falciparum malaria, a parasite that enters the body’s red blood cells and causes malaria. The drug works by either killing or preventing the parasite from growing. Thereby, the rising cases of malaria are anticipated to boost the demand for Quinine.

Global Quinine Market 2023 – 2032 (By Type)

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Quinine Market: Segmentation Analysis

In our research scope, the Quinine market is segmented into type, application, administration, and end user. Based on type, in 2021, the 200 mg segment accounted for the biggest revenue share, and it is anticipated that it will continue to dominate during the projection period. Also, on the basis of application, the Quinine market is categorized into, problematic leg cramps, malaria, and others. Quinine sulphate is commonly used to treat painful leg cramps. For many years, a dose of 200-300 mg of Quinine sulphate was used to treat nocturnal leg cramps. These muscle cramps, which are usually idiopathic, are common, especially in older patients. Quinine may help by reducing motor end-plate excitability and expanding the muscle refractory period.

Report Scope

Feature of the Report Details
Market Size in 2021 USD 1.8 Billion
Projected Market Size in 2030 USD 2.6 Billion
CAGR Growth Rate 6% CAGR (2022-2030)
Base Year 2023
Forecast Period 2024-2033
Prominent Players Aecochem Corp, Haihang Industry Co. Ltd., Actavis, Shreeji Pharma International, Wockhardt, A. B. Enterprises, Trademax Pharmaceuticals & Chemicals , Caraco Pharmaceutical Laboratories, Hangzhou Dayang Co. Ltd., IS Chemical Technology Ltd., and Others
Key Segment By Type, Application, Administration, End User, and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Key Insights:

  • As per the analysis shared by our research analyst, the Quinine market is estimated to grow annually at a CAGR of around 6% over the forecast period (2022-2030).
  • In terms of revenue, the Quinine market size was valued at around USD 1.8 billion in 2021 and is projected to reach USD 2.6 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
  • Based on type segmentation, the 200 mg segment was estimated to hold the maximum market share in the year 2021.
  • Based on application segmentation, the others segment is estimated to witness a high CAGR growth during 2022-2030.
  • Based on administration segmentation, the intramuscular administration segment is projected to hold the dominant market share throughout the projected period.
  • Based on end-user segmentation, the hospital segment is projected to hold the dominant market share throughout the projected period.
  • On the basis of geography, the Middle East & Africa region was the leading revenue generator in 2021.

Global Quinine Market 2023 – 2032 (By Billion)

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Recent Development

  • February 2022: Leocorno Enterprises launched a luxury tonic water brand, PEER. The company offers consumer brands in India, the UAE, and the UK. Peer is a low-calorie tonic water brand that uses all-natural imported Quinine and contains no artificial sweeteners, preservatives, or flavoring.
  • May 2020: Artesunate for injection approved by the US Food and Drug Administration to treat severe malaria in adults and children.

Regional Landscape

Geographically, the Middle East and Africa led the Quinine market in 2021 and will continue to grow significantly over the forecast period. Cinchona production is high, and the incidence of malaria and fever cases is increasing, which will cascade the sector’s development over the forecast period. The trend is predicted to be closely followed by the Asia Pacific.

The Asia Pacific is expected to notice the most growth during the forecast period owing to increased healthcare spending, soaring disposable revenue resulting in better affordability, and surging patient preference for Quinine derivatives. The high population base in India enhanced patient knowledge of malaria and surged fever-causing diseases will drive market growth even further.

Competitive Landscape

The key players operating in the market hold the dominant market share. The report covers major strategic market developments such as acquisitions & mergers, partnerships, agreements, collaborations, joint ventures, new product launches, research and development, and regional expansion of major global and regional Quinine market players.

Global Quinine Market 2023 – 2032 (By End User)

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The global Quinine market is segmented as follows:

By Type

  • 200 mg
  • 300 mg
  • Others

By Application

  • Problematic Leg Cramps
  • Malaria
  • Others

By Administration

  • Oral Administration
  • Intramuscular Administration
  • Intravenous Administration
  • Others

By End User

  • Hospitals
  • Clinics
  • Others

On the basis of Geography

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Quinine Market, (2022 – 2030) (USD Billion)
    • 2.2 Global Quinine Market: snapshot
  • Chapter 3. Global Quinine Market – Industry Analysis
    • 3.1 Quinine Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Increasing tonic water consumption
      • 3.2.2 Rising cases of Malaria
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Type
      • 3.7.2 Market attractiveness analysis By Application
      • 3.7.3 Market attractiveness analysis By Administration
      • 3.7.4 Market attractiveness analysis By End User
  • Chapter 4. Global Quinine Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Quinine Market: company market share, 2021
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, collaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Quinine Market – Type Analysis
    • 5.1 Global Quinine Market overview: By Type
      • 5.1.1 Global Quinine Market share, By Type, 2021 and 2030
    • 5.2 200 mg
      • 5.2.1 Global Quinine Market by 200 mg, 2022 – 2030 (USD Billion)
    • 5.3 300 mg
      • 5.3.1 Global Quinine Market by 300 mg, 2022 – 2030 (USD Billion)
    • 5.4 Other
      • 5.4.1 Global Quinine Market by Other, 2022 – 2030 (USD Billion)
  • Chapter 6. Global Quinine Market – Application Analysis
    • 6.1 Global Quinine Market overview: By Application
      • 6.1.1 Global Quinine Market share, By Application, 2021 and 2030
    • 6.2 Problematic Leg Cramps
      • 6.2.1 Global Quinine Market by Problematic Leg Cramps, 2022 – 2030 (USD Billion)
    • 6.3 Malaria
      • 6.3.1 Global Quinine Market by Malaria, 2022 – 2030 (USD Billion)
    • 6.4 Other
      • 6.4.1 Global Quinine Market by Other, 2022 – 2030 (USD Billion)
  • Chapter 7. Global Quinine Market – Administration Analysis
    • 7.1 Global Quinine Market overview: By Administration
      • 7.1.1 Global Quinine Market share, By Administration, 2021 and 2030
    • 7.2 Oral Administration
      • 7.2.1 Global Quinine Market by Oral Administration, 2022 – 2030 (USD Billion)
    • 7.3 Intramuscular Administration
      • 7.3.1 Global Quinine Market by Intramuscular Administration, 2022 – 2030 (USD Billion)
    • 7.4 Intravenous Administration
      • 7.4.1 Global Quinine Market by Intravenous Administration, 2022 – 2030 (USD Billion)
    • 7.5 Others
      • 7.5.1 Global Quinine Market by Others, 2022 – 2030 (USD Billion)
  • Chapter 8. Global Quinine Market – End User Analysis
    • 8.1 Global Quinine Market overview: By End User
      • 8.1.1 Global Quinine Market share, By End User, 2021 and 2030
    • 8.2 Hospitals
      • 8.2.1 Global Quinine Market by Hospitals, 2022 – 2030 (USD Billion)
    • 8.3 Clinics
      • 8.3.1 Global Quinine Market by Clinics, 2022 – 2030 (USD Billion)
    • 8.4 Others
      • 8.4.1 Global Quinine Market by Others, 2022 – 2030 (USD Billion)
  • Chapter 9. Quinine Industry – Regional Analysis
    • 9.1 Global Quinine Industry Regional Overview
    • 9.2 Global Quinine Industry Share, by Region, 2021 & 2030 (USD Billion)
    • 9.3. North America
      • 9.3.1 North America Quinine Industry, 2022 – 2030 (USD Billion)
        • 9.3.1.1 North America Quinine Industry, by Country, 2022 – 2030 (USD Billion)
    • 9.4 North America Quinine Industry, by Type, 2022 – 2030
      • 9.4.1 North America Quinine Industry, by Type, 2022 – 2030 (USD Billion)
    • 9.5 North America Quinine Industry, by Application, 2022 – 2030
      • 9.5.1 North America Quinine Industry, by Application, 2022 – 2030 (USD Billion)
    • 9.6 North America Quinine Industry, by Administration, 2022 – 2030
      • 9.6.1 North America Quinine Industry, by Administration, 2022 – 2030 (USD Billion)
    • 9.7 North America Quinine Industry, by End User, 2022 – 2030
      • 9.7.1 North America Quinine Industry, by End User, 2022 – 2030 (USD Billion)
    • 9.4. Europe
      • 9.4.2 Europe Quinine Industry, 2022 – 2030 (USD Billion)
        • 9.4.2.1 Europe Quinine Industry, by Country, 2022 – 2030 (USD Billion)
    • 9.4 Europe Quinine Industry, by Type, 2022 – 2030
      • 9.4.1 Europe Quinine Industry, by Type, 2022 – 2030 (USD Billion)
    • 9.5 Europe Quinine Industry, by Application, 2022 – 2030
      • 9.5.1 Europe Quinine Industry, by Application, 2022 – 2030 (USD Billion)
    • 9.6 Europe Quinine Industry, by Administration, 2022 – 2030
      • 9.6.1 Europe Quinine Industry, by Administration, 2022 – 2030 (USD Billion)
    • 9.7 Europe Quinine Industry, by End User, 2022 – 2030
      • 9.7.1 Europe Quinine Industry, by End User, 2022 – 2030 (USD Billion)
    • 9.5. Asia Pacific
      • 9.5.3 Asia Pacific Quinine Industry, 2022 – 2030 (USD Billion)
        • 9.5.3.1 Asia Pacific Quinine Industry, by Country, 2022 – 2030 (USD Billion)
    • 9.4 Asia Pacific Quinine Industry, by Type, 2022 – 2030
      • 9.4.1 Asia Pacific Quinine Industry, by Type, 2022 – 2030 (USD Billion)
    • 9.5 Asia Pacific Quinine Industry, by Application, 2022 – 2030
      • 9.5.1 Asia Pacific Quinine Industry, by Application, 2022 – 2030 (USD Billion)
    • 9.6 Asia Pacific Quinine Industry, by Administration, 2022 – 2030
      • 9.6.1 Asia Pacific Quinine Industry, by Administration, 2022 – 2030 (USD Billion)
    • 9.7 Asia Pacific Quinine Industry, by End User, 2022 – 2030
      • 9.7.1 Asia Pacific Quinine Industry, by End User, 2022 – 2030 (USD Billion)
    • 9.6. Latin America
      • 9.6.4 Latin America Quinine Industry, 2022 – 2030 (USD Billion)
        • 9.6.4.1 Latin America Quinine Industry, by Country, 2022 – 2030 (USD Billion)
    • 9.4 Latin America Quinine Industry, by Type, 2022 – 2030
      • 9.4.1 Latin America Quinine Industry, by Type, 2022 – 2030 (USD Billion)
    • 9.5 Latin America Quinine Industry, by Application, 2022 – 2030
      • 9.5.1 Latin America Quinine Industry, by Application, 2022 – 2030 (USD Billion)
    • 9.6 Latin America Quinine Industry, by Administration, 2022 – 2030
      • 9.6.1 Latin America Quinine Industry, by Administration, 2022 – 2030 (USD Billion)
    • 9.7 Latin America Quinine Industry, by End User, 2022 – 2030
      • 9.7.1 Latin America Quinine Industry, by End User, 2022 – 2030 (USD Billion)
    • 9.7. The Middle-East and Africa
      • 9.7.5 The Middle-East and Africa Quinine Industry, 2022 – 2030 (USD Billion)
        • 9.7.5.1 The Middle-East and Africa Quinine Industry, by Country, 2022 – 2030 (USD Billion)
    • 9.4 The Middle-East and Africa Quinine Industry, by Type, 2022 – 2030
      • 9.4.1 The Middle-East and Africa Quinine Industry, by Type, 2022 – 2030 (USD Billion)
    • 9.5 The Middle-East and Africa Quinine Industry, by Application, 2022 – 2030
      • 9.5.1 The Middle-East and Africa Quinine Industry, by Application, 2022 – 2030 (USD Billion)
    • 9.6 The Middle-East and Africa Quinine Industry, by Administration, 2022 – 2030
      • 9.6.1 The Middle-East and Africa Quinine Industry, by Administration, 2022 – 2030 (USD Billion)
    • 9.7 The Middle-East and Africa Quinine Industry, by End User, 2022 – 2030
      • 9.7.1 The Middle-East and Africa Quinine Industry, by End User, 2022 – 2030 (USD Billion)
  • Chapter 10. Company Profiles
    • 10.1 Aecochem Corp
      • 10.1.1 Overview
      • 10.1.2 Financials
      • 10.1.3 Product Portfolio
      • 10.1.4 Business Strategy
      • 10.1.5 Recent Developments
    • 10.2 Haihang Industry Co. Ltd.
      • 10.2.1 Overview
      • 10.2.2 Financials
      • 10.2.3 Product Portfolio
      • 10.2.4 Business Strategy
      • 10.2.5 Recent Developments
    • 10.3 Actavis
      • 10.3.1 Overview
      • 10.3.2 Financials
      • 10.3.3 Product Portfolio
      • 10.3.4 Business Strategy
      • 10.3.5 Recent Developments
    • 10.4 Shreeji Pharma International
      • 10.4.1 Overview
      • 10.4.2 Financials
      • 10.4.3 Product Portfolio
      • 10.4.4 Business Strategy
      • 10.4.5 Recent Developments
    • 10.5 Wockhardt
      • 10.5.1 Overview
      • 10.5.2 Financials
      • 10.5.3 Product Portfolio
      • 10.5.4 Business Strategy
      • 10.5.5 Recent Developments
    • 10.6 A. B. Enterprises
      • 10.6.1 Overview
      • 10.6.2 Financials
      • 10.6.3 Product Portfolio
      • 10.6.4 Business Strategy
      • 10.6.5 Recent Developments
    • 10.7 Trademax Pharmaceuticals & Chemicals
      • 10.7.1 Overview
      • 10.7.2 Financials
      • 10.7.3 Product Portfolio
      • 10.7.4 Business Strategy
      • 10.7.5 Recent Developments
    • 10.8 Caraco Pharmaceutical Laboratories
      • 10.8.1 Overview
      • 10.8.2 Financials
      • 10.8.3 Product Portfolio
      • 10.8.4 Business Strategy
      • 10.8.5 Recent Developments
    • 10.9 Hangzhou Dayang Co. Ltd.
      • 10.9.1 Overview
      • 10.9.2 Financials
      • 10.9.3 Product Portfolio
      • 10.9.4 Business Strategy
      • 10.9.5 Recent Developments
    • 10.10 IS Chemical Technology Ltd.
      • 10.10.1 Overview
      • 10.10.2 Financials
      • 10.10.3 Product Portfolio
      • 10.10.4 Business Strategy
      • 10.10.5 Recent Developments

List Of Figures

Figures No 1 to 31

List Of Tables

Tables No 1 to 102

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2028
  • Market revenue estimates and forecasts up to 2028, by technology
  • Market revenue estimates and forecasts up to 2028, by application
  • Market revenue estimates and forecasts up to 2028, by type
  • Market revenue estimates and forecasts up to 2028, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

List of the Prominent Players in the Global Quinine Market:

  • Aecochem Corp
  • Haihang Industry Co. Ltd.
  • Actavis
  • Shreeji Pharma International
  • Wockhardt
  • B. Enterprises
  • Trademax Pharmaceuticals & Chemicals
  • Caraco Pharmaceutical Laboratories
  • Hangzhou Dayang Co. Ltd.
  • IS Chemical Technology Ltd.
  • Others

FAQs

“Middle East & Africa” region will lead the global Quinine market during the forecast period 2022 to 2030.

Tonic water’s medicinal benefits are also driving global demand for the product. The rise in demand for tonic water worldwide is propelling the growth of the Quinine market.

The key players operating in the Quinine market are Aecochem Corp, Haihang Industry Co. Ltd., Actavis, Shreeji Pharma International, Wockhardt, A. B. Enterprises, Trademax Pharmaceuticals & Chemicals, Caraco Pharmaceutical Laboratories, Hangzhou Dayang Co. Ltd., IS Chemical Technology Ltd., and Others.

The global Quinine market is expanding growth with a CAGR of approximately 6% during the forecast period (2022 to 2030).

The global Quinine market size was valued at USD 1.8 billion in 2021 and it is projected to reach around USD 2.6 billion by 2030.

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