According to the research report the global plant extracts market was estimated at $34.4 billion in 2022 and it is projected to reach $61.5 billion by 2027, growing at a CAGR of 12.3% in terms of value. The use of plant extracts is growing as consumers seek out natural and healthy products, and as new extraction methods are developed, and new plant species are discovered with beneficial properties. The demand for plant extracts is increasing due to their various health benefits, natural origin, and versatility in various applications.
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Domestic and international demand are contributing to the growth of the plant extracts market in Asia Pacific.
In 2021, Asia Pacific dominated the market, and it is expected to continue doing so during the forecast period. As a result of strong local and international demand, the plant extracts market in the region is thriving. There are several small and medium-sized manufacturers of plant extracts in the region who have extensive experience processing plant extracts, as well as being aware of their benefits. Examples include Alchemy Chemicals, Vital Herbs, Sydler, Plantnat. Indonesia, India, and Thailand manufacturers continue to invest in the market and focus on innovation to expand their product range. This is due to the rise in the trade of plant extracts between Asia and international manufacturers of spices and essential oils.
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Recent developments in the global plant extracts market include:
· Rising demand for plant-based and natural products, driven by the growing trend of wellness and health consciousness among consumers.
· Increasing focus on research and development to develop new plant extract-based products with improved functionalities and benefits.· Growing demand for plant extracts in the cosmetic and personal care industry, due to their use as natural ingredients in beauty and skincare products.
· Expansion of the food and beverage industry in emerging markets, driving the demand for plant extracts as natural colorants and flavors.· Growing trend of sustainability and eco-friendliness, leading to the increased demand for biodegradable and compostable plant extract-based products.
production processes that are environmentally friendly and use renewable resources, driving the development of new technologies for plant extract production.
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Asia-Pacific is expected to be the largest market for plant extracts, driven by the increasing demand for natural ingredients in the food and beverage industry and the growing cosmetics and personal care market in the region. North America and Europe are also expected to show significant growth in the market, driven by the increasing demand for plant-based and natural products in the region.