According to The Insight Partners recent study on "Plant Extracts Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Form, Source, and Application," includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
Plant Extracts Market is projected 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.
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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 market. The key players are adopting product innovation strategies and investing in business expansions to meet the rising demand for plant extracts among various end-use industries.
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.
Manufacturers from various application industries, including food & beverages, personal care, and pharmaceutical, are making significant investments in product innovation to expand their customer base and meet emerging consumer trends. They are launching herbal and clean-labeled products without using synthetic additives, which meet the varied requirements of consumers.
The plant extracts market is segmented on the basis of form, source, and application. Based on form, the market is segmented into powder, liquid, and paste. Based on source, the market is segmented into fruits & vegetables, herbs & spices, flowers, and others. Based on application, the plant extracts market is segmented into food & beverages, pharmaceuticals & nutraceuticals, personal care, and others. By geography, the market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
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.
During the initial phase of the COVID-19 pandemic, the implementation of lockdown restrictions and shutdown of manufacturing units led to a production shortfall, which created a demand and supply gap. These factors hampered the profitability of various small-scale and large-scale plant extracts manufacturers. The shutdown of manufacturing plants in leading countries in North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa disrupted the global supply chains, manufacturing activities, delivery schedules, and various essential and nonessential goods sales. However, in 2021, the economies resumed their operations, which boosted the global marketplace, particularly the plant extracts market.
In 2021, manufacturers were allowed to operate with full capacity and could overcome the demand and supply gap. Consumers are prioritizing their health and actively searching for healthy alternatives and fitness activities to prevent lifestyle-related illnesses. Thus, with healthy immune boosting properties the demand for plant extracts has increased.
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