South & Central America Plant Extracts Market expected to reach US$ 5.52 Billion by 2031

PRESS RELEASE BY The Insight Partners 27 May 2024

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Growing Applications of Plant Extracts in Various Industries to Fuel South & Central America Plant Extracts Market Growth During 2023–2031

According to our latest market study on “South & Central America Plant Extracts Market Forecast to 2031 – Country Share, Trend, and Growth Opportunity Analysis – by Form, Source, and Application,” the South & Central America plant extracts market size is projected to reach US$ 5.52 billion by 2031 from US$ 2.93 billion in 2023. The market is expected to register a CAGR of 8.2% from 2023 to 2031. The report includes growth prospects owing to the current South & Central America plant extracts market trends and their foreseeable impact during the forecast period.    

Plant extracts are used as natural flavorings, colorants, and preservatives in food and beverage products. Consumers increasingly seek clean-label products, driving the demand for natural ingredients such as plant extracts in food products. Also, there is an increasing demand for various herbal and botanical extracts in the beverage industry. South & Central America boasts diverse botanicals enriched with unique flavors and properties, making them a popular category among food and beverage manufacturers with an aim to create a different product line in the market.

South & Central America Plant Extracts Market – by Region

South & Central America Plant Extracts Market – by Region

South & Central America Plant Extracts Market Share by 2031

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South & Central America Plant Extracts Market Size and Forecast (2021-2031), Country Share, Trend, and Growth Opportunity Analysis Report Coverage: By Form (Powder, Liquid, and Paste), Source (Fruits and Vegetables, Herbs and Spices, Flowers, and Others), Application (Food & Beverages, Pharmaceuticals & Nutraceuticals, Personal Care, and Others), and Country

Plant extracts are valued for their medicinal properties and health benefits in the pharmaceutical and nutraceutical industries. South & Central America are home to maca, maqui berry, acerola berry, camu camu, and numerous plants with traditional medicinal uses. These botanicals are rich in bioactive compounds such as antioxidants, vitamins, and minerals, making them popular ingredients in dietary supplements, herbal remedies, and functional foods. Maqui berry extracts are witnessing strong demand in pharmaceutical and nutraceutical products due to the high antioxidant content in these extracts. Maqui berries are the richest sources of anthocyanins with 25% of cyanidins and 75% of delphinidin composition. They comprise the highest delphinidin content among all the berries, including acai berries, bilberry, blueberries, and concord grapes. Delphinidin is extensively researched for its beneficial health effects, one of which is reducing postprandial blood glucose increase in individuals with impaired glucose regulation. Thus, pharmaceutical and nutraceutical manufacturers are incorporating maqui berry extracts in supplements that help regulate diabetes.

Plant extracts are also utilized in the animal feed industry to improve the health and performance of livestock and pets. The demand for natural and organic animal feed ingredients is driven by the need for sustainable and nutritionally dense feed options. Thus, the wide range of applications of plant extracts across various end-use industries drives the South & Central America plant extracts market.

Stringent regulations governing the use of plant extracts in food and beverages, nutricosmetics, and nutritional supplements in South & Central America impose a barrier to regional market players. In many countries across the region, plant extracts are used in manufacturing traditional medicines. As per the Food and Drug Administration, proper attention and safety management techniques are necessary to prevent the usage of potentially harmful herbs. For instance, plant extracts must be processed to normalize the toxicity or reduce the adverse effects before use. Manufacturers must use methods under stringent control and supervision by experienced and trained staff members. When accidents involving these risky herbal treatments result in poisoning, appropriate medical care should be carried out immediately. However, a lack of standardization leads to these regulatory issues. Thus, regulatory complexities associated with the manufacturing and use of plant extracts hamper the South & Central America plant extracts market growth.

Plant extracts made from herbs and spices are gaining popularity due to rising awareness about their health benefits and their distinctive flavor and aroma. Typical herbs and spice extracts in South & Central America include chili extracts, cayenne pepper extracts, cinnamon extracts, garlic extracts, and vanilla extracts, among others. Vanilla extracts are the most popular extracts used in a variety of food and beverages, personal care products, and nutraceuticals. Vanilla is cultivated in Ecuador, Brazil, and Peru. In Brazil, vanilla is majorly grown in Bahia. Brazil has unique varieties of vanilla, including Cribbiana, and Pompona. Ecuador is also one of the significant producers of vanilla in South & Central America. Major vanilla-producing areas in Ecuador are Esmeraldas and Manabí. Overall, the unique vanilla varieties cultivated in South & Central America are witnessing strong demand in the global market, due to which the region is expanding its vanilla cultivation in recent years. Further, people are gaining interest in Ayurvedic products for skin, hair, and nail health. Therefore, the use of herbs and spice extracts in various industries is surging the segment growth.   

Grupo Natac SLU, Martin Bauer GmbH & Co KG, Archer-Daniels-Midland Co, Kemin Industries Inc, Ingredion Inc, Kerry Group Plc, International Flavors & Fragrances Inc, Dohler GmbH, Symrise AG, and Givaudan SA are among the major players operating in the South & Central America plant extracts market. Market players focus on developing high-quality products to fulfill the varied requirements of end users. Moreover, the key players are constantly adopting strategic development initiatives such as product development, collaborations, and partnerships to expand their market presence and have a significant place in the South & Central America plant extracts market share.

The geographic scope of the South & Central America plant extracts market report entails Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Costa Rica, and the Rest of South & Central America. In South & Central America, Argentina is expected to register the highest CAGR in the market during the forecast period. Moreover, Brazil accounted for a significant South & Central America plant extracts market share in 2023. Plant extracts are increasingly used in the pharmaceutical industry in Argentina due to the rising importance of herbal medicines. The pharmaceutical industry in the country is technologically modern and aims to provide an adequate supply of medicines at affordable prices with international standards. According to the Industrial Chamber Of Argentine Pharmaceutical Laboratories report, the pharmaceutical market in Argentina accounted for US$ 4.74 billion in 2020. The well-established pharmaceutical industry in Argentina and preference for herbal medicines among the population of all age groups is driving the plant extracts market in the country. Moreover, the steady growth of the cosmetic industry is also contributing to the expansion of the plant extracts market in Argentina.  

South & Central America Plant Extracts Market Report Segmentation:

The South & Central America plant extracts market analysis is carried out by considering the following segments: form, source, and application. By form, the market is segmented into powder, liquid, and paste. The South & Central America plant extracts market, by source, is segmented into fruits and vegetables, herbs and spices, flowers, and others. In terms of application, the market is categorized into food & beverages, pharmaceuticals & nutraceuticals, personal care, and others. 

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