The global herbal extract products market was valued at $27,949.6 million in 2022, and is projected to reach $85,120.9 million by 2032, registering a CAGR of 11.9% from 2023 to 2032.
The global herbal extract products market has experienced growth driven by various factors such as increase in focus on natural and organic solutions across various industries. The herbal extract products market is poised for continued growth, catering to the evolving preferences of consumers seeking sustainable and health-promoting alternatives in their daily lives as industries continue to prioritize eco-friendly and natural solutions.
PORTLAND, Ore., Jan. 10, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Herbal Extract Products Market by Type (Alcohol-Based Extracts, Powder-Based Extracts, Oil-Based Extracts), by Raw Materials (Berries, Bark, Leaves, Roots, Flowers, Fruits, Aromatic Herbs, Other), by End-use Industry (Food and Beverage, Cosmetics and Personal Care, Pharmaceuticals, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global herbal extract products market was valued at $27,949.6 million in 2022, and is projected to reach $85,120.9 million by 2032, registering a CAGR of 11.9% from 2023 to 2032.
Prime determinants of growth
The global herbal extract products market has experienced growth due to several factors such as increased consumer demand for natural remedies and innovations in extraction and manufacturing technologies. However, delayed therapeutic outcomes in the medicinal process hinder the market growth to some extent. Moreover, R&D investments pave the way for innovation and technological advancements in extraction methods, formulation techniques, and quality control processes. This led to the development of more efficient, standardized, and high-quality herbal extract products, ensuring consistency and potency across batches and offering remunerative opportunities for the expansion of the herbal extract products market.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $27,949.6 million |
Market Size in 2032 | $85,120.9 million |
CAGR | 11.9 % |
No. of Pages in Report | 305 |
Segments Covered | Type, raw materials, end-use industry, and region. |
Drivers | Innovations in extraction and manufacturing technologies Increase consumer demand for natural remedies |
Opportunity | Increase investments in R&D activities |
Restraint | Delayed therapeutic outcomes in the medicinal process |
Oil-based extracts segment maintains its dominance by 2032
On the basis of type, the oil-based extracts segment held the highest market share in 2022, accounting for almost half of the global herbal extract products market revenue and is estimated to maintain its leadership status during the forecast period. The health and wellness sector offers substantial opportunities for oil-based extracts, especially in dietary supplements, herbal remedies, and natural medicine. The incorporation of natural flavors and functional ingredients from oil-based extracts in food & beverage products aligns with the growth in the trend of healthy and functional consumption. In addition, the rise in demand for natural and organic ingredients in cosmetics & personal care products presents a significant opportunity for oil-based extracts during the forecast period.
The leaves segment is expected to lead the trail by 2032
On the basis of raw materials, the leaves segment held the highest market share in 2022, accounting for more than one-fourth of the global herbal extract products market revenue and is estimated to dominate during the forecast period. Consumers have increasingly sought products made from organically grown leaves, free from pesticides and synthetic chemicals. This trend aligns with a broader movement towards clean-label and natural products, emphasizing transparency in sourcing and production methods. Companies have responded by prioritizing sustainable farming practices and obtaining certifications to cater to this growth in consumer segment. Furthermore, there is a noticeable surge in R&D, focusing on identifying and isolating specific bioactive compounds within leaves. All these factors are anticipated to offer new growth opportunities for the leaves extract products during the forecast period.
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The food and beverage segment is anticipated to maintain its dominance by 2032
On the basis of end-use industry, the food and beverage segment held the highest market share in 2022, accounting for more than two-fifths of the global herbal extract products market revenue and is estimated to dominate during the forecast period. The versatility of herbal extracts allows for versatile formulations, enabling food & beverage manufacturers to create unique and customizable products. Extracts are blended, concentrated, or used individually to impart specific flavors or functional properties, fostering innovation and product differentiation. In addition, bartenders and mixologists experiment with herbal extracts to concoct unique cocktails and mocktails, tapping into growth in interest of consumers in novel drinking experiences.
Asia-Pacific is expected to grow faster during the forecast period
On the basis of region, Asia-Pacific held the highest market share and fastest growing region in terms of revenue in 2022 representing 13.1% of the CAGR, accounting for more than one-third of the global herbal extract products market revenue and is estimated to maintain its leadership status throughout the forecast period. The proliferation of e-commerce and digital platforms in the Asia-Pacific region provides a vast opportunity for herbal extract products to reach a broader audience. In addition, advances in extraction techniques and technology have enhanced the potency and purity of herbal extracts. These innovations enable the production of higher quality and more potent extracts, meeting the demands for efficacy and standardization in the market. All these factors are anticipated to offer new growth opportunities for herbal extract products in Asia-Pacific during the forecast period.
Leading Market Players: -
- BIO-BOTANICA
- DKSH HOLDING LTD.
- HUNAN NUTRAMAX INC.
- MANE KANCOR INGREDIENTS PRIVATE LIMITED
- MARTIN BAUER
- NEXIRA
- ORGANIC HERB INC.
- OZONE NATURALS
- SABINSA
- VIDYA HERBS PVT. LTD.
The report provides a detailed analysis of these key players in the global herbal extract products market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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