Report : Asia Pacific Plant Extracts Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Form (Liquid, Powder, and Paste), Source (Fruits and Vegetables, Herbs and Spices, Flowers, and Others), and Application (Food and Beverages, Pharmaceuticals and Nutraceuticals, Personal Care, and Others)

At 7.9% CAGR, the Asia Pacific Plant Extracts Market is speculated to be worth US$ 18,449.66 million by 2028, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific investor plant extracts market was valued at US$ 11,659.87 million in 2022 and is expected to reach US$ 18,449.66 million by 2028, registering an annual growth rate of 7.9% from 2022 to 2028. The strategic development initiatives by manufacturers and growing inclination toward herbal products are the critical factors attributed to the market expansion.

Manufacturers from various application industries such as food & beverages, personal care, and pharmaceutical are providing significant investments for product innovation to expand their customer base and meet emerging consumer trends. They are launching herbal and clean-labeled products without using synthetic additives, which meet the varied requirements of consumers. For instance, in June 2022, Sweet Victory Ltd. collaborated with Givaudan to create a flavorful botanical-infused chewing gum for children that are designed to curb cravings for sugary treats. Such launched products that use plant extracts as a key raw ingredient are creating demand for plant extracts among manufacturers. These products were launched to help consumers maintain their health goals as health became a priority for consumers during the COVID-19 pandemic. Manufacturers are launching different herbal products because people have started focusing on herbal products while maintaining the nutritional balance. Manufacturers are incorporating plant extracts in personal care products and investing in their research and development activities to address the needs of consumers. For instance, Symrise introduced SymControl Scalp in September 2020, which normalizes sebum production on the scalp and encourages healthy hair. Tetraselmis Suecica extract has been selected as highly effective in lowering sebum levels to address the issue of excessive sebum production at its root. In addition to natural mannitol, algae can protect hair and scalp from environmental damage. Such product innovations help plant extracts extend their reach and gain a competitive edge in international markets. Various end-use industries are adopting strategies such as business expansion and production capacity scaleup to provide better customer satisfaction.

On the contrary, regulatory issues hurdles the growth of Asia Pacific plant extracts market.

Based on form, the Asia Pacific plant extracts market is segmented into liquid, powder, and paste. The liquid segment held 61.3% market share in 2022, amassing US$ 7,142.64 million. It is projected to garner US$ 11,095.08 million by 2028 to expand at 7.6% CAGR during 2022–2028.

Based on source, the Asia Pacific plant extracts market is categorized into fruits and vegetables, herbs and spices, flowers, and others. The herbs and spices segment held 45.6% market share in 2022, amassing US$ 5,319.24 million. It is projected to garner US$ 8,204.79 million by 2028 to expand at 7.5% CAGR during 2022–2028.

Based on application, the Asia Pacific plant extracts market is segmented into food and beverages, pharmaceuticals and nutraceuticals, personal care, and others. With 49.8% share of the domain, the food and beverages segment dominated the market in 2022. It accrued US$ 5,804.36 million in 2022 and is estimated to generate US$ 8,907.07 million by 2028 to grow at a CAGR of 7.4% over the forecast period.

Based on country, the Asia Pacific plant extracts market is categorized into China, Japan, India, Australia, South Korea, and the rest of Asia Pacific. Our regional analysis states that China captured 38.0% market share in 2022. It was assessed at US$ 4,426.58 million in 2022 and is likely to hit US$ 6,687.41 million by 2028, exhibiting a CAGR of 7.1% during the forecast period.

Key players dominating the Asia Pacific plant extracts market are Dohler; Givaudan S.A.; Indesso; Ingredion Inc.; International Flavors & Fragrances, Inc.; Kemin Industries, Inc.; Kerry Group Plc; Sensient Technologies Corporation; Symrise; and Synergy Flavors, among others.

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