The plant extracts market is estimated to be valued at USD 23.7 billion in 2019 and is projected to reach USD 59.4 billion by 2025, at a CAGR of 16.5% from 2019 to 2025. The rising awareness regarding the side-effects of synthetic flavors and health benefits offered by phytomedicines and herbal extracts have significantly fueled the market for plant extracts. Further, due to the growth in R&D activities in plant extracts market and increase in popularity of convenience foods, there has been a growing need for plant extracts in food & beverage industry.
The phytomedicines & herbal extracts segment is estimated to account for the largest share, in terms of value, by type, in 2019
Based on type, the plant extracts market is segmented into phytomedicines & herbal extracts, essential oils, spices, and flavors & fragrances. The phytomedicines & herbal extracts segment is estimated to account for the largest market share in 2019, owing to the increasing preference for herbal medicines and other herbal products in developed and developing regions.
Antimicrobial properties of plant extracts, particularly for the treatment of age-related disorders such as immune disorders, memory loss, and osteoporosis is attributed to the growth of the segment. Also, the increasing introduction of regulatory standards regarding the use of plant extracts as phytomedicine is projected to offer lucrative growth opportunities for the growth of the phytomedicines & herbal extracts segment, which in turn, is expected to drive the plant extracts market during the forecast period.
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The pharmaceuticals & dietary supplements segment is expected to witness the fastest growth in the plant extracts market during the forecast period
By application, the plant extracts market is segmented into pharmaceuticals & dietary supplements, food & beverages, cosmetics, and others. Middle-class consumers in the Asia Pacific are showing a positive interest in nutrition and supplements due to urbanization and increasing income levels. Further, the growing adverse effects of synthetic products and allopathic medicines have significantly raised the demand for Ayurvedic and homeopathic medicines in this region. This has led to an increase in the market for phytomedicines & herbal extracts.
The Asia Pacific region is estimated to dominate the plant extracts market, in terms of value, in 2019
The market for plant extracts in the geography is thriving due to strong local and international demand. These extracts are relevant as food preservatives and shelf-life extension ingredients owing to the regions’ tropical climate, which is conducive for the growth of plant extracts. Moreover, the region has several small and medium-sized manufacturers of plant extracts, who 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.
This report includes a study on the marketing and development strategies, along with the product portfolios of the leading companies. It consists of the profiles of leading companies such as Givaudan (Switzerland), Sensient Technologies (US), Symrise AG (Germany), Kangcare Bioindustry Co., Ltd. (China), PT. Indesso Aroma (Indonesia), PT. Haldin Pacific Semesta (Indonesia), Vidya Herbs Private Limited (India), Tokiwa Phytochemical Co., Ltd., Native Extracts Pty. Ltd. (Australia), Shaanxi Jiahe Phytochem Co., Ltd. (Jiaherb, Inc.) (China), Synthite Industries Private Ltd. (India), Döhler (Germany), International Flavors & Fragrances, Inc. (US), Martin Bauer GmbH & Co. KG (Germany), and Arjuna Natural Extracts Ltd. (India).
Key Questions addressed by the report:
What are the growth opportunities in the plant extracts market?
What are the major types of plant extracts?
What are the key factors affecting market dynamics?
What are some of the major challenges and restraints that the industry faces?
Which are the key players operating in the market and what initiatives have they undertaken over the past few years?
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