Report : South and Central 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 8.2% CAGR, the South & Central America Plant Extracts Market is speculated to be worth US$ 4,325.47 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America investor plant extracts market was valued at US$ 2,700.80 million in 2022 and is expected to reach US$ 4,325.47 million by 2028, registering an annual growth rate of 8.2% from 2022 to 2028. The rising inclination toward herbal products and strategic development initiatives by manufacturers 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. 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 South & Central America plant extracts market.
Based on form, the South & Central America plant extracts market is segmented into liquid, powder, and paste. The liquid segment held 59.0% market share in 2022, amassing US$ 1,594.68 million. It is projected to garner US$ 2,518.71 million by 2028 to expand at 7.9% CAGR during 2022–2028.
Based on source, the South & Central America plant extracts market is categorized into fruits and vegetables, herbs and spices, flowers, and others. The herbs and spices segment held 47.4% market share in 2022, amassing US$ 1,279.46 million. It is projected to garner US$ 2,008.45 million by 2028 to expand at 7.8% CAGR during 2022–2028.
Based on application, the South & Central America plant extracts market is segmented into food and beverages, pharmaceuticals and nutraceuticals, personal care, and others. With 53.6% share of the domain, the food and beverages segment dominated the market in 2022. It accrued US$ 1,447.10 million in 2022 and is estimated to generate US$ 2,254.06 million by 2028 to grow at a CAGR of 7.7% over the forecast period.
Based on country, the South & Central America plant extracts market is categorized into Brazil, Argentina, and the rest of South & Central America. Our regional analysis states that rest of South & Central America captured 51.6% market share in 2022. It was assessed at US$ 1,392.46 million in 2022 and is likely to hit US$ 2,020.45 million by 2028, exhibiting a CAGR of 6.4% during the forecast period.
Key players dominating the South & Central 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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