Plant Extracts Market by Product Type (Oleoresins, Essential Oils, Flavonoids, Alkaloids, Carotenoids), Application (Food & Beverages, Cosmetics, Pharmaceuticals, Dietary Supplements), Form, Source and Region - Global Forecast to 2027
According to MarketsandMarkets, the global plant extracts market size is estimated to be valued at USD 34.4 billion in 2022 and is projected to reach USD 61.5 billion by 2027, recording a CAGR of 12.3% in terms of value. Plant extracts are produced from various sources, such as fruits and vegetables, herbs and spices, and flowers.
They are used in numerous applications for the food, beverage, cosmetics, and pharmaceutical industries. Plant extracts has been experiencing increased demand due to changes in the lifestyle of consumers and their preferences for natural and organic products. Consumers are increasingly aware of the health benefits associated with the plant extracts, which provides an increasing opportunity for manufacturers for incorporating these plant extracts in various applications. These markets seem to develop and formulate new products and technologies using plant ingredients, resulting innovation, and implementing groundbreaking products with an array of applications. These ingredients are also used in cosmetics and skincare preparation, and this market is booming due to increased awareness related to maintaining healthy skin. The other factors, such as healthy aging and the threat of antimicrobial resistance, also contribute to this significantly. Likewise, within the food & beverages industry, there is a growing trend of consuming natural ingredients with additional functional properties, which has been boosting the demand for plant extracts
“By application, there is increased use of plant-based medicines, driving the growth of plant extracts market”
Plant extracts have served as an important source of bioactive compounds for various drug discovery programs, and several important drugs have been isolated and identified from plants. Beyond their direct use in traditional medicine, medicinal plants are used on an industrial scale to produce total extracts and tinctures, purified extracts, and chemical products. Regulatory approval of some of the more widely known medicinal herb extracts has potentially been made easier than that of new chemical entities. Some Phyto pharm chemical companies are focusing their efforts on single molecules or plant extracts with the aim of simplifying the regulatory process by avoiding complex mixtures and combinations.
“By source, increase in use of flower extracts in cosmetics industry and fragrance drives the growth of plant extract market”
Extracts from flowers are used in several applications, ranging from food & beverages to pharmaceuticals & dietary supplements. In the food & beverages application, flowers and fruits are generally used to provide flavors and aroma. Essential Oils from flowers, when incorporated into finished products impart various benefits, such as a pleasant aroma in perfumery, shine or conditioning effects in hair care products, and improving the elasticity of the skin. Significantly high application potential of flower extracts is also used in fragrances. Extracts from some other flowers such as Hibiscus, Chamomile, Magnolia, and Echinacea are highly used in Pharmaceuticals and dietary supplement applications due to the various therapeutic effects they offer.
“The North America region is projected to grow at the highest CAGR during the forecast period”
The North America region has highest consumption of plant extracts and hence is expected to play an important role in the global market. The region is one of the major importers of various types of plant extracts due to the continued acceptance of essential oils, oleoresins, flavonoids, since oleoresins and essential oils are used in almost every food application in US to add natural spice attributes such as flavor, color, or as a natural antioxidant. Antibiotic- and hormone-free ingredients, local and organic consumer goods are expected to gain market share as consumers seek these green and ethical attributes in their dietary supplements, cosmetics, and food & beverage products to fit the new lifestyle trend. These trends are further projected to attract investments from plant extract-based product manufacturers across the globe, driving the plant extracts market.
Break-up of Primaries:
By Value Chain Side: Demand Side-41%, Supply Side-59%
By Designation: CXOs-31%, Managers – 24%, D-Level- 30%, and Executives- 45%
By Region: Europe - 25%, Asia Pacific – 15%, North America - 45%, RoW – 5%, South America-10%
Leading players profiled in this report:
International Flavors & Fragrances Inc. (US)
Kerry Group Plc (Ireland)
Synthite Industries Ltd (India)
Kalsec Inc. (US)
Kangcare bioindustry co. ltd. (China)
Carbery Group (Ireland)
Synthite Industries Ltd (India)
Vidya Herbs (India)
The report segments the plant extracts market on the basis on product type, application, form, source, and region. In terms of insights, this report has focused on various levels of analyses—the competitive landscape, end-use analysis, and company profiles, which together comprise and discuss views on the emerging & high-growth segments of the global plant extracts, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
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