Plant Extracts Market worth $61.5 billion by 2027 – Exclusive Report by MarketsandMarkets™
The global plant extracts market size is estimated to be valued at USD 34.4 billion in 2022 and is projected to reach USD 61.5 billion by 2027, recording a CAGR of 12.3% in terms of value. With the surge in demand for natural ingredients and natural products due to the rise in awareness related to better dietary choices, the growth of the aging population, the increase in the trend of a healthy lifestyle, and the growth in incidences of chronic diseases, resulted in many manufacturers investing in R&D and producing various innovative extracts, which contribute to the nutritional health of consumers. However, consumer skepticism associated with the adoption of several plant extracts in different applications and inadequate supply of raw materials, and price fluctuation could hinder the market growth to a certain extent during the forecast period.
The Asia-Pacific region is the fastest growing market for plant extracts. This is due to several factors, including:
· The increasing demand for natural and herbal products in the region
· The growing middle class in Asia-Pacific is driving demand for premium products.
The presence of many traditional herbal medicine practitioners in the region
· The increasing investment in research and development of plant extracts in Asia-Pacific
According to a report by MarketsandMarkets, the Asia-Pacific plant extracts market is expected to grow at a CAGR of 9.2% from 2022 to 2030. The report also states that the region is expected to account for 31.64% of the global market share by 2030.
Some of the key countries in the Asia-Pacific plant extracts market include China, India, Japan, and South Korea. These countries have a long history of using herbal products and are home to many traditional herbal medicine practitioners. In addition, these countries are also investing heavily in research and development of plant extracts.
The growing demand for plant extracts in the Asia-Pacific region is creating opportunities for companies that are involved in the production and distribution of these products. Companies that can tap into this growing market can expect to see significant growth in the coming years.
Here are some of the key drivers of the plant extracts market in Asia-Pacific:
· Increasing demand for natural and herbal products: There is a growing awareness among consumers in Asia-Pacific about the benefits of natural and herbal products. This is driving demand for plant extracts, which are often used in these products.
· Growing middle class: The growing middle class in Asia-Pacific is driving demand for premium products, including those containing plant extracts.
· Presence of a large number of traditional herbal medicine practitioners: There is a large number of traditional herbal medicine practitioners in Asia-Pacific. These practitioners use plant extracts in their treatments, which is driving demand for these products.
· Increasing investment in research and development: There is increasing investment in research and development of plant extracts in Asia-Pacific. This is leading to the development of new and innovative plant extracts, which is driving demand for these products.
Top Companies in Plant Extracts Market
The key players in this market include International Flavors & Fragrances Inc. (US), Givaudan (Switzerland), Symrise (Germany), Kerry Group Plc (Ireland), ADM (US), and Synthite Industries Ltd (India), Kalsec Inc. (US), Kangcare bioindustry co. ltd. (China), Carbery Group (Ireland), DSM (Netherlands), Döhler (Germany), Synthite Industries Ltd (India), Indesso (Indonesia), and Vidya Herbs (India).
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Increased use in pharmaceutical & dietary supplements could help propel the market for dry extracts
Powder extracts are standardized and tested to ensure a certain percentage of ’active’ ingredient content. The standardized extract is spray dried to form a consistent powder after being extracted with ethanol and water. Spray dried powders are stable and do not require any special storage conditions. A cool, dry location away from heat, sunlight, and moisture is adequate. Aside from the storage condition dry extracts have numerous advantages, including less storage space, stability, and ease of standardization for plant active ingredients. These dry extracts are used in a variety of applications, like in food and beverage industries use these extracts to improve the functionality of their products and as additives, flavoring, and coloring agents. Because of the growing popularity of clean labels and chemical-free products, the use has increased dramatically in recent years, particularly in developed countries.
Dry extract is also used in the manufacturing of pharmaceuticals and dietary supplements. For thousands of years, medicinal plants have provided therapeutic agents and continue to be a great source of novel pharmaceutical products. Furthermore, because of an aging population, increasing interest of consumers in natural ingredients and increased consumer awareness about general health, demand for medicinal plant products is increasing in both developing and developed countries. Yerba mate, catuaba, and muirapuama are some of the popular choices in the medicinal plant category. Despite this, there is widespread concern about the safety, efficacy, and quality of herbal medicines. Dietary supplements with additional health benefits remain popular in developed countries and increased disposable income, active lifestyle, and increased globalization is expected to drive the market in developing countries.
