Market Overview
Plant-based bioactives have a wide range of applications, such as they are used as flavonoids, phenolic acids, alkaloids, saponins, polysaccharides, and others. They are used for manufacturing various dietary supplements, personal care, and cosmetic products. Changing lifestyle patterns, the rising prevalence of various diseases, awareness regarding preventive health, and increasing consumption of plant-based dietary supplements are among the key factors driving the market growth. Companies in the market are constantly investing or raising funds for R&D activities on various ingredients that have several advantages over traditional ones. Additionally, the growing awareness regarding the use of plant-based/vegan personal care products and cosmetics products, along with increasing consumer spending on vegan products, is also anticipated to propel the market growth during the forecast period.
Key Trends
- One major trend Credence Research Inc. is anticipated to see in the plant-based bioactives market is that the population is turning more towards veganism, thus increasing the demand for vegan and plant-based food & beverages. Companies are also focused on launching vegan food products as the demand is high in the market. This is anticipated to aid the market growth during the coming years.
- Another trend that Credence Research Inc. predicts will continue in the plant-based bioactives market is its increased usage in personal care and cosmetics. The demand for various products such as shampoos, creams, moisturizers, lotions, and soaps is surging along with the growing population globally. Consumers are increasing their preference for plant-based, which is anticipated to fuel the demand for plant-based bioactives in the market.
Economic Impact Analysis
The majority of industries started to suffer when the economy slowed down. The plant-based bioactives market report, 2022-2028 considers the predicted consequences of the economic downturn on the accessibility of the products and prices of raw materials.
- Recession
According to the Credence Research Inc. market report, the recession will significantly impact the global plant-based bioactives market. The recession has mainly affected regions such as the U.S. and European countries such as Germany, and the U.K., among others. According to the World Bank, the central banks globally are increasing the interest rates owing to inflation, this is expected to cause a global recession in 2023. The overall industry is facing sluggish growth as manufacturing is slowed down. Companies are facing labor shortages and high raw material costs. Moreover, there has been an energy crisis due to Russia’s invasion of Ukraine, which is also one of the leading causes of the spike in raw material costs and has led to recession, especially in Europe.
- Ukraine-Russia War Impact
Russia’s invasion of Ukraine affected the major industrial sector and is felt internationally. Both of these regions are in the agriculture sector, and it has been estimated that if the situation worsens, there might be a food crisis along with an energy crisis, especially in countries that are dependent on European countries for food & fuel. The import & export of various products is anticipated to be affected owing to the war effects. The supply chain is majorly disrupted, and there has been a labor shortage that was caused by population displacement. Moreover, as the cultivation and manufacturing sector faced major issues, the cost of various raw materials drastically increased, affecting the final manufacturing cost of various products. Thus, affecting the profits generated by the companies.
- China COVID Outburst December 2022
The current situation of COVID-19 in China is impacted to hit the plant-based bioactives market adversely in 2023. The government of China is not imposing a lockdown yet. However, there might be a possibility of a lockdown if the number of cases rises more than they are currently. Even though there are no restrictions, industries in various regions have been severely affected as many workers were infected with COVID-19, creating a labor shortage. Companies are working with a lower workforce, leading to a deal in order deliveries. China is one of the primary producers of wheat, sorghum, peanuts, rice, corn, and soybeans, among others. Owing to the surging number of cases and disruption of the supply chain, import & export was affected. This is anticipated to create a shortage of raw materials used for manufacturing various products, affecting the market growth.
Regional Analysis
In 2022, the greatest revenue share in the plant-based bioactives market was attributed to North America. High demand for plant-based/vegan products such as shampoo, conditioners, lotions, moisturizers, creams, and serums, among others. Companies in this region are manufacturing and researching products that are in high demand among consumers. As the vegan population is growing, the demand for such products has spiked in the past few years. Moreover, increasing consumer spending for plant-based products is also anticipated to fuel the market growth during the forecast period.
STAR Analysis
- Situation
Our client wanted to invest in a company manufacturing plant-based nutraceuticals and hence wanted to get a clear understanding of the market demand for plant-based bioactives in the coming 5-10 years.
- Task
The client wanted to invest in a company that manufactures products that are manufactured using plant-based bioactives. They wanted to understand the trend that has been noted to be coming in the market for plant-based/vegan products. The client was interested in understanding the market situation in the coming years.
- Action
The client got in touch with Credence Research Inc., which assisted the client in getting a clear understating of the benefits offered by plant-based bioactives compared to synthetically manufactured chemicals. The report “Global Plant-Based Bioactives Market, 2023-2030” published by Credence Research Inc. in 2023 thoroughly analyses the end-use industries where plant-based bioactives are most frequently used. Additionally, it provides the client with a thorough overview of the key market trends & challenges over the next five to ten years. Moreover, a detailed supply chain analysis and demand-supply analysis were covered to provide the client with the overall market scenario. Additionally, the report also covered the recent developments by the major player in the market, which helped the client understand what players in the market were focused on.
- Result
Credence Research Inc.’s thorough analysis report of the plant-based bioactives market assisted the client in making a well-defined decision on whether they should invest in the market as they got a clear perspective on the market trends and demand for the products that are plant-based/vegan products.
