Market overview:
The plant extracts market is expected to grow at a CAGR of 5.57% to reach USD 53,694.4 million by 2028.
The global plant extracts market is expected to expand due to rising demand for plant extracts in the pharmaceutical, food and beverage, and cosmetics industries. The growing demand for functional foods and beverages such as dietary supplements, protein bars, and flavored beverages is expected to drive the plant extracts market forward. In the cosmetic industry, plant extracts are used in skincare, perfumes, and hair care products. At the same time, they are used as colorants, growth stimulants, and anti-dandruff agents in hair care products. The growing plant extracts market share of using natural extracts in cosmetics is expected to increase demand for plant extracts.
Herbal items are widely used as food and medicine worldwide due to the perception that they are natural and thus risk-free. The growing demand for organic products on a global scale should benefit industry participants significantly in the coming years. As a result of the high demand for the practical properties of botanicals, manufacturers in the international botanical industry frequently launch new and cutting-edge products. They also offer ready-to-eat variations to diversify their product offering and increase total sales. They are also investing in cutting-edge marketing strategies and celebrity endorsements, expected to propel market growth in the coming years.
Market segmentation:
The global plant extracts market is segmented based on source, type and application.
According to the source:
- Barks Stems
- Leaves
- Fruits, Flowers Bulbs
- Rhizomes Roots
According to the type:
- Flavors Fragrances
- Essential Oils
- Phytomedicines Herbal Extracts
- Spices
According to the application:
- Personal Care
- Food Beverages
- Pharmaceuticals Dietary Supplements
- Others
Regional analysis:
The global plant extracts market is divided into North America, Asia-Pacific, Europe, the Middle East, South America, and Africa.
North America had the largest plant extracts market in 2020. The rising demand for natural ingredients in various foods and beverages is expected to fuel the growth of the plant extracts market in North America. Another major factor propelling plant extracts market outlook is product innovation in the beverage and food industry. Furthermore, rising demand for herbal medicinal products and supplements is expected to drive growth in the region's plant extracts market. The US is expected to maintain its dominance in the North American plant extracts market during the forecast period.
Europe had the second-largest market share in 2020 and is expected to be the most profitable regional market for plant extracts during the review period. The increasing consumption of functional beverages, which is especially high in European countries, is one of the significant factors driving the growth of plant extracts. Aside from that, the growing demand for chemical-free cosmetics encourages skincare product manufacturers to include plant extracts and other natural ingredients. During the forecast period, the presence of cosmetics manufacturers in the region is expected to drive market growth.
Recent developments:
- Symrise launched a brand accelerator initiative called 'Beauty Activations' On 17 May 2022, designed to partner with beauty brands in North America. The initiative allows brands to showcase their product innovation. Symrise elevated its product development approaches with market-ready solutions with the help of this initiative.
- Symrise developed synthetic grade caprylyl glycol from 100% plant extracts in April 2022. Symrise is producing it with its proprietary technology.
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