Plant Extracts Market

GMI Research analysis indicates that the Plant Extracts Market is slated to register a CAGR of 11.3% over the forecast period, till 2029.

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Market Dynamic

Key Drivers and Emerging Trends

Rise in the number of health conscious people, growing consumption of plant-based food products, and surge in the use of plant extracts for drug development in homeopathy and Ayurveda are some of the major factors expected to drive the growth of the plant extract market. In addition, plant extracts are used in a wide range of applications including, skin care products, medicines, essential oils, flavours, and in the production of stimulant beverages, which further contribute to the market growth.

Moreover, the increasing awareness regarding the adverse effects of consuming food & beverages containing synthetic ingredients and rising concerns towards food safety and potential health risks is expected to increase the demand for plant extracts in the food & beverages industry. For instance, in 2018, the US Food and Drug Administration (FDA) banned seven synthetic flavourings that are associated with cancer and stated to use the naturally extracted counterparts to flavour foods. Rising demand for organic food and increasing adoption of vegan lifestyle is expected to provide growth opportunities to the plant extracts market over the forecast period.

Restraint in the Plant Extracts Market

However, the price fluctuation of raw materials owing to seasonal availability and the high storage costs involved in maintaining the stock throughout the year are the factors expected to restraint the growth of the plant extracts market. Moreover, the outbreak of COVID-19 pandemic and the worldwide lockdown has further disrupted the mass production, supply chain, and the prices of raw materials of plant extracts, which thereby expected to hinder the market growth.

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Source – Segment Analysis

Based on the source, fruits, flowers and bulbs segment is expected to account for a large market share. This can be attributed to their diverse applications, including flavours and aroma in food & beverages industry; essential oils from flowers in cosmetics industry; and use of bulbs in medicines, and others.

Type – Segment Analysis

Based on the type, the phytomedicines & herbal extracts segment is projected to hold a prominent share in the market owing to the increasing ill effects of synthetic drugs that includes hallucinations, racing heartbeat, and hypertension; rising preference for herbal medicines; and growing consumer demand for functional food and supplements composed of naturally occurring components.

Application – Segment Analysis

Based on the application, the cosmetics segment is projected to witness high growth over the forecast period. This is primarily due to the increased acceptance of herbal products and demand for chemical-free beauty products among consumers. Additionally, botanical products are a rich source of vitamins, antioxidants, essential oils and oils, proteins, and other bioactive compounds which influence the biological functions of the skin, and provide the nutrients for healthy skin, this is expected to support the market growth.

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Regional – Segment Analysis:

Based on region, Asia-Pacific is expected to grow at a substantial CAGR over the forecast period primarily due to the growing demand and production of natural and organic products in Asia Pacific, presence of leading importers of plant extracts from countries including China, India, and Japan, increasing consumption of healthy foods by a majority of its population, and the continuous development of plant-based pharmaceuticals, food & beverage products and cosmetics. Moreover, as per APEDA (Agricultural & Processed Food Products Export Development Authority), India exported floriculture products worth $75.89 million in 2019-20. This is further expected to contribute to the market growth.

Top Market Players

Several leading Plant Extracts companies operating in the market, include, Givaudan, Sensient Technologies Corporation, International Flavors & Fragrances, Inc., Kangcare Bioindustry Co., Ltd., Synthite Industries Private Ltd., Indesso, Symrise AG, Döhler, Carbery Group, and Nutra Green Biotechnology Co.,Ltd. among others. 

Key Developments: 

• • In 2020, Givaudan opened a new state-of-the-art fragrance production facility in Changzhou, China. This is expected to increase the company’s manufacturing output across personal, home and fabric care fragrances through oral care flavours, encapsulated fragrances, and prestige perfumes to serve customers in China and Asia Pacific.

Segments covered in the Report:

The global Plant Extracts market has been segmented on the basis of source, type, application, and key regions. Based on source, the market is segmented into fruits, flowers & bulbs, leaves, barks & stems, rhizomes & roots, and others. Based on the type, the market is segmented into phytomedicines & herbal extracts, essential oils, spices, flavours & fragrances. Based on the application, the market is segmented into pharmaceutical & dietary supplements, food & beverage, cosmetics, and others. 

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Key questions answered in this research report:

• • At what pace is global Plant Extracts Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Plant Extracts Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Plant Extracts Market?
  • Which source generated maximum revenues in 2021 and identify the most promising material during the forecast period?
  • What are the various applications of global Plant Extracts Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Plant Extracts Market by Source

• • Fruits, Flowers and Bulbs
  • Leaves
  • Barks & Stems
  • Rhizomes & Roots
  • Others

Global Plant Extracts Market by Type

• • Phytomedicines & Herbal Extracts
  • Essential Oils
  • Spices
  • Flavors & fragrances

Global Plant Extracts Market by Application

• • Pharmaceutical & dietary supplements
  • Food & beverage
  • Cosmetics
  • Others

Global Plant Extracts Market by Region

• • North America Plant Extracts Market (Option 1: As a part of the free 25% customization)
    • By Source
    • By Type
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Plant Extracts Market (Option 2: As a part of the free 25% customization)
    • By Source
    • By Type
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Plant Extracts Market (Option 3: As a part of the free 25% customization)
    • By Source
    • By Type
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Plant Extracts Market (Option 4: As a part of the free 25% customization)
    • By Source
    • By Type
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Plant Extracts Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Givaudan
  • Sensient Technologies Corporation
  • International Flavors & Fragrances, Inc.
  • Kangcare Bioindustry Co., Ltd.
  • Synthite Industries Private Ltd.
  • Indesso
  • Symrise AG
  • Döhler
  • Carbery Group
  • Nutra Green Biotechnology Co., Ltd.