Report : Middle East and Africa 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 6.6% CAGR, the Middle East & Africa Plant Extracts Market is speculated to be worth US$ 2,281.31 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa investor plant extracts market was valued at US$ 1,554.44 million in 2022 and is expected to reach US$ 2,281.31 million by 2028, registering an annual growth rate of 6.6% from 2022 to 2028. The strategic development initiatives by manufacturers and increasing demand for natural ingredients in food and beverages 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 Middle East & Africa plant extracts market.
Based on form, the Middle East & Africa plant extracts market is segmented into liquid, powder, and paste. The liquid segment held 57.3% market share in 2022, amassing US$ 891.40 million. It is projected to garner US$ 1,276.37 million by 2028 to expand at 6.2% CAGR during 2022–2028.
Based on source, the Middle East & Africa plant extracts market is categorized into fruits and vegetables, herbs and spices, flowers, and others. The herbs and spices segment held 43.8% market share in 2022, amassing US$ 680.57 million. It is projected to garner US$ 973.05 million by 2028 to expand at 6.1% CAGR during 2022–2028.
Based on application, the Middle East & Africa plant extracts market is segmented into food and beverages, pharmaceuticals and nutraceuticals, personal care, and others. With 59.9% share of the domain, the food and beverages segment dominated the market in 2022. It accrued US$ 930.42 million in 2022 and is estimated to generate US$ 1,332.44 million by 2028 to grow at a CAGR of 6.2% over the forecast period.
Based on country, the Middle East & Africa plant extracts market is categorized into South Africa, Saudi Arabia, the UAE, and the rest of Middle East & Africa. Our regional analysis states that the rest of Middle East & Africa captured 43.1% market share in 2022. It was assessed at US$ 669.75 million in 2022 and is likely to hit US$ 934.34 million by 2028, exhibiting a CAGR of 5.7% during the forecast period.
Key players dominating the Middle East & Africa plant extracts market are Dohler; Givaudan S.A.; Indesso; Ingredion Inc.; International Flavors & Fragrances, Inc.; Kemin Industries, Inc.; Kerry Group Plc; Sensient Technologies Corporation; and Symrise, among others.
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