Plant Extracts Market Size, Share | Global Report 2028

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Plant Extracts Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Form (Powder, Liquid, and Paste), Source (Fruits & Vegetables, Herbs & Spices, Flowers, and Others), and Application (Food & Beverages, Pharmaceuticals & Nutraceuticals, Personal Care, and Others)

Publication Month: Jun 2022 | Report Code: TIPRE00017876 | No. of Pages: 165 | Category: Food and Beverages | Status: Published

The plant extracts market is expected to grow from US$ 29,238.91 million in 2021 to US$ 47,421.44 million by 2028; it is expected to grow at a CAGR of 7.3% from 2022 to 2028.

Plant extracts are extracted from plant tissue, usually by treating them with a solvent, including alcohol or water. The extracts are used as ingredients in food and other consumer products for various functions, such as modifying flavor, aroma, and nutritive quality. Plant extracts play a significant role in preventive healthcare as they prevent the occurrence of diseases by strengthening the immune system.

Asia Pacific held the largest plant extracts market share in 2021. The market growth is attributed to the increasing demand for natural ingredients, especially spices and herbs extracts, and growing influence of ‘clean label products’ among the population in the region. The current trend of consumers seeking botanical ingredients in food and beverages is one of the significant factors driving the plant extracts market in Asia Pacific countries. Therefore, the manufacturers of plant extracts are expanding their operations across Asia Pacific. For instance, on November 17th, 2021, International Flavors & Fragrances, Inc. invested US$ 87 million to established flavor manufacturing plant in Karawang, Indonesia. Cargill Incorporated, ADM, and Kerry Group Plc, and International Flavors & Fragrances, Inc. are among the companies actively operating in the region. These factors are projected to fuel the Asia Pacific plant extracts market growth in the coming years.

Strategic Insights

Report Coverage - Plant Extracts Market
Report CoverageDetails
Market Size Value inUS$ 29,238.91 Million in 2021
Market Size Value byUS$ 47,421.44 Million by 2028
Growth rateCAGR of 7.3% from 2022 to 2028
Forecast Period2022-2028
Base Year2021
No. of Pages165
No. of Tables86
No. of Charts & Figures81
Historical data availableYes
Segments coveredForm, Source, and Application
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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Impact of COVID-19 Pandemic on Plant Extracts Market

The COVID-19 pandemic brought unprecedented challenges for many sectors in early 2020. Lockdowns, border restrictions, travel bans, manufacturing discontinuation, and other safety measures rolled out by governments as per the guidelines of the WHO and national health ministries hampered the manufacturing operations. However, the COVID-19 outbreak positively impacted the market as consumers are increasingly seeking natural and safer alternatives to keep themselves healthy and strengthen their immune systems. Moreover, the pandemic has increased research on plant extract applications for pharmaceuticals and immunity-building food or beverages. For instance, in February 2020, The Department of Thai Traditional Medicine and Government Pharmaceutical Organization signed a memorandum of understanding (MoU) to research on medicinal plant Andrographis paniculate extract with an eye to developing a drug to inhibit the COVID-19. Also, the rising number of manufacturers and preference of consumers for consuming herbal products and supplements drive the growth of the plant extracts market.

Plant Extracts Market Breakdown – by Region

Plant Extracts Market Breakdown – by Region

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Market Insights

Rising Demand for Natural Ingredients in Food & Beverages Industry

Herbal and natural products are becoming increasingly popular due to their perceived health benefits. Also, consumers are ready to pay high prices for products free of synthetic ingredients. Moreover, they increasingly prefer food and beverage products free of synthetic flavors, colors, and other food additives. Further, consumers are focusing on holistic and conscious consumption and preferring products with ethically sourced ingredients. The increasing consumer awareness about the adverse health effects of consuming synthetic ingredients driving the demand for natural ingredients in the food & beverage industry. Also, plant extracts are increasingly used as an antioxidant, antimicrobial, and shelf life-extending agents in the industry. All these factors are expected to drive the growth of the plant extracts market during the forecast period.

Form-Based Insights

Based on form, the plant extracts market is segmented into powder, liquid, and paste. The liquid segment is projected to hold the largest share during the forecast period. Liquid extract is the majorly available form of plant extract as it requires less processing than other forms. A few other advantages of liquid extract include fast absorption, flexible blending features, and longer shelf life, which is expected to boost its demand in the coming years.

Plant Extracts Market, by Form – 2021 and 2028

Plant Extracts Market, by Form – 2021 and 2028

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Source-Based Insights

Based on source, the plant extracts market is segmented into fruits & vegetables, herbs & spices, flowers, and others. The herbs and spices segment is projected to hold the largest share during the forecast period. Herbs and spices extracts, including turmeric, cilantro, holy basils, and lavenders, have been used extensively in Ayurveda since long time. Population is showing interest toward using Ayurveda practices for skin, hair, and nails health. Therefore, the rising use of herbs and spice extracts in the cosmetics industry is projected to bolster the market growth for the herbs & spices segment. Also, Kerry Group plc offers extensive product portfolio of vanilla, caffeine, and different teas like herbs & spices to the trending food, pharmaceuticals, and aromatherapy industries to meet consumer demand. This factor boosts the growth of the plant extracts market for the herbs & spices segment.

Application-Based Insights

Based on application, the plant extracts market is segmented into food & beverages, pharmaceuticals & nutraceuticals, personal care, and others. The personal care segment is projected to register the highest CAGR in the market during the forecast period. Plant extracts are widely used in treating dermatological diseases to promote the chronic wounds healing, hasten tissue regeneration, and treat acne vulgaris or plaque psoriasis. The rising utilization of botanical ingredients in the personal care industry is projected to drive the market growth for the segment during the forecast period. Further, in recent years, with increasing health concerns about synthetic fragrances, the preference is shifting toward natural perfumes as many consumers seek safe and natural ingredients in their perfumes.

Sensient Technologies Corporation; Givaudan S.A.; Symrise; Dohler; Indesso; Synergy Flavours; International Flavors and Fragrances Inc.; Kerry Group Plc; Ingredion Inc.; and Kemin Industries, Inc. are among the key players operating in the plant extracts market. These players are engaged in developing products with reduced health risks to meet emerging trends and abide by regulatory frameworks. They are involved in mergers and acquisitions, business expansions, and partnerships to expand their market share.

Report Spotlights

  • Progressive industry trends in the plant extracts market to help players develop effective long-term strategies
  • Business growth strategies adopted to secure growth in developed and developing markets
  • Quantitative analysis of the plant extracts market from 2022 to 2028
  • Estimation of global demand for plant extracts
  • Porter's Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
  • Recent developments to understand the competitive market scenario
  • Market trends and outlook, and factors governing the growth of the plant extracts market
  • Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
  • Size of the plant extracts market at various nodes
  • Detailed overview and segmentation of the market and the plant extract industry dynamics
  • Size of the growth in various regions with promising growth opportunities

Frequently Asked Questions

The major players operating in the global plant extracts market are Sensient Technologies Corporation; Givaudan S.A.; Symrise; Dohler; Indesso; Synergy Flavors; International Flavors & Fragrances, Inc.; Kerry Group Plc; Ingredion, Inc.; and Kemin Industries, Inc.; among others
The increasing demand for botanical extracts and natural additives with clean label claim, as a replacement for synthetic or artificial additives, is expected to provide lucrative growth opportunities to the global plant extracts market over the forecast period.
Based on the application, the food and beverages segment accounted for the largest revenue share. The growing application of botanical and herbal extracts in various food and beverages including bakery products, confectionery, snacks, frozen desserts, dairy products, meat products, among others is driving the segment growth.
Asia Pacific accounted for the largest share of the global plant extracts market due to the increasing demand of botanical, herbal or plant extracts, natural colorants and flavors in food, beverage, perfumery and personal care industries.
Based on source, floral is the fastest-growing segment. The increasing demand of floral extracts in perfumery, cosmetic, and personal care industries is driving the segment’s growth. Moreover, a shift towards floral segment is observed due to customer preferences of mild and sweet tones obtained from floral extract.
Rising demand for plant extracts as natural flavours, colours, preservatives, aroma ingredients and increasing utilization of plant extracts for formulating natural products are some of the key driving factors for the plant extracts market.

The List of Companies - Plant Extracts Market

  1. Sensient Technologies Corporation
  2. Givaudan S.A.
  3. Symrise
  4. Dohler
  5. Indesso
  6. Synergy Flavors
  7. International Flavors & Fragrances, Inc.
  8. Kerry Group Plc
  9. Ingredion Inc.
  10. Kemin Industries, Inc.
  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the global plant extracts market, thereby allowing players to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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