Plant Extracts Market Size
The Global Plant Extracts Market reached US$ 35.2 billion in 2022 and is expected to reach US$ 87.7 billion by 2031 and is expected to grow with a CAGR of 12.1% during the forecast period 2024-2031.
Plant extracts are used in skin medicines, anti-irritants, wetting, anti-inflammatory, sterilizers, anti-infectives, skin protection, and many others. The main parts of the plant which are used in the extraction process are leaves, roots, bark, and stems which provide nutritional and medical benefits.
A typical method for extracting plant extracts/biomolecules from plants is filtration, Soxhlet, and Serial exhaustive methods. Successful extraction using various solvents of different polarities including polar to nonpolar is required for a reasonable quantity of extracts and biomolecules with sufficient and excellent antimicrobial results.
Continuous advancements in extraction technologies, such as supercritical fluid extraction, microwave-assisted extraction, and ultrasound-assisted extraction, have improved the efficiency and quality of plant extracts. These advancements have expanded the range of plant species that can be utilized and have enhanced the extraction of specific bioactive compounds. For instance, on March 31, 2023, Bioactive extracts are boosting the nutritional and sensory properties to create innovative food products.
Market Summary
| Metrics | Details |
| CAGR | 12.1% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Type, Form, Application, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Fastest Growing Region | North America |
| Largest Region | Asia Pacific |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other key Insights. |
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Market Dynamics
Increasing Consumer Awareness about the Advantages of Plant-Based Nutrients is Driving the Plant Extracts Market Growth
There is a growing consumer focus on health and wellness, with more people seeking natural and plant-based alternatives to improve their well-being. This trend is evident in various industries, including food, beverages, dietary supplements, and personal care products. Plant-based nutrients are perceived as healthier options due to their potential health benefits and natural origins.
The number of individuals adopting vegetarian and vegan lifestyles has been increasing globally. According to a study published in the journal Nutrients, the global vegan population is projected to reach 9.7% by 2025. Plant-based nutrients, such as those derived from fruits, vegetables, legumes, and grains, are essential in meeting the nutritional needs of individuals following these dietary choices.
The Increasing Demand For Plant Extracts From the Pharmaceutical and Food Industries is Expected to Drive the Market Growth
The pharmaceutical industry has shown a growing interest in traditional medicine and plant-based remedies. Many cultures have a long history of using plant extracts for medicinal purposes, and this knowledge is being explored and validated by modern pharmaceutical research. For instance, researchers from Stockholm University have developed porous crystals made from pomegranate extract to capture and degrade pharmaceutical molecules found in local municipal wastewater.
Plant extracts serve as a valuable source of APIs, which are key components in the development of pharmaceutical drugs. The demand for natural and plant-derived APIs is increasing due to their potential therapeutic properties and perceived safety compared to synthetic alternatives.
Chronic diseases such as cardiovascular diseases, diabetes, and cancer are on the rise globally. Plant extracts are being researched and utilized for their potential in disease prevention, treatment, and management. This drives the demand for plant-based ingredients in the pharmaceutical industry.
The Rising Demand for Animal and Marine-Based Ingredients are Restraining the Plant Extracts Market
The increasing demand for animal and marine-based ingredients may lead to competition for raw materials that are also used in the production of plant extracts. This competition can impact the availability and cost of these shared resources, potentially affecting the plant extracts market. For instance, marine ingredients are emerging as a key sector within the plant-based market, with algae and water lentils both providing essential nutrients to consumers who are increasingly turning away from animal-derived foods.
Animal and marine-based ingredients often have a limited supply due to factors such as environmental concerns, sustainability issues, and regulations on fishing or animal harvesting. If the supply of these ingredients cannot keep up with the rising demand, it may lead to increased prices and a shift in consumer preferences toward plant extracts.
Market Segmentation Analysis
The global plant extracts market is segmented based on type, form, application, and region.
The Phytochemicals Segment Holds the Largest Market Share in the Plant Extract Market
Phytochemicals are becoming an important ingredient in our diets as they provide antioxidant, anti-inflammatory, anti-cancerous, and anti-microbial benefits. Phytochemicals are found in fruits, vegetables, nuts, grains, etc Flavonoids, and carotenoids are also used in the food processing industry which is driving the market growth for phytochemicals. Phytochemicals are divided into three major groups Carotenoids, Polyphenols, and Thiols.
Flavonoids also have anti-inflammatory effects and also strengthen blood vessels and also have antioxidant properties which they are used in the food and medicine industries. The flavonoids segment represents around 60% of the dollar sales in the polyphenols market.
For instance, Many cosmetic companies are using plant-based ingredients like Shiseido Company, Limited, and Kao Corporation are using essential oils and carotenoids in skincare and hair care products. Carotenoids are useful in enhancing the immune system, it prevents the growth of cancerous cells and protects the cells in the eyes.
Market Geographical Share
The Asia Pacific Region Held the Largest Market Share of the Plant Extracts Market
The Asia Pacific region is known for its rich biodiversity, with a vast array of plant species that possess medicinal and functional properties. Traditional systems of medicine, such as Ayurveda, Traditional Chinese Medicine (TCM), and traditional healing practices in Southeast Asia, have long utilized plant extracts for their therapeutic benefits. This traditional knowledge and abundance of diverse plant species provide a strong foundation for the plant extracts industry in the region.
The demand for herbal and natural products, including those containing plant extracts, is experiencing robust growth in the Asia Pacific region. Consumers in countries like China, India, and Japan are increasingly seeking natural and plant-based alternatives in various sectors. This trend is fueled by a rising awareness of the potential health benefits, cultural preferences, and the desire for sustainable and eco-friendly products.
Market Companies
The major global players in the market include Symrise AG, Sensient Technologies, INB Hauser Pharmaceutical Services, Inc., NATIVE EXTRACTS Pty Ltd, Martin Bauer GmbH & Co. KG, International Flavors & Fragrances, Inc., Koninklijke DSM N.V., Döhler, Givaudan, and Shaanxi JiahePhytochem Co., Ltd.
COVID-19 Impact On Market
Due to supply chain disruption caused by complete or partial lockdowns in numerous nations, limitations at borders, and airport closures, the COVID-19 pandemic has had an impact on several businesses. During the epidemic, the supply chain was hampered, factories and industries were shut down, and the economy was also impacted.
Different countries were afflicted by the pandemic to varying degrees of severity depending on their cultural norms, health infrastructure, and political actions. Midway through the year 2020, major developed nations were in a terrible situation; today, every nation is putting forth great effort to fight the pandemic. Building immunity is crucial to combating this pandemic, and it has taught people that their health comes before all other considerations in life.
Key Developments
- In June 2023, Turpaz Industries, continuing the momentum of its acquisition campaign and the implementation of its growth strategy, announced that it has signed an agreement to purchase 60% of the shares of the Hungarian company, Food Base, for a consideration of 9.5 million dollars (3.3 billion Hungarian Forint), from which 60% of Food Base's net debt will be deducted at the time of completion of the transaction.
- In May 2022, India-based start-up Leaven Essentials aims to offer “scientific and effective herbal solutions,” tailored to meet customer applications and needs. The company is manufacturing standardized herbal extracts, phytonutrients, and specialty fine chemicals catering to nutraceuticals, food and beverage, food supplements, pharmaceutical, and cosmetics companies.
- In August 2022, ANGUS Chemical Company, a leading global manufacturer and marketer of specialty chemicals for Life Sciences and Industrial markets, launched a new portfolio of Natural Botanical Extracts for the U.S. market. The botanical extracts are produced by ANGUS in the U.S. using the traditional method of aqueous extraction and are specifically formulated for use in the home and personal care products.
Why Purchase the Report?
- To visualize the global plant extracts market segmentation based on type, form, application, and region, as well as understand key commercial assets and players.
- Identify commercial opportunities in the market by analyzing trends and co-development.
- Excel data sheet with numerous data points of plant extracts market-level with all segments.
- The PDF report consists of cogently put-together market analysis after exhaustive qualitative interviews and in-depth market study.
- Product mapping is available as Excel consists of key products of all the major market players.
The global Plant Extracts market report would provide approximately 61 tables, 59 figures and 190 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
