BANGALORE, India, Feb. 3, 2022 /PRNewswire/ -- Plant Extracts Market By Type - Non-Standardized Extracts, Standardized Extracts, Market By Application - Medicine, Food, Cosmetic, Others. Global Opportunity Analysis and Industry Forecast 2022 - 2028. It is published in Valuates Reports under the Food & Drink Category.
Plant Extracts market size is estimated to be worth USD 17790 million in 2022 and is forecast to be a readjusted size of USD 31170 million by 2028 with a CAGR of 9.8% during the review period.
Major Factors Driving The Growth Of The Plant Extract Market Are
The plant extract market is being driven by an increase in the number of health-conscious people, growing awareness of the therapeutic properties, and rise in the vegan trend.
Furthermore, FDA bans on synthetic coloring and government investment in R&D to raise consumer awareness about the benefits of natural ingredients and extracts are expected to increase the growth of the plant extract market.
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TRENDS INFLUENCING THE GROWTH OF THE PLANT EXTRACT MARKET
Plant extracts are being used in a variety of end-user industrial applications as a result of rising health awareness, the prevalence of chronic diseases, and the need for nutritional enhancements among consumers. The demand for cosmetics containing plant-derived ingredients is also high, as these ingredients add value to the product due to their skin-health benefits. Plant extracts are also used as key ingredients in food and beverage products and dietary supplements due to their health and nutritional benefits, which address nutritional deficiencies, provide essential nutrients to the body, and boost consumers' immunity and overall well-being. The plant extracts market is expected to grow at a rapid pace during the forecast period, owing to its expanding applications across industries.
The increasing vegan population is expected to drive the growth of the plant extract market. With changing consumer perceptions of plant-based foods, some of the world's most well-known food and beverage companies are considering incorporating plant ingredients into their flagship products. As a result, there is an increase in demand for plant extract products among manufacturers.
As a result of the negative side effects of synthetic flavors, demand for natural flavors grew, propelling the plant extract market forward. Food additives are receiving more attention these days, owing to growing concerns about their safety and potential health risks. The negative effects of consuming food and beverages containing synthetic ingredients are becoming more widely recognized. The FDA recommends using the naturally extracted counterparts of the banned flavors because they are a safer alternative.
Governments from various countries have begun to take initiatives and invest in R&D to raise consumer awareness about the benefits of natural ingredients and extracts. Several companies are also investing in research and development in order to innovate and develop new herbs and spices to meet consumer demand. Consumer demand for new plant-based flavors and fragrances has created new opportunities for plant extract manufacturers.
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PLANT EXTRACTS MARKET SHARE ANALYSIS
During the forecast period, the plant extracts market in North America is expected to be the most lucrative segment. This is due to the increase in the number of health-conscious populations. North American countries such as the United States are among the leading importers of plant extracts from Asian countries such as China and India.
Meanwhile, the Asia Pacific industry is also expected to see strong growth, thanks to rising demand for organic products and increased awareness of the importance of living a healthy lifestyle.
Pharmaceuticals and dietary supplements are expected to be the most lucrative segment, followed by food and beverages. The surge in the consumption of dietary supplement products, particularly those made from plant ingredients, has been a major driver of the industry's growth.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Plant Extracts Market by Companies
- Indena
- Network
- Schwabe
- Aovca (Pharahchem)
- Naturex
- Ipsen
- Provital Group
- Bioforce
- Euromed
- Sabinsa
- Tsumura&Co
- Chenguang Biotech
- Rainbow
- BGG
- Organic Herb
- Conba Group
- Gaoke Group
- JiaHerb
- Green-Health
- Lgberry
- Layn
- Novanat
- LIWAH
- Wagott Bio-Tech
- Active Ingredients
- Natural Remedies
- Bioprex Labs
- Arjuna Natural
- Alchem
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SIMILAR REPORTS
- The global Plant Extraction Equipment market was valued at USD 2344.8 million in 2020 and it is expected to reach USD 3872.5 million by the end of 2027, growing at a CAGR of 7.5% during 2021-2027.
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