Report : Europe 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 7.0% CAGR, the Europe Plant Extracts Market is speculated to be worth US$ 11,050.83 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe investor plant extracts market was valued at US$ 7,357.90 million in 2022 and is expected to reach US$ 11,050.83 million by 2028, registering an annual growth rate of 7.0% from 2022 to 2028. The growing demand for natural ingredients in food and beverages and rising inclination toward herbal products are the critical factors attributed to the market expansion.
Consumers are highly concerned about the food they consume. They have been paying more attention to ingredients used in processed food products. Herbal and natural products are becoming increasingly popular, owing to their perceived health benefits. Products that are free of synthetic ingredients are included in the diets of many consumers, and they are willing to pay high prices for these ingredients. Moreover, consumers increasingly prefer food and beverage products that are free of synthetic flavors, colors, and other food additives. Further, consumers are focusing on holistic and conscious consumption of food and prefer products with ethically sourced ingredients. The increasing consumer awareness about the adverse health effects of consuming synthetic ingredients is driving the demand for natural ingredients in the food & beverage industries. Plant extracts are widely used as an antioxidant, antimicrobial agents, and shelf life-extending agents in the industry. Furthermore, plant extracts are significantly used as flavoring agents in many food products. Due to growing concerns about ingredient safety and potential health consequences, food additives are receiving more attention worldwide. The adverse effects of consuming food and beverages with synthetic ingredients are becoming more known to consumers. The use of various artificial flavorings in food and beverages is prohibited by several health organizations and food safety associations. People are becoming more inclined toward plant-based food. Moreover, changing people's preferences toward a healthy lifestyle is fueling the plant extracts market growth. Rising awareness of the side-effects of synthetic flavors and growing R&D activities for natural extracts as ingredients are boosting the demand for plant extracts in the food & beverages industries. Thus, manufacturers are adopting strategic development initiatives to cater to the demand for plant extracts. For instance, in March 2019, Archer Daniels Midland (ADM) announced an agreement to acquire the Ziegler Group, a leading European provider of natural citrus ingredients. Ziegler offered its citrus flavors and produced citrus oils, extracts, and concentrates. ADM will gain a solid foothold in the citrus flavor sector due to this acquisition. Hence, this strategic developments by manufacturers cater the demand of natural ingredients in food and beverages.
On the contrary, regulatory issues hurdles the growth of Europe plant extracts market.
Based on form, the Europe plant extracts market is segmented into liquid, powder, and paste. The liquid segment held 57.4% market share in 2022, amassing US$ 4,220.04 million. It is projected to garner US$ 6,210.25 million by 2028 to expand at 6.7% CAGR during 2022–2028.
Based on source, the Europe plant extracts market is categorized into fruits and vegetables, herbs and spices, flowers, and others. The herbs and spices segment held 44.9% market share in 2022, amassing US$ 3,303.66 million. It is projected to garner US$ 4,705.25 million by 2028 to expand at 6.1% CAGR during 2022–2028.
Based on application, the Europe plant extracts market is segmented into food and beverages, pharmaceuticals and nutraceuticals, personal care, and others. With 52.9% share of the domain, the food and beverages segment dominated the market in 2022. It accrued US$ 3,889.23 million in 2022 and is estimated to generate US$ 5,697.92 million by 2028 to grow at a CAGR of 6.6% over the forecast period.
Based on country, the Europe plant extracts market is categorized into Germany, France, Italy, the UK, Russia, and the rest of Europe. Our regional analysis states that the rest of Europe captured 46.9% market share in 2022. It was assessed at US$ 3,448.43 million in 2022 and is likely to hit US$ 4,989.47 million by 2028, exhibiting a CAGR of 6.4% during the forecast period.
Key players dominating the Europe plant extracts market are Dohler; Givaudan S.A.; 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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