The global plant extracts market size is expected to reach USD 46.33 billion by 2028 according to a new study by Polaris Market Research. The report “Plant Extracts Market Share, Size, Trends, Industry Analysis Report, By Application (Pharmaceutical & Dietary Supplements, Food & Beverage, Cosmetics); By Type, By Source, By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global market is expected to grow over the forecast period owing to the increasing number of health-conscious people and the growing vegan trends. With the growing health awareness, the increasing occurrence of chronic diseases, and the need for nutrition enrichments among consumers, plant extracts claim in various end-user industrial applications.
A plant extract is a substance that is extracted from the tissue of a plant. The product contains several chemical compositions, phlegmatics, carotenoids, quinones, gums, starches, resin alcohols, and hydrocarbon resins. Furthermore, the product is mixed with diluters to provide various activities to act as skin protection, skin medicine, anti-infective, anti-inflammatory, and anti-irritants.
The product is widely used in the food & beverages industry as colorant, flavorant, and to enrich all the overall nutritional content. Furthermore, plant extracts are also used in the cosmetic industry for hair care products, skin care products, and perfumes.
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Demand for the product is increasing due to the changing consumer trend of using natural products. Consumers are tending more towards herbal and pharmaceutical plant extracts due to their health benefits such as it reduces the risk of cancer and helps in boosting immunity. Alternatively, the availability of synthetic products is expected to be a restraint for the overall industry.
Phytomedicines are herbal medicines that include curcumin, garlic, tea tree, garcinia, and basil having therapeutic and healing properties that have been practiced worldwide since ancient times for the prevention and treatment of diseases which in turn is expected to drive the industry during the forecast period.
Asia Pacific market is expected to dominate the market in the forecast period owing to the consumption rate of vegan food & beverage products, and the increase in awareness related to the health benefits associated with the consumption of clean-label food products among consumers. The key factors driving the market growth in this region include the upsurge in the trade of the product between international and Asian manufacturers of the products.
The key players present in this market are Symrise AG, Sensient Technologies, Givaudan, Native Extracts Pty. Ltd., Martin Bauer GmbH & Co. KG, Kangcare Bioindustry Co., Ltd., Pt. Indesso Aroma, Ltd., Synthite Industries Private Ltd., Tokiwa Phytochemical Co., International Flavours and Fragrances Inc., and others.
Polaris Market Research has segmented the plant extracts market report on the basis of type, source, application, and region:
Plant Extracts, Type Outlook (Revenue – USD Billion, 2016 – 2028)
- Phytomedicines & Herbal Extracts
- Essential Oils
- Flavors & Fragrances
Plant Extracts, Source Outlook (Revenue – USD Billion, 2016 – 2028)
- Fruits, Flowers, and Bulbs
- Barks & Stems
- Rhizomes & Roots
Plant Extracts, Application Outlook (Revenue – USD Billion, 2016 – 2028)
- Pharmaceutical & Dietary Supplements
- Food & Beverage
Plant Extracts, Regional Outlook (Revenue – USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa