The global plant extracts market size is expected to reach USD 80.27 billion by 2030 according to a new study by Polaris Market Research. The report “Plant Extracts Market Share, Size, Trends, Industry Analysis Report, By Product Type (Oleoresins, Essential Oils, Flavonoids, Alkaloids, Carotenoids); By Application; By Form (Dry, Liquid); By Source; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The market’s growth is aided by factors such as alterations in consumer behavior, increased consumer knowledge, increased use of products manufactured mostly of natural ingredients, and advancements in biotechnology. Additionally, changes in consumer preferences and changing lifestyles in developing countries have resulted in the growth of the plant extract market.
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Several applications, such as healthy foods, therapeutic drugs, cosmetics, processing aids, and additives-chemical substitutes, use plant extracts as their primary constituent. Also, herbal extracts possess antifungal, antimicrobial, antiparasitic, antiprotozoal, antioxidant, medicinal, aromatic, and anti-inflammatory properties, which are expected to propel plant extract growth in the agriculture sector.
Covid-19 positively impacted the market as seeking natural and safer alternatives increased a healthy immune system. It has also expanded research into the application of plant extracts in medicines and immune-boosting foods and beverages.
Plant Extracts Market Report Highlights
- Essential oils segment has various medicinal applications. It treats different diseases, including infectious diseases, depression, and anxiety. It acts as an antifungal, antimicrobial, anticancer, and wound healer witnessing significant growth over the forecast period.
- The food & beverage segment is expected to hold the largest market share as plant extracts are used as colorants and flavoring agents to enhance the overall nutritional content.
- The dry-form herbal extracts are expected to hold significant revenue as they are simple to utilize and can be combined into various products.
- Herbs & spices are anticipated to acquire largest market share during the forecast period due to their therapeutic properties such as antioxidants, anti-inflammatory, and others. Additionally, increased utilization of herbs & spices in food & beverages as a flavoring is supposed to drive the segment.
- Asia Pacific is supposed to witness significant growth over the forecast period due to rising awareness about better dietary choices and growing demand for herbal products, especially across the countries such as Japan and South Korea.
- Major players operating in the industry include Arjuna Natural Extracts Ltd., Döhler, Givaudan, Indena S.p.A., International Flavors & Fragrances, Inc, Kalsec, Inc., Kangcare Bioindustry Co., Ltd., Martin Bauer GmbH & Co. KG, Native Extracts Pty. Ltd., Naturex Inc., Network Nutrition, Organic Herb Inc., Plant Extracts International Inc., PT. Haldin Pacific Semesta.
Polaris Market Research has segmented the plant extracts market report based on product type, application, form, source, and region:
Plant Extracts, Product Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Essential Oils
Plant Extracts, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Food & Beverages
- Dietary Supplements
Plant Extracts, Form Outlook (Revenue – USD Billion, 2018 – 2030)
Plant Extracts, Source Outlook (Revenue – USD Billion, 2018 – 2030)
- Herbs & Spices
- Fruits & Vegetables
Plant Extracts, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa