Chicago, May 27, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, the "Plant Extracts Market by Type (Phytomedicines & Herbal Extracts, Spices, Essential Oils, Flavors & fragrances), Application (Pharmaceutical & Dietary Supplements, Food & beverages, cosmetics), Sources, and Region - Forecast to 2026", was valued at USD 30.8 billion in 2021 and it is projected to reach USD 55.3 billion by 2026, at a CAGR of 6.0% from 2021 to 2026.
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North America is projected to be the fastest-growing market for plant extracts market, recording a CAGR of 13.8% from 2021 to 2026. The region is one of the major importers of several types of plant extracts due to the continued acceptance of exotic foods and flavors. Antibiotic- and hormone-free ingredients and local and organic consumer goods are expected to gain market share as consumers look for these green and ethical attributes in their nutraceuticals, cosmetics, and food & beverage products.
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The flavors & fragrances segment by type is projected to achieve the fastest growth in the plant extracts market.
The flavors & fragrances are the fastest-growing segment type during the forecast period due to the increase in the demand for high indulgence food items and aromatic cosmetic products. This has triggered manufacturers to develop more natural formulations and brands that have realized consumers are willing to pay a premium if they know flavors are organic and sustainably sourced. With the increase in the trend of the vegan population globally, the demand for flavors extracted exclusively from plants is gaining more market share.
By application, the pharmaceuticals & dietary supplements segment is projected to account for the largest market share in the plant extracts market.
The Pharmaceuticals & dietary supplements segment is projected to dominate the plant extracts market by application. 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 showed to promote positive effects on the target functions beyond basic nutrition.
The fruits, flowers, and bulbs segment by source type is projected to account for the largest market share of the plant extracts market over the forecast period.
The fruits, flowers, and bulbs segment are projected to hold the largest market share during the forecast period. All 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.
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Asia Pacific is projected to be the largest market.
Countries such as China and India rely on traditional medicines that are majorly derived from plant extracts which leads to the considerable market share in the global market. The market for plant extracts in the region is thriving due to strong local and international demand. The region has several small and medium-sized manufacturers of plant extracts that are well-versed with the processing of plant extracts and aware of the benefits offered by them. Manufacturers in Indonesia, India, and Thailand are continuously investing in the market and focusing on innovation to expand their product range.
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