Plant Extracts Market worth $55.3 billion by 2026

The phytomedicines & herbal extracts segment is projected to holds the largest share in the plant extracts market during the forecast period.

(EMAILWIRE.COM, June 23, 2021 ) The global plant extracts market is expected to grow from USD 30.8 billion in 2021 to USD 55.3 billion by 2026, at a CAGR of 6.0% from 2021 to 2026. The growth of the plant extracts market is driven by the rising demand for healthier lifestyle of consumers preferring more natural products. The increasing number of applications for plant extracts across products has helped establish a strong market for these products. Plant extracts have been used in pharmaceuticals, food, and cosmetics industries across the globe. However, recently, they have gained a lot of interest as they are relatively safer, with minimal side effects to health as compared to synthetic extracts. Hence, they are widely used as antimicrobials and anti-inflammatory drugs. In cosmetics, these extracts find applications as anti-aging reagents, hair oils, mouth wash, liniments, and dental care products.

The plant extracts market is highly fragmented; hence, there are numerous players in the market offering a wide range of plant extracts; the major plant extract manufacturers include Givaudan (Switzerland), Sensient Technologies Corporation (US), International Flavors & Fragrances, Inc (US), Kangcare Bioindustry Co., Ltd. (China), Synthite Industries Private Ltd. (India), and PT. Indesso Aroma (Indonesia). These players have focused on strategies such as new product launches and collaborations to gain a larger market share in the plant extracts market.

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COVID-19 impact on the plant extracts market

The novel coronavirus/COVID-19 pandemic had significantly impacted almost all industries across the globe. This pandemic has resulted in mass production shutdowns and supply chain disruptions, which has also affected the economy as well.

This disease has a variable impact in different countries depending on their cultural norms, mitigation efforts, and health infrastructure, and each country is working its way out to fight against the pandemic. However, there are various research studies stating the use of medicinal plant extracts against coronavirus. Researchers are working on various medicinal plant extracts to fight COVID-19

In the current scenario, it has become important to boost the immunity to fight coronavirus, along with maintaining hygiene and following all medical advisories that have been laid down. Even the guidelines provided by World Health Organization (WHO) in its COVID-19 analysis suggest the world population consumes immunity-boosting foods. Hence, the demand for medicinal plant extracts carrying properties of boosting human immunity is at the surge in the pharmaceuticals & nutraceuticals industry.

The worldwide lockdown, however, has also affected farming practices, which has highly impacted the supply of raw materials of medicinal plant extracts. The COVID-19 impact on logistics also contributes to the increased prices of raw materials, which boosts the cost for medicinal plant extracts manufacturers. With barriers to cross-border transportation of commodities in this pandemic situation, manufacturers are highly dependent on local raw material suppliers, which increases the bargaining power of suppliers. Hence, the increased raw material prices, followed by high demand for medicinal plant extracts, would lead to an increased price of medicinal plant extracts for the next few years.

Asia Pacific is estimated to hold the largest market share during the forecast period

The Asia Pacific market accounted for the largest share in 2020. This dominance is attributed to factors such as a surge in the consumption rate of vegan food & beverage products, the rise in the demand for functional food products, and the increase in awareness related to the health benefits associated with the consumption of clean-label food products among consumers. Furthermore, the region has several small and medium-sized manufacturers of plant extracts that are well-versed with the processing of plant extracts and aware of the benefits offered by them. Manufacturers in Indonesia, India, and Thailand are continuously investing in the market and focusing on innovation to expand their product range. This is due to the rise in the trade of plant extracts between Asia and international manufacturers of plant extract-based products.

The market for pharmaceutical & dietary supplements in the plant extracts market is projected to account for the largest share during the forecast period

The Pharmaceuticals & dietary supplements segment is projected to dominate the plant extracts market by application. This growth can be attributed to the increasing awareness of people related to bacterial resistance toward allopathic medicines. As a result of the increasing incidents of illnesses due to stressful and busy lifestyles, consumers are demanding functional food and supplements for regular consumption. Some of these supplements include phytomedicines and herbal extracts, which are composed of naturally occurring components; they are scientifically demonstrated to promote positive effects on the target functions beyond basic nutrition.

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The fruits flowers and bulbs holds the largest share, by the source of plant extracts market, across the globe

The fruits, flowers, and bulbs segment is projected to hold the largest market share during the forecast period. All of these sources are used in diverse applications, including herbal extracts, flavors and fragrances, aromatherapy, personal care, and toiletries. Owing to multiple functionalities and the presence of several phytochemicals, these parts of the plants are majorly used for extraction and are in high demand from various industries. In the food & beverages application, flowers and fruits are generally used to provide flavors and aroma. Essential Oils from flowers, when incorporated into finished products impart various benefits, such as a pleasant aroma in perfumery, shine or conditioning effects in hair care products, and improving the elasticity of the skin.

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