According to MarketsandMarkets analysis, 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 demand for plant extracts is significantly increasing due to
factors such as rising awareness regarding the side-effects of synthetic
products and health benefits offered by phytomedicines and herbal extracts.
Inadequate supply of raw materials and price fluctuations inhibit the growth of
plant extracts market.
The Asia Pacific region is projected to hold the largest
market owing to the factors such as increasing awareness about better dietary
choices, growing demand for herbal cosmetic products, rising awareness about
the ill-effects of synthetic products, and increasing incidences of chronic
diseases and stress levels due to busy lifestyles. Also, the availability of
raw materials and required environmental conditions for the growth of plant
extracts is the leading promoter of this trend in the Asia Pacific.
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Key Players in the
Market:
• 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)
Market Dynamics:
Drivers
• Rise in
Awareness Regarding the Side-Effects of Synthetic Flavors
• Growth in
R&D Activities
• Increase
in Popularity of Convenience Foods is Boosting the Demand for Plant Extracts
• Health
Benefits Offered By Phytomedicines and Herbal Extracts
Restraints
• Inadequate
Supply of Raw Materials and Price Fluctuation
Opportunities
• New
Revenue-Generating Pockets Emerging Through Natural Sweeteners Category
• Identification
of New Herbs and Spices in Accordance With Changing Consumer Preferences and
Tastes
Challenges
• Lack of
Awareness about the Advantages Offered By Plant Extracts in Developing
Countries
• Availability
of Substitutes and Adulterated Products
The plant extracts market, based on application, is
segmented into pharmaceuticals & dietary supplements, food & beverages,
cosmetics, and other which includes personal care products and toiletries. The
cosmetics segment is estimated to grow at the highest CAGR as the growing
consumer interest in self-care is driving the increasing use of plant extracts
in the cosmetics segment. The changing consumer lifestyles and economic factors
such as the rise in per capita income, particularly in developing regions, have
encouraged the consumers to spend on personal grooming. Also, the rising
awareness and trends of using cosmetics with natural ingredients and free-from
cosmetics are driving the plant extracts market in cosmetics application.
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The plant extracts market, by source, is segmented into
leaves, fruits, flowers, and bulbs, rhizomes & roots, barks & stems,
and others which includes seeds, pods, and berries. The leaves segment is
estimated to grow at the highest CAGR because leaves of many plants, including
rosemary, aloe vera, basil, thyme, clove leaves are highly rich in antioxidants
and also offer anti-microbial properties. This has led to their extensive usage
in the cosmetics, pharmaceutical, and personal care industries. Due to high
Vitamin A, Vitamin K, Vitamin C, magnesium, iron, potassium, and calcium
content, leaves extracts are also highly used in food & beverage
applications.
