The plant extracts are isolation of natural products from the plants. Plant extraction is separation of liquid or solid from plants by using extraction method. These plant extracts are used for various applications which include food industry, pharmaceuticals and cosmetic industry among others. Besides, China had become world's most significant source for plant extracts. As per Chinese customs statistics in 2010, China's plant extracts of exports had amounted to $815 million, accounting for 41.9% of China's total export of Chinese medicine, the extract of Chinese products had become the huge fueling factor in raising the China's export rate. Presently, there are around more than 2000 enterprises focusing in trade business and plant extraction with thousands of products being exported to foreign countries per year.
The global plant extracts market size is predicted to reach over USD 59.4 billion by 2028. This can be ascribed the rising awareness regarding the side-effects of synthetic flavors and health benefits offered by phytomedicines and herbal extracts. Besides, the growth in R&D activities in plant extracts market and increase in popularity of convenience foods are also the key factors driving the market growth for plant extracts.
However, inadequate supply of raw materials and price fluctuation are hampering the market growth. Furthermore, Identification of new herbs and spices in accordance with changing consumer preferences and tastes are likely to provide lucrative development opportunities for the plant extracts market in the forthcoming years.
Plant Extracts Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 59.4 billion|
|Growth Rate||CAGR of 16.5% during 2021-2028|
|Segment Covered||Product Type, Application, Sources, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Symrise AG, Sensient Technologies Corporation, International Flavors & Fragrance Inc., Givaudan, Dohler, Synergy Flavors, Synthite Industries Private LTD, PT Indesso Aroma, Vidya Herbs Private Ltd, and Nutra Green Biotechnology Co. Ltd.|
Key Segments of the Global Plant Extracts Market
Product Type Overview, 2019-2028 (USD Million)
- Phytomedicines & herbal extracts
- Essential oils
- Flavors & fragrances
Application Overview, 2019-2028 (USD Million)
- Pharmaceutical & dietary supplements
- Food & beverage
Sources Overview, 2019-2028 (USD Million)
- Fruits, flowers and bulbs
- Barks & stems
- Rhizomes & roots
Regional Overview, 2019-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global plant extracts market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global plant extracts market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the plant extracts industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on Product type, Application, and Sources. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global plant extracts market. The report will benefit Every stakeholder involved in the plant extracts market.
- Managers within the plant extracts industry looking to publish recent and forecasted statistics about the global plant extracts market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global plant extracts market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Over the past few decades, a large group of people are moving towards the consumption of organic products. Be it a beverage, or any other packaged eating items, these people are looking forward to have organic components. Hence the manufacturers of food and beverages items are adding plant extracts to their products. This makes food and beverages industry as one of the largest customer of the global plant extract market these days.
Moreover, plants extracts are extensively used in healthcare sector. These extracts have exceptional healing capabilities so are heavily used in several therapies. Some of the exotic plants are used for aromatic treatments such as sauna and massage. These applications are also a major factor that are boosting the growth of global plant extract market these days.
Furthermore, the pharmaceutical companies are using plants extracts to develop new drugs. Moreover, these extracts have less or no adverse effects on the human body, which makes them one of the best component to develop drugs. It is therefore the pharmaceutical industries are incorporating plant extracts in their medicines, which consequently is boosting the growth of global plant extract market. Furthermore, the plants are easy to avail and easier to develop extracts. This helps the pharmaceutical companies to reduce the cost developments of the new drugs. This makes pharmaceutical industry as the leading users of plant extracts and major promoter of global plant extracts market.
The market is consolidated as several major market players currently hold the major market share. However, the market is expected to become fragmented in the forthcoming years as several new market players are emerging from developing countries such as India, Japan, China, and other countries.
Product Type Segment
Based on the Product Type segment, the market is bifurcated into Phytomedicines & herbal extracts, Essential oils, Spices, and Flavors & fragrances. In 2020, the Phytomedicines & herbal extracts segment accumulated the maximum market share and it is likely to continue its dominance throughout the forecast years. This growth is because of the increasing preference for herbal medicines. The excessive use of synthetic antibiotics has resulted in microorganisms developing resistance to them. Continuous intake of synthetic drugs has several side effects, such as hallucinations, racing heartbeat, and hypertension. These ill-effects of synthetic drugs can be overcome with the consumption of its counterpart, phytomedicines. However, the Flavors & fragrances segment is projected to attain major growth throughout the forecast years.
Based on the Application, the market is segmented into Pharmaceutical & dietary supplements, Food & beverage, Cosmetics and Others. The Pharmaceutical & dietary supplements segment gathered the major market share in 2020 and it is likely to continue its dominance throughout the forecast years This growth can be attributed to the increasing awareness of people related to bacterial resistance toward allopathic medicines. As a result of the increasing incidents of illnesses due to stressful and busy lifestyles, consumers are demanding functional food and supplements for regular consumption. Some of these supplements include phytomedicines and herbal extracts, which are composed of naturally occurring components; they are scientifically demonstrated to promote positive effects on the target functions beyond basic nutrition.
Based on the Sources, the market is segmented into Fruits, flowers and bulbs, Leaves, Barks & stems, Rhizomes & roots, and Others. The Fruits, flowers and bulbs segment gathered the major market share in 2020 and it is likely to continue its dominance throughout the forecast years All of these sources are used in diverse applications, including herbal extracts, flavors and fragrances, aromatherapy, personal care, and toiletries. Owing to multiple functionalities and the presence of several phytochemicals, these parts of the plants are majorly used for extraction and are in high demand from various industries. 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.
The North American countries such as the US is one of the leading importers of plant extracts from Asian countries such as China and India due to the consumption of healthy foods by a majority of its population. It is projected to grow well in terms of plant extract production. This is further expected to be driven by the development of new plant-based pharmaceuticals and the rise in the beverage industry, where consumer preferences continue to shift away from carbonated soft drinks toward alternative beverages with natural flavor loadings. The growth in the industrial consumption of plant extracts is largely driven by an increase in consumer demand for fortified food & beverage products, dietary supplements, and personal care products, which impart health benefits and aid in dealing with the rising healthcare costs; the concept of healthy aging and the rising trend of health-conscious diets are also driving this market. However, the Asia Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the plant extracts market in this region is mostly ascribed to the heavy production demand from other countries.
The major players of the global plant extracts market are Symrise AG, Sensient Technologies Corporation, International Flavors & Fragrance Inc., Givaudan, Dohler, Synergy Flavors, Synthite Industries Private LTD, PT Indesso Aroma, Vidya Herbs Private Ltd, and Nutra Green Biotechnology Co. Ltd. These major players in this market are focusing on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. Renowned companies are offering new and modern plant extracts. Besides, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.