CHICAGO, May 13, 2021 /PRNewswire/ -- According to the new market research report "Plant Extracts Market by Type (Phytomedicines & Herbal Extracts, Spices, Essential Oils, Flavors & fragrances), Application (Pharmaceutical & Dietary Supplements, Food & beverages, cosmetics), Sources and Region - Forecast to 2026", published by MarketsandMarkets™, the global Plant Extracts Market is projected to grow from USD 30.8 billion in 2021 to USD 55.3 billion by 2026, at a CAGR of 6.0% from 2021 to 2026.
With the growing health awareness, the increasing prevalence of chronic diseases, and the need for nutrition enhancements among consumers, plant extracts find applications in various end-user industrial applications. The demand for cosmetics products made of plant-derived ingredients also remains high as these ingredients enhance the product value due to their health benefits for the skin. Various types of plant extracts are also used as key ingredients in food & beverage products and dietary supplements due to their health and nutritional benefits, which cater to nutritional deficiencies, provide required nutrients in the body and boost the immunity and overall well-being of consumers. Owing to its increasing applications across industries, the growth of the plant extracts market is projected to remain high during the forecast period.
Phytomedicines and herbal extracts, by type, is estimated to hold the largest market share during the forecast period
Among product types, phytomedicine and herbal extracts account for the largest share in the global market. The large-scale application of the product as a key ingredient to different types of functional and fortified food products that have been gaining higher-level demand and popularity among the target consumers drive the growth of the segment in terms of value sales. Phytomedicines are herbal medicines with therapeutic and healing properties. These plant-derived drugs express a vast array of biological activities; hence, they have been practiced worldwide since ancient times for the prevention and treatment of diseases. Popular sources of these phytomedicines include garlic, curcumin, garcinia, tea tree, and basil. Herbal extracts are liquid solutions of herbs. Herbal extracts are primarily added to cosmetic formulations due to several associated properties such as antioxidant, anti-inflammatory, antiseptic, and antimicrobial properties.
Pharmaceuticals & dietary supplements, by application, is estimated to hold the largest share in the plants extracts market during the forecast period
Among applications, the pharmaceuticals & dietary supplements segment accounts for a largest market share, followed by the food & beverages segment. The surge in the consumption rate of dietary supplement products, specifically processed from plant ingredients has been the key factor that drives the growth of the segment in terms of value sales. The culmination of factors, such as the rise in the awareness of the ill-effects of heavy doses of allopathic medicine, an increase in instances of antibiotic allergies among people, and the growth in the vegan population, drive the Pharmaceuticals and dietary supplement segment growth in terms of value sales.
Fruits, flowers, and bulbs, by source, is estimated to account for the largest market share during the forecast period
The fruits, flowers and bulbs segment dominated the plant extracts market in 2020. The consumption of fruit, flower, and bulb extracts has been linked with several health benefits, a result of their medicinal properties and high nutritional value. Various citrus fruits are associated with antimicrobial and anticancer properties, which are crucial for Essential Oils, phytomedicines, and several herbal extracts. With the growing demand for plant-based products in pharmaceuticals, dietary supplements, and cosmetic industries, the demand for fruit extracts and flower and bulb extracts has been growing significantly. Such demand for plant-based end products is driving the market in the fruits, flowers, and bulbs segment.
Asia Pacific is estimated to hold the largest market share during the forecast period
The Asia Pacific market accounted for the largest share in 2020. This dominance is attributed to factors such as a surge in the consumption rate of vegan food & beverage products, the rise in the demand for functional food products, and the increase in awareness related to the health benefits associated with the consumption of clean-label food products among consumers. Furthermore, the region has several small and medium-sized manufacturers of plant extracts that are well-versed with the processing of plant extracts and aware of the benefits offered by them. Manufacturers in Indonesia, India, and Thailand are continuously investing in the market and focusing 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 plant extract-based products.
This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the plant extracts market. It consists of the profiles of leading companies such as the major plant extract manufacturers include Givaudan (Switzerland), Sensient Technologies Corporation (US), International Flavors & Fragrances, Inc (US), Kangcare Bioindustry Co., Ltd. (China), Synthite Industries Private Ltd. (India), and PT. Indesso Aroma (Indonesia).
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