The latest market report published by Credence Research, Inc. “Global Plant Extract Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global market has acquired a market size of around USD 26.88 billion in 2020 and expected to reach a healthy CAGR of over 16.5% during the forecast period from 2021 to 2027 to reach around USD 76.40 billion in 2027.
Browse full report: https://www.credenceresearch.com/report/plant-extract-market
More than 395,000 plant species have been recognized all over the world till date and scientists are still seeing nearly 2000 new plant species every year. Most of these plant species are recognized for their medicinal properties. Whereas, many other plant extracts are used as flavoring and test enhancing agent in many food products. Growing demand for organic food ingredients and herbal medicines coupled with increasing awareness about herbal products among the consumers is likely to swell the growth of plant extract market over the forecast period.
Key Trends in Global Market
Growing awareness about benefits of herbal products over synthetic products
Nowadays, use of synthetic/chemical-based ingredient has increased in medical, cosmeceuticals, as well as in food industry. However, frequent use of such synthetic products could result in health damages. Due such actualities people around the world are focusing on adopting herbal products or herbal ingredient-based product in daily life. Majority of the plant extracts are clinically tested and does not cause any side effects also the medicinal properties of some plant extracts are more effective compared to synthetic drugs which primarily driving the demand of plant extract around the world.
Rise in R&D budget by major market players
With the growing popularity and wide range application of plant extracts many market players have increased their research activities to develop new products. with this companies are focusing to expand their business in untapped market around the world. Further, with the increase in funding from several governments for herbal products research activities has doubled since last decade which is expected to deliver new rage of product made out of plant extract in medical, food, and cosmeceutical field over the forecast period.
Global Market by Plant Extract Type Insights
Plant extracts are categorized as Spices, Essential oils, Flavors & fragrances, and Phytomedicines & herbal extracts in this market. Growing awareness among the customers reading health benefits of plant extract has spur the demand of phytomedicines & herbal extracts in several applications like health care, skincare, functional food, cosmetics, and nutraceuticals. In addition, resistance to the synthetics drugs such as antibiotics is also supporting the need for herbal medicines derived from phytochemicals. Along with this increasing use of plant extracts in cosmetic application for fragrances is expected to drive the growth of flavors & fragrances segment.
Global Market by Application Insights
Various applications of plant extract in pharmaceuticals & dietary supplements, food & beverages, cosmetics, and others. are included in the global market. With the high demand of herbal medicines due to less to no side effects and high efficiency, application of plant extracts is expected to remain high in pharmaceuticals & dietary supplements segment.
Global Market by Regional Insights
Asia pacific is the largest market for plant extract. Presence of key market players and strong demand of plant extracts in local market is triggering the growth of global market. Moreover, large topical area in India and China creates a better opportunity for the expansion of the market. Like Asia Pacific demand of plant extract is high in European countries. High demand for alternatives for synthetic drugs and increasing consumption of plant extracts in well-developed food and cosmetic industry is likely to fuel the market growth over the forecast period.
Global Market Competitive Landscape
Most prominent players in the global market include Shaanxi Jiahe Phytochem Co., Ltd., Vidya Herbs Private Limited, Tokiwa Phytochemical Co., Symrise AG, Kangcare Bioindustry Co., Ltd., PT. Indesso Aroma, Givaudan, Sensient Technologies, PT. Haldin Pacific Semesta, Ltd., Native Extracts Pty. Ltd., and Synthite Industries Private Ltd. The report covers very detailed profiles of these key players.
Global Plant Extract Market by Type, 2015 – 2027
· Essential oils
· Flavors & fragrances
· Phytomedicines & herbal extracts
Global Plant Extract Market by Application, 2015 – 2027
· Pharmaceuticals & dietary supplements
· Food & beverages
Global Plant Extract Market by Region, 2015 – 2027
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
Global Plant Extract Market: Key Players
· 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.
· Synthite Industries Private Ltd.