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.
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Plant Extracts Market: Strategic Insights
Market Size Value in US$ 29,238.91 Million in 2021 Market Size Value by US$ 47,421.44 Million by 2028 Growth rate CAGR of 7.3% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Plant Extracts Market: Strategic Insights
| Market Size Value in | US$ 29,238.91 Million in 2021 |
| Market Size Value by | US$ 47,421.44 Million by 2028 |
| Growth rate | CAGR of 7.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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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
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Form, Source, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
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
- Sensient Technologies Corporation
- Givaudan S.A.
- Symrise
- Dohler
- Indesso
- Synergy Flavors
- International Flavors & Fragrances, Inc.
- Kerry Group Plc
- Ingredion Inc.
- Kemin Industries, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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