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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The plant extracts market is highly fragmented; hence, there are numerous players in the market offering a wide range of plant extracts; the major plant extract manufacturers include Givaudan (Switzerland), Sensient Technologies Corporation (US), International Flavors & Fragrances, Inc (US), Kangcare Bioindustry Co., Ltd. (China), Synthite Industries Private Ltd. (India), and PT. Indesso Aroma (Indonesia). These players have focused on strategies such as new product launches and collaborations to gain a larger market share in the plant extracts market.
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.
The fruits, flowers and bulbs segment dominated the plant extracts market in 2020. The consumption of fruit, flower, and bulb extracts has been linked with several health benefits, a result of their medicinal properties and high nutritional value. Various citrus fruits are associated with antimicrobial and anticancer properties, which are crucial for Essential Oils, phytomedicines, and several herbal extracts. With the growing demand for plant-based products in pharmaceuticals, dietary supplements, and cosmetic industries, the demand for fruit extracts and flower and bulb extracts has been growing significantly. Such demand for plant-based end products is driving the market in the fruits, flowers, and bulbs segment.
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The Among applications, the pharmaceuticals & dietary supplements segment accounts for a largest market share, followed by the food & beverages segment. The surge in the consumption rate of dietary supplement products, specifically processed from plant ingredients has been the key factor that drives the growth of the segment in terms of value sales. The culmination of factors, such as the rise in the awareness of the ill-effects of heavy doses of allopathic medicine, an increase in instances of antibiotic allergies among people, and the growth in the vegan population, drive the Pharmaceuticals and dietary supplement segment growth in terms of value sales.