The global Plant Extract Market is expected to cross market value of USD 76.40 billion in 2027 from USD 26.88 billion in 2020. It is expected to grow at a CAGR of over 16.5% during the forecast period.
A plant extract is an ingredient or an active compound having specific properties. These ingredients are extracted from the tissue of a plant, typically by Applicationing it with a solvent, which is to be used for a particular purpose. These plant extracts can be used in several sectors of such as in functional properties for foodstuffs as antioxidant, texturizer, etc. It can also be used in Applicationing aids, chemical replacers, additives, herbal medicine products for therapeutic purposes, cosmetic for functional properties for beauty and well-being, etc. These plant extracts used in different sectors may be common however, extraction Application may vary depending upon the stability requirement and end use.
Key Market Drivers and Restraints
Factors that have high impact on the market growth of plant extract will be covered here. Also, covers factors that may challenge or act as opportunity for market will be discussed in order to identify the revenue generation.
Low Awareness Regarding Plant Extract Products in Low-Middle Income Countries May Affect the Market Growth
Products prepared with plant extracts sometimes cost more than synthetic products which is the major factor hampering the adoption of plant extract in medical sector is less in low-income countries. Moreover, a smaller number of research and development activities in these countries also affecting the growth of plant extract market. Majority of the people in low-income countries still prefer synthetic products owing to cost difference which further hampering the growth of the market.
Asia Pacific to Dominate the global market
On geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research is providing in-depth insight on prominent regions of global market. Asia Pacific dominated with over 56% share in 2020.
Global Market is led by the Essential oils
Spices, essential oils, phytomedicines & herbal extracts, and flavors & fragrances are the four types of global market. Due to ongoing research and development on herbal medicines and rising patent formation on plant medicinal ingredients phytomedicines & herbal extracts segment holds a large share of the overall market. The growth of the segment is also supported by increasing awareness regarding harmful effects of synthetic medicines among the consumers.
Residential continue to dominate the global market in terms of Application
Pharmaceuticals & dietary supplements, food & beverages, cosmetics, and others are the application of this market. The pharmaceuticals & dietary supplements segment is anticipated to lead the market as owing to high demand of herbal medicines and increasing consumer preference for plant extract based dietary supplements. Also, increasing number of herbal medicinal products manufacturers supporting the growth of the segment.
Frequently asked questions about global industry
- Which are the different Types of this industry?
Ans: Essential oils, Flavors & fragrances, Phytomedicines & herbal extracts, and Spices are the different Types available in the market
- Who are the key players in the global industry?
Ans: Givaudan, Sensient Technologies, Symrise AG, Kangcare Bioindustry Co., Ltd., PT. Indesso Aroma, PT. Haldin Pacific Semesta, Vidya Herbs Private Limited, Tokiwa Phytochemical Co., Ltd., Native Extracts Pty. Ltd., Shaanxi Jiahe Phytochem Co., Ltd., and Synthite Industries Private Ltd. are the key players operating in this market
- Which is the fastest growing Application segment for global industry?
Ans: Residential Application offers tremendous opportunities to players
- Which is the leading regional market for global industry?
Ans: Asia Pacific has the largest share owing to large demand of plant extract in local market
- What will be the CAGR (2021 - 2027) of in global industry?
Ans: The market is anticipated to grow at a CAGR of 16.5% throughout the forecast period
