The global plant extracts market size is likely to attain over USD 59.4 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 16.5% during the forecast years 2021-2028. 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.
The present and future plant extracts market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the plant extracts market opportunities during the forecast years. Factors such as 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 is also the key factor 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 is likely to provide lucrative development opportunities for the plant extracts market in the forthcoming years.
The report also emphasizes several distinctiveness of the global plant extracts industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the plant extracts industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The plant extracts market has tough competition among the new emerging and pre-established market vendors. Besides, the plant extracts industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of the Product Type segment, the market is categorized into Phytomedicines & herbal extracts, Essential oils, Spices, and Flavors & fragrances. The Flavors & fragrances segment is predicted to achieve the largest growth during the forecast years 2021-2028. On the other hand, the Phytomedicines & herbal extracts segment seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. This growth is because of the increasing preference for herbal medicines.
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. However, the North Amercia is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to 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 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 software solutions. In addition, 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.
Segment Overview of 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)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America