Global Plant Extracts Market Growing Strength to Strength. Projected to grow at a CAGR of 11.7% in the Forecast Period
Published | 12 November 2021
The global plant extracts market is growing at a high CAGR due to the increasing preference of herbal phytomedicines over allopathic remedies. Additionally, changing lifestyle patterns, increasing stress, and chronic diseases are driving the demand for herbal supplements, thereby favoring the growth of the market…
A recent study, conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global plant extracts market was worth USD 29.2 billion in 2020. The market is thriving and is estimated to grow at a CAGR of 11.7%, earning revenue of around USD 60.1 billion by the end of 2027. The global plant extracts market is gaining pace due to a growing preference for herbal phytomedicines over allopathic medications. Moreover, changing lifestyle patterns, increased stress, and chronic diseases are driving demand for herbal supplements, thereby propelling the market forward. Furthermore, rising technological advancement in extraction processes, reduction in time for processing, rising competition in terms of quality is anticipated to boost the market demand for plant extracts during the forecast period. However, high volatility in the supply of raw materials, along with fluctuating prices may act as a major hindrance for the market’s growth.
Therapeutic Benefits of Plant Extracts Projected To Drive The Plant Extracts Market Worldwide
Plant extracts are prominently used in the pharmaceutical industry because of their health benefits. Many types of plants and their parts are used for different purposes. For example, olive leaf extract contains oleuropein, which has antibacterial, anti-inflammatory, and antioxidant properties. These extracts can be effectively used against influenza viruses and certain bacteria. Moreover, plant extracts are being used in food supplements to cover the nutritional needs of people, which is expected to boost the global plant extracts market growth in the forecast period.
Growing Demand For Plant Extracts in the Food & Beverage Industry
The flourishing food & beverage industry is emerging as one of the major driving factors for the growth of the global plant extracts market. Natural flavoring, colorants, antioxidants, and enriched foods enriched with natural plant actives are among the popular uses of plant extracts in the food and beverage industry. With the increasing demand for natural products, the players in the food & beverage industry are constantly expanding their production capacity to meet the growing demand, propelling the overall market growth.
Global Plant Extracts Market - By Source
Based on sources, the global plant extracts market is segmented into leaves & herbs, fruits, flowers, and bulbs, rhizomes & roots, barks & stems, and others. The leaves & herbs segment accounts for the largest market share. Herbal medicine's growing popularity coupled with the rising side effects of OTC drugs are the main factors driving the demand for herbs and leaves. In addition, herbs and leaves have other advantages, such as antioxidant and antimicrobial properties, which make them attractive to consumers.
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Global Plant Extracts Market - Regional Insights
Geographically, the global plant extracts market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. North America accounts for the largest share in the global plant extracts market. Following North America, Europe is expected to witness substantial growth during the forecast period due to the increasing demand for essential oil and natural herbal extracts. Furthermore, the availability of aromatic medicinal plants, coupled with the thriving food & beverage industry is anticipated to drive the demand for plant extracts in European countries during the forecast period. Moreover, emerging economies, such as China and India, are also creating a positive impact on the growth of the plant extract market with rising demand for Chinese plant extract, and technological advancement, coupled with rich medicinal plant heritage.
Impact of COVID-19 on Global Plant Extracts Market
The global plant extracts market witnessed tremendous growth after the COVID-19 pandemic. The rising demand for plant extracts around the world is associated with its health benefits and therefore, is being prominently used as an immunity booster against the coronavirus fight. However, the restrictions on mobility and supply chains did hamper the market growth. Moreover, the cultivation of plant extracts is limited to certain regions only. Therefore, increasing demand and supply chain disruptions caused by the lockdown during the COVID-19 period may create a demand and supply gap, impacting the growth of the global plant extracts market.
The leading players in the global plant extracts market are Givaudan, International Flavors & Fragrances, Inc., Sensient Technologies, Symrise AG, Döhler, Synthite Industries Private Ltd., PT. Indesso Aroma, PT. Haldin Pacific Semesta, Vidya Herbs Private Limited, Arjuna Natural Extracts Ltd., Martin Bauer Group, Kangcare Bioindustry Co. Ltd., Prinova Group LLC, Ransom Natural Ltd, Blue Sky Botanic Ltd., Shaanxi Jiahe Phytochem Co. Ltd., Kalsec Inc., Native Extract Pty Ltd., Nutra Green Biotechnology Co. Ltd., and other prominent players.
The market is highly fragmented due to the presence of numerous industry participants. The market players offer a variety of products to lure end-users and gain a competitive edge. Additionally, they invest extensively in research and development activities to launch new products.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global plant extracts market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global plant extracts market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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