Burlingame, Nov. 13, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, Plant Extracts Market size was valued at US$ 44.35 Billion in 2021 and is expected to surpass US$ 61.27 Billion by 2030 and is anticipated to witness a compound annual growth rate (CAGR) of 12.8% from 2023 to 2030. Plant extracts have gained significant attention for their diverse range of chemical compositions, including starches, resin alcohols, hydrocarbon resins, phlegmatics, gums, carotenoids, and quinones. These extracts, obtained by treating plant tissues with solvents, offer numerous functionalities that make them valuable in skincare and medicine.
Growing trend of natural ingredients in cosmetic products is expected to uplift the market growth. For instance, in February 2022, Arbro Pharmaceuticals has launched its cosmetic and nutraceutical line, Ningen.shop, offering a range of products containing flower, fruit, and plant extracts. There products incorporate the incredible healing and rejuvenating properties of flora like Chamomile, Petunia, Arnica, Gardenia, and more, making them a Flower Expert.
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Market Drivers:
Rising demand for plant extracts from pharmaceuticals, food and beverages, and cosmetics industries is expected to propel market growth. These extracts are used as flavors and colorants to increase the nutritional content. Moreover, growing demand for functional foods and beverages are again expected to foster market growth. Additionally, increasing demand for plant extracts in cosmetic industry in perfumes and skin care products is further projected to foster market growth.
Key players in the market are involved in research and development activities in order to explore the properties of plant extracts. For instance, in June 2023, A University of California, Irvine-led team of researchers have discovered that extracts from plants used by the Kwakwaka’wakw First Nations peoples in their traditional botanical medicine practices are able to rescue the function of ion channel proteins carrying mutations that cause human Episodic Ataxia.
Market Opportunities:
Key players in the market are entering into merger and acquisition for geographical expansion. This is expected to bring lucrative market growth opportunities. For instance, in May 2021, Synergy Flavors Inc. acquired Innova Flavors, a supplier of savory flavors and ingredients. The acquisition expands Synergy’s savory capabilities and will support upcoming new product development in meat alternatives, plants extracts sauces, side dishes and snacks.
Key Developments:
In August 2023, GNT launched Shade Vivid Orange – OS, the first 100% oil-soluble, plant-based color made from non-GMO paprika in the EXBERRY portfolio. This breakthrough product is a versatile and vibrant orange shade that can replace paprika oleoresin and artificial colors in a wide range of applications, including fat-based sweet and savory products.
In August 2021, Layn Natural Ingredients continues its expansion in botanicals with a boost to its portfolio of Non-GMO Project Verified botanical extracts. The range focuses on polyphenol-rich botanical extracts that offer high functional benefits in food and beverage and sports nutrition, as well as the dietary supplement sector.
Market Restrain:
Limited availability of raw materials to hamper market growth
Due to deforestration and species extinction there is limited availability of raw materials. This is leading to the gap is production of plant extracts, thereby hampering market growth.
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Key Market Takeaways:
Global plant extracts market is expected to exhibit a CAGR of 12.8% during the forecast period, owing to growing demand for natural ingredients in food and beverages, cosmetics, and pharmaceuticals products. Also, growing importance of natural ingredients is further expected to foster market growth.
On the basis of Product Type, essential oils segment is expected to hold a dominant position, owing to the fact that they have wide use in various end user industries like pharmaceutical, cosmetics, etc.
On the basis of Form, liquid segment is expected to hold a dominant position, as they are easy to use and are widely used.
On the basis of Distribution Channel, food and beverage segment is expected to hold a dominant position, owing to the growing use of plant extracts in colorants and flavours.
On the basis of region, Europe is expected to hold a dominant position over the forecast period, due to growing demand for herbal medicine coupled with the growing importance of natural ingredients in the region. According to the Centre for the Promotion of Imports, around 700 plant-based medicines are available in Germany, which are manufactured by companies such as Heinrich Klenk and Schaper & Brümmer among others and are prescribed by 70% of the physicians in the country.
Key players operating in the global plant extracts market include Symrise AG, Sensient Technologies Corporation, International Flavors & Fragrance Inc., Givaudan, Synergy Flavors, Synthite Industries Private LTD, PT Indesso Aroma, Vidya Herbs Private Ltd., Nutra Green Biotechnology Co. Ltd, Kalsec Inc., Indena S.p.A., Naturex Inc., V. Mane Fils SA, Kalsec, Inc., Döhler GmbH
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Detailed Segmentation:
- Global Plant Extracts Market, By Product Type:
- Spices
- Essential Oils
- Phytochemicals
- Phytomedicines
- Others
- Global Plant Extracts Market, By Form:
- Dry
- Liquid
- Global Plant Extracts Market, By Distribution Channel:
- Pharmaceuticals
- Food and Beverages
- Personal Care
- Others
- Global Plant Extracts Market, By Region:
- North America
- By Product Type :
- Spices
- Essential Oils
- Phytochemicals
- Phytomedicines
- Others
- By Form
- Dry
- Liquid
- By Distribution Channel:
- Pharmaceuticals
- Food and Beverages
- Personal Care
- Others
- By Country:
- U.S
- Canada
- By Product Type :
- North America
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