Plant Extracts Market to be Valued at USD 53,694.4 Million by 2028 at 5.57% CAGR - Report by Market Research Future (MRFR)

Plant Extracts Market Information by Source (Fruits, Leaves, Rhizomes & Roots, Flowers & Bulbs, Barks & Stems), By Application (Food & Beverages, Personal Care, Pharmaceuticals & Dietary Supplements, and Others), By Type (Essential Oils, Spices, Phytomedicines & Herbal Extracts, Flavors & Fragrances), and by Region (Europe, Asia-Pacific, North America, South America, and the Middle East & Africa)—Forecast till 2028

New York, USA , May 02, 2022 (GLOBE NEWSWIRE) -- Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Plant Extracts Market Information by Source, Application, Type, and Region - Forecast till 2028”, the market is estimated to acquire a size of over USD 53,694.4 million by the end of 2028. The report further predicts the market to thrive at a healthy CAGR of over 5.57% during the review timeframe.

Market Scope:

A plant extract is a substance or active ingredient having desirable properties that has been extracted from plant tissues using a solvent and is intended to be utilized for a specific purpose. Plant extracts come in a variety of forms, such as bulbs, foliage, roots, woods, fruits, and stems. Food and beverage additives, herbal therapies, functional foods, and personal care use aloe vera, herbal extracts, flower, citrus fruit extracts, and other plant extracts. The popularization of plant extracts in personal grooming products is expected to drive growth in the global plant extracts market in the coming years. Plant extracts are becoming more popular among consumers as the demand for dietary supplements grows. The mounting number of health-conscious individuals, as well as vegan lifestyle inclination, are boosting the plant extracts market.

Market Competitive Landscape:

The renowned contenders in the plant extract market are

  • International Flavors & Fragrances Inc (US)
  • Sensient Technologies Corporation (US)
  • Synergy Flavors Inc. (US)
  • Synthite Industries Ltd (India)
  • Döhler Group (Germany)
  • Givaudan SA (Switzerland)
  • Indesso (Indonesia)
  • Vidya Herbs (India)
  • Nutra Green Biotechnology Co., Ltd. (China)
  • Symrise (Germany)

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Market USP Covered:

Market Drivers:

Consumers worldwide are becoming more apprehensive about the effects of chemicals on their health. As a result, the organic food sector is intensifying rapidly around the world. This developing health concern has resulted in a strong desire for items that comprise little or no chemicals. The mounting prevalence of lifestyle problems such as obesity, diabetes, osteoporosis, and cardiovascular disease is found to be related to consumers' health and wellbeing declining due to stresses. This has played a major role in influencing consumer food preferences and their view of natural ingredients. Moreover, consumers are concerned about the influence of chemicals on health and the environment, motivating a trend toward organically grown and processed foods in the upcoming years.

Market Restraints:

The world's consumption of plant extracts is expanding at a rapid pace. There are several plant extracts on the market which are utilized by makers of food and drinks, pharmaceuticals and dietary supplements, and cosmetics, among others to remedy a wide range of ailments. The cultivation of vegetables, herbs, fruits, and spices relies heavily on soil and climatic conditions. Temperature requirements are critical for the best production of fruits, aromatic plants, and tea leaves. As a result, climatic circumstances significantly impact agricultural output, with natural disasters such as landslides, floods, hurricanes, and unfriendly weather conditions harm overall raw material production, which maybe a significant impediment.

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COVID 19 Analysis

The emergence of the worldwide epidemic, COVID-19, led to the triggering of a global disaster. In its due course, the outbreak has affected several countries and has already caused a global economic backlog. The worldwide plant extracts market is being impacted in various ways due to the rapidly increasing cases.  As the world economy grapples with the pandemic crisis, the impact on global plant extract trade and supply chain is expanding as the investment flows dwindle. Strict containment measures enforced by many governments along with precautionary steps to allay the impact of the outbreak have resulted in major transit limitations, causing a global ripple effect in the distribution of the goods. As transportation is critical in any market's supply chain, because it is in charge for delivering raw materials to producers and then distributing the finished product from producers to the retail market.

Market Segmentation

By Source

The leaves section is expected to have the greatest CAGR of 5.77 percent in the forecast period.

By Application

Pharmaceuticals and dietary supplements have the greatest market share of 36.28 percent and are predicted to flourish swell up at a CAGR of 5.36 percent in the projection period.

By Type

The phytomedicines & herbal extracts sector held the key market share, while essential oils are predicted to grow at 5.86 percent over the projection period.

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Regional Insights

North America had the highest market share. Europe was the second-largest regional market for the review period. The Asia-Pacific market is foreseen to grow at the fastest rate during the projection period. North America is a necessary location for plant extract manufacturing. Another key portion driving market expansion is product innovation in the food and beverage industry. Consumers are ever more interested in skincare products made with natural components, which has piloted to a rise in plant extracts in brightness and anti-cellulite treatments. Furthermore, improved demand for herbal medicinal items and supplements is anticipated to expand the region's plant extracts market.

The collective use of healthy drinks, which is remarkably high in European countries, is one of the focal elements driving the expansion of plant extracts. Consumers are choosing wholesome and nutritious beverages over calorie-laden soft drinks with little or no functional benefits. Developing public knowledge of health and wellness and shift in choice has given rise to from a bigger emphasis on preventative healthcare. Furthermore, the rocketing price of organic plant extracts is expected to drive market expansion and produce prospects for market contributors in the forecast period.

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