Plant Extracts Industry is projected to register a CAGR of 5.57% and reach a value of USD 53,694.4 million by 2028.
Consumer demand for dietary supplements is driving an increase in the sale of plant extracts. Consumers' increased use of plant extracts in personal care products is likely to fuel the worldwide Plant Extracts Market's expansion throughout the forecast period. Additionally, the increased demand for natural food components is likely to drive the global Plant Extracts Market growth throughout the forecast period. However, market growth is projected to be hampered in the coming years by restricted availability and unpredictable raw material prices.
Globally, the organic food market is booming. Globally, consumers are becoming increasingly aware of the harmful effects of chemicals on their health. This growing health concern has resulted in a strong desire for items that contain few, if any, chemicals. The expanding consumer attention on health and wellness is a result of the rising prevalence of lifestyle problems such as obesity, osteoporosis, diabetes, and cardiovascular disease. This has altered consumer food preferences and attitudes toward natural ingredients. Additionally, consumers are concerned about the influence of chemicals on the environment and human health, which has resulted in a shift toward organically grown and processed food. Thus, the growing customer preference for natural plant extracts and clean-label products increases the food and beverage industry's demand for plant extracts.
The worldwide Plant Extracts Market has been segmented on the basis of type into phytomedicines and herbal extracts, essential oils, spices, flavours, and perfumes. In 2020, phytomedicines and herbal extracts held the most market share, while essential oils are predicted to grow at the fastest rate of 5.86 percent over the forecast period.
The global market for plant extracts has been categorised by source into fruits, flowers, and bulbs, leaves, rhizomes, and roots, and barks and stems. During the projection period, the leaves category is expected to grow at the fastest rate of 5.77 percent.
The worldwide Plant Extracts Market has been categorised by application into medicines and nutritional supplements, food and beverages, and personal care. Pharmaceuticals & dietary supplements held the biggest market share of 36.28 percent in 2020 and is predicted to grow at a 5.36 percent compound annual growth rate during the forecast period.
The global market for plant extracts has been segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.
North America is a desirable place for producers of plant extracts. The growing demand for natural ingredients in a variety of foods and beverages is expected to boost the Plant Extracts Industry in North America even further. Another significant element driving market expansion is product innovation in the food and beverage industry. Consumers have a strong preference for natural ingredients in skincare products, which has resulted in a growth in the use of plant extracts in radiance and anti-cellulite treatments.
Europe, with a 30.56 percent market share in 2020, is predicted to be the most lucrative regional market for plant extracts over the study period. One of the major drivers of plant extract growth is the increasing use of functional beverages, which is particularly high in European countries. Product development and technology advancements are expected to drive the functional beverages market in Europe over the forecast period. Apart from that, the growing demand for chemical-free cosmetics is driving skincare product makers to add plant extracts and other natural ingredients. The region's cosmetics producers are likely to contribute to the market's growth over the forecast period.
Prominent players in the global Plant Extracts Industry include Givaudan SA (Switzerland), International Flavors & Fragrances Inc (US), Symrise (Germany), Sensient Technologies Corporation (US), Synthite Industries Ltd (India), Synergy Flavors Inc. (US), Döhler Group (Germany), Indesso (Indonesia), Vidya Herbs (India), and Nutra Green Biotechnology Co., Ltd. (China).
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