Plant Extracts Market by Form (Powder, Liquid, and Paste), Source (Fruits & Vegetables, Herbs & Spices, Flowers, and Others), Application (Food & Beverages, Pharmaceuticals & Nutraceuticals, Personal Care, and Others): Global Market Size Estimates and Forecast (2022-2030)
The market crossed US$ 30.95 billion mark in 2022 and is expected to hit US$ 49.73 billion by 2030, recording a CAGR of 7.4% during the forecast period.
Increasing demand for natural ingredients in beverages & food industry to favor market growth
Nowadays, consumers prefer natural ingredient-based food products to avoid asthma, allergies, and other health complications due to the synthetic ingredient-based food items. This aspect will favor the plant extracts market growth. In addition, increasing food & beverage manufacturers, necessities of producing food items free from synthetic colorants and food additives is expected to drive the plant-based extracts demand globally. Furthermore, shifting consumer preference from meat-based products to the sustainably sourced plant-based vegan food items is likely to accelerate the market growth during 2022-2030.
Within the report, the market is segmented into form, source, application, and geography. By form, the market is further segmented into powder, liquid, and paste. On the basis of source, the market is bifurcated into fruits & vegetables, herbs & spices, flowers, and others. On the basis of application, the market is categorized into food & beverages, pharmaceuticals & nutraceuticals, personal care, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Incidences of contamination of meat-based animal feeds to fuel market growth
Plant extracts have a major significance in the manufacturing of medicines and functional food and beverages. Increasing usage of spices & herbs for masking the undesirable properties of the meat-based food items is expected to accelerate market growth. Nowadays, food manufacturers are producing plant extract-based nutritional food items to offer sustainably sourced food items to their consumers. This aspect is likely to create ewer growth avenues for the industry. Increasing pharmaceutical industries necessities of producing flower extract-based tablets and tonic solutions is likely to favor the product demand during 2022-2030.
Plant-based protein foods are obtained from various plants such as pulses, soya, nuts, seeds, and others. Shifting consumers’ dietary patterns from meat-based protein to the plant-based is majorly supporting the market growth. Furthermore, increasing incidences of spoilage and contamination of the meat-based animal feed due to their improper handling practices and growing concerns of farm animal welfare & rights are expected to surge the plant-based protein food products demand globally.
Rising demand for naturally sourced cosmetic and personal care products is accelerating the market growth
Rising consumer demand for natural ingredient-based cosmetic and personal items for beautifying their glory and appearance is expected to drive the personal care segmental growth. In addition, increasing consumer demand for hand sanitizing items made of aloe vera, basil leaves, and other plant-based extracts is likely to favor the personal care segmental revenues. Nowadays, youngsters prefer green labeled cosmetic items to avoid rashes, acne, and other skin related issues due to the usage of synthetic cosmetic items. This aspect will create new growth avenues for the plant extracts market.
Recent strategic developments in plant extracts market
The plant extracts market has undergone several significant developments, and a few of these have been mentioned below:
- In October 2021, Evonik Industries AG, a global specialty chemicals manufacturer acquired Botanica, a Swiss plant extract products manufacturer to grow a portfolio of highly customized botanical system solutions in its life sciences division ‘Nutrition & Care’.
- In January 2020, ADM, an American multinational food processing company acquired Yerbalatina, a Brazilian botanical extracts manufacturer to build its presence in the plant extracts market.
- In November 2019, Givaudan S.A., a Brazilian plant extract maker launched ‘RitualEssenz,’ a new botanical extract collection in Brazil.
The plant extracts market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Sensient Technologies Corporation, Givaudan S.A., Dohler, Kemin Industries, Inc., Ingredion, Inc. are among the prominent players operating in the market.
Target audience for the report:
- Plant extract producers, suppliers, importers, exporters, and distributors
- Food & beverage manufacturers and suppliers
- Pharmaceutical & nutraceutical companies
- Dietary supplement manufacturers and suppliers
- Cosmetic & personal care products manufacturers and suppliers
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Fruits & Vegetables
- Herbs & Spices
- Food & Beverages
- Pharmaceuticals & Nutraceuticals
- Personal Care
- Companies profiled
- GIVAUDAN S.A.
- Sensient Technologies Corporation
- GIVAUDAN S.A.
- Sensient Technologies Corporation