The global plant extracts market is expected to grow from USD 30.8 billion in 2021 to USD 55.3 billion by 2026, at a CAGR of 6.0% from 2021 to 2026. The growth of the plant extracts market is driven by the rising demand for healthier lifestyle of consumers preferring more natural products. The increasing number of applications for plant extracts across products has helped establish a strong market for these products. Plant extracts have been used in pharmaceuticals, food, and cosmetics industries across the globe. However, recently, they have gained a lot of interest as they are relatively safer, with minimal side effects to health as compared to synthetic extracts. Hence, they are widely used as antimicrobials and anti-inflammatory drugs. In cosmetics, these extracts find applications as anti-aging reagents, hair oils, mouth wash, liniments, and dental care products.
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Some of the prominent key players are:
• Symrise AG (Germany)
• Sensient Technologies Corporation (US)
• International Flavors & Fragrance Inc. (US)
• Givaudan (Switzerland)
• Dohler (Germany)
• Synergy Flavors (US)
Food flavorings do not add nutritional value to food products and may sometimes be harmful in nature. Nowadays, increasing attention is being paid to food additives used, with the growing concerns related to their safety and potential health risks. Consumers are becoming increasingly aware of the adverse effects of consuming food & beverages containing synthetic ingredients. Several health organizations and food safety associations are prohibiting the usage of various artificial flavorings in food & beverages. For instance, on October 5th, 2018, the US Food and Drug Administration (FDA) banned seven synthetic flavorings that are associated with cancer. FDA stated to use the naturally extracted counterparts of the banned flavors as they are a safer option. Previously, FDA banned eight synthetic flavorings, which were found in ice creams, baked goods, candy, and beverages. These substances used in flavorings had been known to cause cancer in humans.
The Pharmaceuticals & dietary supplements segment is projected to dominate the market by application. This growth can be attributed to the increasing awareness of people related to bacterial resistance toward allopathic medicines. As a result of the increasing incidents of illnesses due to stressful and busy lifestyles, consumers are demanding functional food and supplements for regular consumption. Some of these supplements include phytomedicines and herbal extracts, which are composed of naturally occurring components; they are scientifically demonstrated to promote positive effects on the target functions beyond basic nutrition.
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The Asia Pacific market accounted for the largest share in 2020. This dominance is attributed to factors such as a surge in the consumption rate of vegan food & beverage products, the rise in the demand for functional food products, and the increase in awareness related to the health benefits associated with the consumption of clean-label food products among consumers. Furthermore, the region has several small and medium-sized manufacturers of plant extracts that 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.