Plant Extracts Market Size, COVID-19 Impact and Recovery to 2028
Market Overview
Plant Extracts Market Size is projected to
register a CAGR of 5.57% and reach a value of USD 53,694.4 million by
2028.
Market Dynamics
Consumer demand for dietary supplements is
driving an increase in the sale of plant extracts. Consumers' increased use of
plant extracts in personal care products is likely to fuel the worldwide Plant
Extracts Market's expansion throughout the forecast period. Additionally, the
increased demand for natural food components is likely to drive the global Plant
Extracts Market growth throughout the forecast period. However, market growth
is projected to be hampered in the coming years by restricted availability and
unpredictable raw material prices.
Globally, the organic food market is booming.
Globally, consumers are becoming increasingly aware of the harmful effects of
chemicals on their health. This growing health concern has resulted in a strong
desire for items that contain few, if any, chemicals. The expanding consumer
attention on health and wellness is a result of the rising prevalence of
lifestyle problems such as obesity, osteoporosis, diabetes, and cardiovascular
disease. This has altered consumer food preferences and attitudes toward
natural ingredients. Additionally, consumers are concerned about the influence
of chemicals on the environment and human health, which has resulted in a shift
toward organically grown and processed food. Thus, the growing customer
preference for natural plant extracts and
clean-label products increases the food and beverage industry's demand for
plant extracts.
Segmental Analysis
The worldwide Plant Extracts Market has been
segmented on the basis of type into phytomedicines and herbal extracts,
essential oils, spices, flavours, and perfumes. In 2020, phytomedicines and
herbal extracts held the most market share, while essential oils are predicted
to grow at the fastest rate of 5.86 percent over the forecast period.
The global market for plant extracts has been
categorised by source into fruits, flowers, and bulbs, leaves, rhizomes, and
roots, and barks and stems. During the projection period, the leaves category
is expected to grow at the fastest rate of 5.77 percent.
The worldwide Plant Extracts Market has been
categorised by application into medicines and nutritional supplements, food and
beverages, and personal care. Pharmaceuticals & dietary supplements held
the biggest market share of 36.28 percent in 2020 and is predicted to grow at a
5.36 percent compound annual growth rate during the forecast period.
Regional Overview
The global market for plant extracts has been
segmented into North America, Europe, Asia-Pacific, South America, and the
Middle East and Africa.
North America is a desirable place for
producers of plant extracts. The growing demand for natural ingredients in a
variety of foods and beverages is expected to boost the Plant Extracts Market in
North America even further. Another significant element driving market
expansion is product innovation in the food and beverage industry. Consumers
have a strong preference for natural ingredients in skincare products, which
has resulted in a growth in the use of plant extracts in radiance and
anti-cellulite treatments.
Europe, with a 30.56 percent market share in
2020, is predicted to be the most lucrative regional market for plant extracts
over the study period. One of the major drivers of plant extract growth is the
increasing use of functional beverages, which is particularly high in European
countries. Product development and technology advancements are expected to
drive the functional beverages market in Europe over the forecast period. Apart
from that, the growing demand for chemical-free cosmetics is driving skincare
product makers to add plant extracts and other natural ingredients. The
region's cosmetics producers are likely to contribute to the market's growth
over the forecast period.
Competitive Dynamics
Prominent players in the global Plant
Extracts Market Size include Givaudan SA (Switzerland),
International Flavors & Fragrances Inc (US), Symrise (Germany), Sensient
Technologies Corporation (US), Synthite Industries Ltd (India), Synergy Flavors
Inc. (US), Döhler Group (Germany), Indesso (Indonesia), Vidya Herbs (India),
and Nutra Green Biotechnology Co., Ltd. (China).
NOTE: Our Team of
Researchers are Studying Covid19 and its Impact on Various Industry Verticals
and wherever required we will be considering Covid19 Footprints for Better
Analysis of Market and Industries. Cordially get in Touch for More Details.
Contact us:
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street,5Th Floor,
New York,
New York 10013,
United States of America
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