Growing demand for plant extracts from end-use industries such as food & beverages, cosmetics & pharmaceuticals to impart flavor, color and nutrition is driving the plant extract market. A shift in consumer preference towards intake of herbal medicines is again fueling the plant extract market. Side-effects associated with the synthetically prepared drugs leading to various disorders have drastically changed the consumer preference towards the safe & herbal alternative. This, in turn, has driven the market growth. Also, rising demand for extracted or herbal supplements is impacting the market growth positively.
The Global Plant Extract Market was valued USD 45,367.2 MN in 2017 and expected to reach at USD 92,520.2 MN by 2024 with CAGR of 10.5%.
HERBAL EXTRACT LEAD THE PLANT EXTRACT TYPE
Herbal extract has shown dominance over the segment and is presumed to continue & reach up to USD XX.X MN by end of 2024. Herbal extract is leading the segment owing to rising health consciousness among people along with the inclination of the population towards consumption of natural & organic products.
POWDER FORM TO GAIN MAXIMUM SHARE BY END OF 2024
Powder has dominated the plant extract market and is expected to reach up to USD XX.X MN by 2024. Highly water-soluble compound along with better shelf life are the factors widening the application of the product in cosmetics, research, and other industries.
FOOD & BEVERAGE LED THE END-USE SEGMENT
Food & beverage is dominating the end-use segment & is expected to reach at USD XX.X MN by the end of 2024. Plant extracts are widely used in the food & beverage industry as anti-oxidant, color & flavor enhancer, and immunity booster thereby, fueling the market growth.
NORTH AMERICA DOMINATED THE REGIONAL SEGMENT
North America has shown dominance over the regional segment and is presumed to continue & reach up to USD XX.X MN by end of the year 2024. Rising demand for herbal dietary supplement & increasing health awareness among the population are the key drivers of the plant extract market in the region.
MAJOR PLAYERS OF THE MARKET
Alkaloids Corp., Berrypharma AG, Indena, Ingredia Nutritional, Organic Herb Inc., Plant Extracts International Inc., Phytovation Ltd., Prinova Group, Naturex, Sigma-Aldrich Co. LLC, QUALIPHAR, Kuber Impex Ltd., Kangcare Bioindustry Co. Ltd., Nantong Sihai Plant Extracts Co., Ltd., Lehmann & Voss & Co. Kg and Linnea S.A. are the key players of the plant extract market.
As per this study the global plant extract market was valued USD XX MN (by revenue) in 2021 and is anticipated to reach USD XX MN by 2028 with a CAGR of XX%.
Plant extraction is referred to as a natural product obtained from tissues of a plant with the desirable properties. More specifically, a wide range of extracts is derived by this process such as phytochemicals, essential oils & natural extracts, herbal extracts, and many more. Plant extracts are gaining much importance due to their special potentials as a large source of therapeutic phytochemicals, essential oils, herbal extracts that lead to the development of novel drugs, cosmetic products, and food additive.
A normal extraction process comprises several procedures including collection and authentication of plant material & drying, size reduction, extraction, filtration, concentration and drying & reconstitution. However, extraction quality depends on various factors such as plant parts used as an initial material, the solvent used for extraction, extraction method, and plant material: solvent ratio etc. With the advancement of science and technology, remarkable progress has been made in the field of plant extraction with the discoveries of much high quality of herbal products. As a result, modern methods of plant extraction are more effective over conventional methods.
Market Dynamics
A lot of developments are taking place in the end-use industries in order to suffice consumer needs thereby helping in the evolution of these industries. One single extract can be used for various applications when used in combination with other extracts or ingredients, for instance, ashwagandha extract is used for arthritis, hiccups, asthma, tuberculosis, insomnia, leukoderma, bronchitis and chronic liver diseases. As a result of this diversity, there is a wide scope of growth for end-user industries. Global medicinal plant extracts market is growing owing to rising demand for herbal medicines and ayurvedic & homeopathic products because of change in consumer behavior thus influencing the growth of this market. However, the market has good penetration across the world. There is no significant threat or challenge to this market.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of plant extract.
Market Segmentation
The broad plant extract market has been sub-grouped into type, forms and end-use. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Type
- Herbal Extracts
- Phytochemicals
- Spices
- Essential Oils And Natural Extracts
- Flavors And Fragrances
- Others
By Form
By End-Use
- Pharmaceuticals
- Cosmetics
- Functional Food And Beverages
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for plant extract in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Plant Extract Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the plant extract market includes Alkaloids Corp., Berrypharma AG, Indena, Ingredia Nutritional, Organic Herb Inc., Plant Extracts International Inc., Phytovation Ltd., Prinova Group, Naturex, Sigma-Aldrich Co. LLC, QUALIPHAR, Kuber Impex Ltd., Kangcare Bioindustry Co. Ltd., Nantong Sihai Plant Extracts Co., Ltd., Lehmann & Voss & Co. Kg and Linnea S.A. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
METHODOLOGY:
A combination of primary and secondary research has been used to determine the market estimates and forecasts. Sources used for secondary research include (but not limited to) Paid Data Sources, Company Websites, Technical Journals, Annual Reports, SEC Filings and various other industry publications. Specific details on methodology used for this report can be provided on demand.