Fermented extracts of plants are known for enhancing bio-active substances, minerals and other useful organic compounds, which has facilitated the development of its application across various end-user industries. Additionally, the key players are focused on expanding their portfolios and developing products in multiple forms such as powder, liquid, etc. for meeting the demands of the consumers. It is likely to have a favorable impact on the growth of the fermented plant extract market across the projection period. The boom witnessed in the animal husbandry industry has led to an increase in demand for animal feed with fermented plant extracts. This, in turn, is forecasted to catalyze the growth of the fermented plant extract market over the next couple of years.
The scientific developments in the farming processes have paved the way for the adoption of fermented plant extract in fertilizers. The upsurge in demand for fermented plant extract fertilizers is projected to catapult the market on an upward trajectory in the foreseeable future.
The market looks attractive at present and is likely to remain highly lucrative over the assessment period. Investments are anticipated to flow towards research & development activities associated with fermented plant extracts. It is another major factor poised to augment the fermented plant extract market over 2023.
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Major Key Players Review:
Some of the key players profiled in the report include Xi’an Hao-Xuan Bio-Tech Co., Ltd (China), Honson Pharmatech Group Ltd (Canada), ID bio (France), Xian Sost Biological Science & Technology Co., Ltd (China), Phytoneering Extract Solutions GmbH (Germany), Ecuadorian Rainforest, Llc (U.S.), and Chengdu PRF Medication Research Co., Ltd (China).
In July 2018, Cargill, an American company, has expanded its portfolio of Seabird texturizing which is a carrageenan extract, based on 100% cultivated seaweed.
In October 2018, Cronos, Toronto-based weed company, has planned to extract some rarer species of cannabinoids from marijuana plant through fermentation.
By product, the fermented plant extract market has been segmented into soybean, comfrey, garlic, seaweed, nettles, carrot, dandelion, and others. The seaweed segment and comfrey segment are projected to exhibit significant growth over the next couple of years.
By form, the global fermented plant extract market is segmented into liquid, powder, and others. The liquid segment holds the maximum share of the market currently and is likely to witness an upsurge in demand due to excessive demand for fertilizers.
By application, the fermented plant extract market has been segmented into food and beverages, pharmaceuticals, fertilizers, animal feed, and others. The fertilizers segment is poised to strike a high CAGR and witness rapid expansion in the upcoming years.
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By region, the global fermented plant extract market has been segmented into North America, Europe, and Asia Pacific and the Rest of the World. Asia Pacific accounts for a major share of the global market currently and is projected to retain its pole position across the review period. China is the primary revenue generator and deals in massive amounts of fermented plant extract made from soybean annually. India is another significant country-level fermented plant extract market in the region.
Europe is prognosticated to exhibit substantial growth during the forecast period. The growth is attributable to the presence of developed country-level markets such as the U.K., Germany, and Italy. Meanwhile, North America is expected to contribute substantially towards the growth of the global fermented plant extract market in the forthcoming years. The factors responsible for aiding the proliferation of the market in the region are favorable conditions for crop production, and rising application of plant extract obtained through fermentation. The U.S., Mexico, and Canada are the major country-level markets in the region.
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