Report : North America 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 6.2% CAGR, the North America Plant Extracts Market is speculated to be worth US$ 11,321.17 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America investor plant extracts market was valued at US$ 7,878.12 million in 2022 and is expected to reach US$ 11,321.17 million by 2028, registering an annual growth rate of 6.2% from 2022 to 2028. The growing inclination toward herbal products and rising demand for natural ingredients in food & beverages are the critical factors attributed to the market expansion.
The demand for herbal products is increasing among consumers. They often find herbal and natural products as healthier alternatives to synthetic products; producers tend to replace chemical ingredients with natural ingredients to respond to this trend. Various end-use industries are using plant extracts for the manufacturing of herbal products such as herbal food and beverages, herbal medicines, and herbal cosmetic products. Moreover, the demand for herbal products is increasing due to the increasing awareness about the therapeutic properties of herbs. Herbal medications are mainly sold as dietary supplements or nutraceuticals with health claims in region such as North America, which are pre-approved by the FDA under the Dietary Supplements Health and Education Act. Compared to traditional pharmaceuticals, these items are subject to less strict FDA regulations. According to the Nutrition Business Journal, sales of the products, such as nutritional supplements containing herbs and/or fungi, increased by a record-breaking 17.3% in 2020 compared to 2019; this is the first time this category has witnessed double-digit growth in at least the past two decades. Thus, the increasing demand for herbal products is driving the growth of the plant extracts market. Plant extracts are primarily added to cosmetic formulations because of several associated properties such as antioxidant, anti-inflammatory, antiseptic, and antimicrobial properties. The demand for herbal cosmetics and personal care products is increasing. Herbal cosmetics products are claimed to have efficacy and intrinsic acceptability as consumers routinely use these products in daily life over synthetic products to avoid the side effects. Manufacturers are also developing strategies to invest in the cosmetics industry. Thus, the increasing demands for herbal skin care products and herbal medicines are driving the growth of the plant extracts market.
On the contrary, regulatory issues hurdles the growth of North America plant extracts market.
Based on form, the North America plant extracts market is segmented into liquid, powder, and paste. The liquid segment held 57.5% market share in 2022, amassing US$ 4,533.52 million. It is projected to garner US$ 6,444.23 million by 2028 to expand at 6.0% CAGR during 2022–2028.
Based on source, the North America plant extracts market is categorized into fruits and vegetables, herbs and spices, flowers, and others. The herbs and spices segment held 45.9% market share in 2022, amassing US$ 3,618.49 million. It is projected to garner US$ 5,116.85 million by 2028 to expand at 5.9% CAGR during 2022–2028.
Based on application, the North America plant extracts market is segmented into food and beverages, pharmaceuticals and nutraceuticals, personal care, and others. With 43.6% share of the domain, the food and beverages segment dominated the market in 2022. It accrued US$ 3,434.57 million in 2022 and is estimated to generate US$ 4,854.06 million by 2028 to grow at a CAGR of 5.9% over the forecast period.
Based on country, the North America plant extracts market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 83.3% market share in 2022. It was assessed at US$ 6,563.55 million in 2022 and is likely to hit US$ 9,267.52 million by 2028, exhibiting a CAGR of 5.9% during the forecast period.
Key players dominating the North America 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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