Redding, California - August 8, 2024
Plant Extracts Market to Reach $63.26 Billion by 2031
Plant Extracts Market Size, Share, Forecast, & Trends Analysis by Product (Essential Oils, Oleoresins, Flavonoids, Carotenoid), Form (Liquid), Source (Herbs & Spices, Fruits & Vegetables), Application (Food & Beverages, Cosmetics) - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled, 'Plant Extracts Market Size, Share, Forecast, & Trends Analysis by Product (Essential Oils, Oleoresins, Flavonoids, Carotenoid), Form (Liquid), Source (Herbs & Spices, Fruits & Vegetables), Application (Food & Beverages, Cosmetics) - Global Forecast to 2031.'
According to this latest publication from Meticulous Research®, the global plant extracts market is projected to reach $63.26 billion by 2031, at a CAGR of 8.7% from 2024 to 2031.Increasing consumer awareness about the benefits of natural products; growing demand for natural colors and flavors; rising demand for herbal supplements; and rising concerns regarding the use of synthetic ingredients are factors that contribute to the growth of the global plant extracts market. However, substitutes at lower costs and fluctuations in raw material prices are expected to hinder market growth.
Additionally, increasing demand for cosmetics and the increasing utilization of oleoresins in animal feed are expected to provide market growth opportunities for the stakeholders operating in the plant extract market. However, strict regulations and high production costs provide significant obstacles for industry participants. Two other significant trends in the market for plant extracts are the growing ubiquity of clean-label products and the growing consciousness of health and wellness.
Key Players:
The global plant extracts market is characterized by a moderately competitive scenario due to the presence of many large-sized and small-sized global, regional, and local players. The key players operating in the global plant extracts market are Arjuna Natural Extracts Ltd. (India), Döhler GmbH (Germany), Givaudan SA (Switzerland), International Flavors & Fragrances Inc (U.S.), Synthite Industries Ltd (India), Sensient Technologies Corporation (U.S.), Symrise AG. (Germany), Synergy Flavors Inc. (U.S.), dōTERRA International, LLC (U.S.), ROBERTET SA (France), Kalsec Inc. (U.S.), Vidya Herbs Pvt Ltd. (India), Rüther Gewürze GmbH (Germany), Universal Oleoresins (India), Essential Oils of New Zealand Ltd (New Zealand), and Sydney Essential Oil Co. (Australia).
The global plant extracts market is mainly segmented by product type (essential oils, oleoresins, flavonoids, alkaloids, carotenoids, and other product type), form (liquid and dry), source (herbs & spices, fruits & vegetables, and flowers), application (food and beverage, cosmetics and personal care, pharmaceutical & nutraceutical, animal feed, and other applications), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa). In addition, the study assesses competitors in the industry and examines country-level and regional marketplaces.
Based on product type, the plant extracts market is segmented into essential oils, oleoresins, flavonoids, alkaloids, carotenoids, and other product types. In 2024, the essential oils segment is expected to account for the largest share of over 44.9% of the plant extracts market. The increasing use of essential oils in a variety of industries, such as food and beverage, cosmetics and personal care, and medicinal applications, along with the growing demand for natural and organic products and the growing interest in aromatherapy, are some of the factors contributing to this segment's big market share. Furthermore, because of their potential health benefits such as their antifungal, antibacterial, anticancer, and wound-healing qualities—essential oils are employed in a variety of goods.
Based on form, the plant extracts market is segmented into liquid and dry plant extracts. In 2024, the liquid plant extracts segment is expected to account for the larger share of the plant extracts market. The large market share of this segment can be attributed to factors such as the high use of essential oils and oleoresins, its versatility and ease of application in various industries. Liquid form is more convenient for incorporation into different products such as cosmetics, personal care items, food, and beverages. Also, liquid plant extract has other advantages such as liquid form allows better homogeneity and easier dosing in final products.
Based on source, the plant extracts market is segmented into herbs & spices, fruits & vegetables, and flowers. In 2024, the herbs & spices segment is expected to account for the largest share of over 53.2% of the plant extracts market. The large market share of this segment can be attributed to the increasing awareness about the health benefits of herbs & spices, high uses in ayurveda practices, increasing use in cosmetics and personal care industry, including skin, hair, and nail products, and rising use in food and beverages industry. Herbs and spices have therapeutic properties such as antioxidants, anti-inflammatory, and other properties, which drive market growth globally.
Based on application, the plant extracts market is segmented into food and beverage, cosmetics and personal care, pharmaceutical & nutraceutical, animal feed, and other applications. In 2024, the food and beverage segment is expected to account for the largest share of 44.9% of the plant extracts market. The large market share of this segment can be attributed to factors such as growing demand for processed food products, increasing demand for natural ingredients over synthetic ones, rising demand for natural food color and flavor, and increasing demand for clean label products. Plant extracts mostly act as antioxidants, antimicrobials, flavoring, coloring agents, enzymes, and nutrient enhancers in the food industry. Because of its antimicrobial qualities, it is widely used to prolong the shelf life of food and beverage goods, which propels the market's growth.
Geographic Review
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, Netherlands, Poland, Belgium, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, Indonesia, Malaysia, and Rest of Asia-Pacific), Latin America (Brazil, Argentina, Mexico, and Rest of Latin America), and the Middle East & Africa.
In 2024, Asia-Pacific is expected to account for the largest share of over 35.7% of the global plant extracts market. The Asia-Pacific plant extracts market is estimated to be worth $12.62 billion in 2024. This region's significant market share is primarily due to factors like rising disposable income, changing lifestyles, rising consumer demand for processed foods, rising demand for ingredients for healthful foods, rising consumer preference for herbal supplements, abundant supply of raw materials, and the region's abundance of food and beverage producers.
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Key Questions Answered in the Report-
- What is the value of revenue generated by the sale of plant extracts?
- At what rate is the global demand for plant extracts projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for the plant extracts market?
- What are the major factors impacting the growth of this market at global and regional levels?
- What are the major opportunities for existing players and new entrants in the market?
- Which product type, form, source, and application segments create major traction for the manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the plant extracts market?
- Who are the major players in the plant extracts market? What are their specific product offerings in this market?
- What recent developments have taken place in the plant extracts market? What impact have these strategic developments created on the market?
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