The global plant extracts market is projected to exhibit a CAGR of 5.57% during the forecast period of 2021 to 2028.
the key players in the global plant extracts market: Givaudan SA (Switzerland), International Flavors & Fragrances Inc (US), Symrise (Germany), Sensient Technologies Corporation (US), Synthite Industries Ltd (India), Synergy Flavors Inc. (US), Döhler Group (Germany), Indesso (Indonesia), Vidya Herbs (India), and Nutra Green Biotechnology Co., Ltd. (China).
Market Highlights
The global plant extracts market is projected to be valued at USD 53,694.4 million by 2028, recording a CAGR of 5.57% during the forecast period. The rising demand for dietary supplements, increasing use in personal care products, and growing demand for natural food ingredients are likely to support the growth of the global plant extracts market. The rising demand for natural and organic fragrances and the growing popularity of Ayurveda are expected to create lucrative opportunities during the review period.
Segmental Analysis
The global plant extracts market has been segmented based on type, source, application,and region.
By type, the market has been divided into phytomedicines &herbal extracts, essential oils, spices, and flavors & fragrances. The phytomedicines & herbal extracts segment accounted for the largest market share in 2020, whereas the essential oils segment is expected to record the highest CAGR of 5.86% during the forecast period. Phytomedicines and herbal extracts refer to the use of plants and herbs for the cure and mitigation of human ailments. It can be defined as an herbal medicine with therapeutic and healing properties. These plant-derived drugs express a wide range of biological activities; hence, they have been practiced globally since ancient times to avoid and treat diseases. The demand for such herbs is increasing rapidly due to their widespread applications in food & beverages and pharmaceutical products across the globe.
Based on sources, the global plant extracts market has been classified as fruits, flowers, & bulbs, leaves, rhizomes &roots,and barks &stems. The fruits, flowers, & bulbs accounted for the largest market share in 2020. The fruits, flowers, & bulbs segment has one of the widely used plant extracts worldwide due to the several associated health benefits as a result of their medicinal properties and high nutritional value. For instance, citrus fruits crucial for essential oils, phytomedicines, and herbal extracts, are associated with antimicrobial and anti-cancer properties. With the increasing demand for plant-based products in pharmaceuticals, dietary supplements, and cosmetic industries, the demand for fruits, flowers, and bulbs is expected to grow significantly.
Based on application, the global plant extracts market has been divided into pharmaceuticals & dietary supplements, food & beverages, personal care, and others.The pharmaceuticals & dietary supplements segment accounted for a dominant market share in 2020, while the personal care segment is projected to exhibit the highest CAGR during the forecast period. The pharmaceuticals &dietary supplements accounted for the majority of the market share due to the health benefits associated with consuming several plant extracts used in pharmaceuticals and dietary supplements. They are used in pharmaceuticals and dietary supplements to cure mild digestion problems, nausea, inflammation, and the side effects of chemotherapy. They also help enhance immunity against antihepatotoxicity and gastric ulcers. The growth of the dietary supplements application industry is driving the growth of the segment. The antimicrobial action of plant extracts is yet another factor boosting the use of plant extracts in pharmaceuticals & dietary supplements, as they help restrict the growth of aspergillus, a fungus known to produce aflatoxin, which causes cancer.
Regional Analysis
Geographically, the global plant extracts market has been categorized as North America,Europe, Asia-Pacific,South America, andthe Middle East & Africa.As per CRI analysis, North America constituted a dominant share of the plant extracts market in 2020. The growth of the plant extracts market in North America is anticipated to be driven by the increasing consumption of dietary supplements. The consumption of dietary supplements is increasing at a high pace in North America owing to several factors.In North America, the US is the major contributor to the growth of the plant extracts market.The Asia-Pacific plant extracts market is projected to register the highest CAGR of 5.92% during the forecast period.
Key Findings of the Study:
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- The global plant extracts market is projected to register a growth rate of 5.57%from 2021 to 2028.
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- The phytomedicines & herbal extracts segment is estimated to retain its prominent share till 2028 whereas, the essential oils segment is projected to record a CAGR of 5.86% during the forecast period.
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- The fruits, flowers, & bulbs segment accounted for the largest market share in 2020 and is expected to grow at 5.60% during the forecast period.
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- The pharmaceuticals &dietary supplements segment is estimated to retain its dominant share by2028. In contrast,the personal care segment is estimated to register a growth rate of 5.95%during the forecast period.