Pune, India, Oct. 26, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Plant Extracts Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Form, Source, Application, and Geography,” the plant extracts market is expected to grow from $ 29.24 billion in 2021 to $47.42 billion by 2028; it is estimated to grow at a CAGR of 7.3% from 2022 to 2028.
Kerry Group Plc; Givaudan S.A.; Symrise; Indesso; Ingredion Inc.; Sensient Technologies Corporation; Synergy Flavours; Dohler; International Flavors and Fragrances Inc.; and Kemin Industries, Inc. are a few leading companies in the global plant extracts market. These players are focused on developing innovative products to meet the changing requirements of consumers. For instance, in may 2022, Symrise has announced launch of new product range of aronia (Aronia melanocarpa) health actives, containing extract (patent application filed) and aronia juice powder, both standardized in polyphenols and anthocyanins.
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Plant extracts is a substance or certain components with beneficial properties that is extracted from the tissues of a plant typically treated with solvent to be used for a specific purpose. The extracted content may be in solid or liquid form and treated with fluid solvent. Plant extracts play a significant role in preventive healthcare as they prevent the occurrence of diseases by strengthening the immune system. Thus, rising awareness regarding preventive healthcare is expected to boost the demand for plant extracts during the forecast period.
The plant extracts market is segmented into form, source, and application. Based on form, the market is segmented into powder, liquid, and paste. Based on source, the market is segmented into fruits & vegetables, herbs & spices, flowers, others. Based on application, the plant extracts market is segmented into food & beverages, pharmaceuticals & nutraceuticals, personal care, and others. By geography, the market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).
Based on application, the plant extracts market is segmented into food & beverages, pharmaceuticals & nutraceuticals, personal care, and others. The food & beverages segment held a significant market share in 2021. However, the personal care segment is projected to register the highest CAGR during the forecast period. The rising utilization of botanical ingredients in the personal care industry is projected to drive the market growth for the segment during the forecast period. Further, in recent years, with increasing health concerns about synthetic fragrances, the preference is shifting toward natural perfumes as many consumers seek safe and natural ingredients in their perfumes. Mild flavors and easy handling properties of plant extracts have led to its use as a carrier and stabilizer of aromas and perfumery products. Arnica oil, calendula infused oil, rosebud extracts, and other types of essential oils are widely used natural ingredients in the natural fragrance industry.
Based on geography, the plant extracts market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific accounted for the largest share of the market during forecast period. The market growth is attributed to the increasing demand for natural ingredients, especially spices and herbs extracts, and growing influence of ‘clean label products’ among the population in the region. The current trend of consumers seeking botanical ingredients in food and beverages is one of the significant factors driving the market in Asia Pacific countries. Moreover, solid marketing strategies with labels, such as vegan food and naturally derived ingredients, encourage consumers to include these products in their diet plan. These factors are expected to boost the growth of the market in the region during the forecast period.
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Impact of COVID-19 Pandemic on Plant Extracts Market
In the initial phase of the COVID-19 pandemic, disruptions in manufacturing, research and development activities, and raw material sourcing operations hampered the growth of the plant extracts market. However, due to the rising focus of consumers on health and wellness, the demand for herbal health and wellness products increased dramatically. This factor is expected to favor the demand for plant extracts globally over the forecast period.
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