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

The Plant Extracts Market is expected to reach $63.26 billion by 2031, at a CAGR of 8.7% from 2024 to 2031.

Plant Extracts Market Size & Forecast

The growth of this market can be attributed to several factors, including increasing consumer awareness regarding 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. Moreover, increasing demand for the cosmetics industry, the emergence of developing countries, and increasing utilization of oleoresins in animal feed are expected to offer growth opportunities for the players operating in this market.

Plant Extracts Market Growth Drivers

Increasing Consumer Awareness Regarding the Benefit of Natural Products

Concerns over the environment and ecology are common these days. Environmental and health problems are a result of the population's rapid growth, diverse eating patterns, declining amount of arable land, and use of harmful and chemical chemicals. People are requesting natural products as a result. The demand for natural products has surged due to shifting consumer preferences, affecting a variety of industries such as food, personal care, and pharmaceuticals. Customers are choosing natural and organic products over those with artificial preservatives, synthetic additives, and hazardous chemicals as they become more aware of the contents of the goods they use.

Furthermore, natural extracts are valued for their aromatic, healing, coloring, and antioxidant properties. In the food industry, they are used as natural additives, preservatives, and flavor enhancers in food products. In the cosmetics industry, they provide natural skincare benefits, such as anti-aging and antibacterial effects. Thus, increasing demand for natural products is driving the growth of the market globally.

Click here to: Get Free Sample Pages of this Report

Rising Demand for Herbal Supplements

As per their claimed health benefits and desire to stay away from artificial chemicals and additives, consumers are growing more health-conscious and gravitating toward natural and organic items like herbal supplements. The herbal supplement may help treat certain medical issues and enhance general health. Additionally, as chronic illnesses like cancer, diabetes, and cardiovascular disorders become more common, people are turning to complementary or alternative therapies, which are fueling the market for herbal supplements. Additionally, due to their long-standing use and perceived efficacy, traditional medicines and natural cures have become increasingly popular in recent times. Another issue is the aging population, which is looking for safe, natural solutions to age-related health problems. This is driving increased demand for herbal supplements.

Plant Extracts Market Trends

Increasing Adoption of Clean-label Products

Clean-label is a consumer-driven initiative, primarily shaped by consumer perception of ingredient acceptability. Food products containing natural, familiar, and simple ingredients are clean-label products. Factors such as rising demand for organic, natural, and ‘free from’ artificial ingredients food products are expected to drive the demand for plant extracts across the globe.

Consumer attention to product quality, ingredient lists, and health claims is driving a steady increase in the clean label movement across all areas. In response to growing consumer demand, manufacturers are reformulating their products to adhere to clean label requirements. Moreover, the global sales of clean-label food ingredients are projected to reach around USD 64.1 billion by 2026. Thus, people’s increasing need for clean-label products is a prominent trend that positively influences the plant extracts market.

Increasing Awareness of Health & Wellness

The desire to live longer and in better health is gaining ground among consumers. Their tastes have changed to include more natural, organic food that isn't processed or contains preservatives. Additionally, since average lifespans continue to climb and consumers look to ensure healthy lifestyles for as long as possible, well-being is quickly becoming a global trend. Consuming more healthful food is a proactive approach to avert future medical expenses.

Several plant extracts have various bioactive compounds like polyphenols and carotenoids. These compounds have antimicrobial and antioxidant properties, which can combat oxidative stress, delay the development of off-flavors, improve shelf life, and enhance the color stability of food products. Plant extracts are natural alternatives to synthetic compounds, offering health benefits without the potential toxicological and carcinogenic effects associated with synthetic ingredients.

Plant Extracts Market Opportunity

Increasing Demand For Cosmetics Industry

Personal hygiene, skin health, and general well-being have gained more attention from people in recent years, particularly from younger people. As a result, more people are using cosmetics and personal hygiene products. The demand for beauty and personal care goods has surged due to rising disposable income and an increasing focus on personal grooming. Furthermore, the growing knowledge of the risks involved in regularly using chemical-based cosmetics and the attendant concerns are driving up demand for herbal and natural cosmetic products. Vitamins, minerals, antioxidants, and other naturally extracted substances can be found in natural cosmetic products. It is free of toxins and has several benefits over chemical-based cosmetics for treating acne and enhancing skin health. Consequently, there is a growing market for plant extracts due to the growing demand for cosmetics.

Increasing Utilization of Oleoresins in Animal Feed

The demand for animal feed is increasing due to the commercialization of the livestock sector, increasing demand for animal-based products, and increasing awareness regarding animal health. According to projections by the Food and Agriculture Organization of the United Nations (2022), global livestock production is set to reach 1,961,400,000 heads in 2026 from 1,904,800,000 heads in 2023, an increase of 0.7% per year. Thus, the demand for animal feed is increasing. Also, the demand for feed additives is gaining popularity day by day due to the benefits such as growth promotion in animals, control over infectious diseases as well as enhancement of feed digestibility.

There is an increasing use of oleoresins in animal feed due to their potential benefits in improving animal health and performance. Plant-derived oleoresins are part of the phytogenic feed additives used in animal nutrition. Additives, including herbs, essential/aromatic oils, and oleoresins, are added to animal diets to enhance feed properties, promote animal production performance, and improve the quality of products derived from these animals. Thus, the increasing use of oleoresins in animal feed is creating an opportunity for manufacturers operating in this market.

Plant Extracts Market Analysis: Key Findings

By Product Type: In 2024, the Essentials Oils Segment to Dominate the Plant Extracts Market

Based on product type, the plant extracts market is segmented into essential oils, oleoresins, flavonoids, alkaloids, carotenoids, and other product type. In 2024, the essential oils segment is expected to account for the largest share of over 44.9% 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 in various industries, including food & beverages, cosmetics and personal care, and medicinal applications, growing demand for natural and organic products, and rising interest in aromatherapy. Additionally, essential oils are used in various products due to their potential health benefits, such as antifungal, antimicrobial, anticancer, and wound healer properties.

Moreover, this segment is slated to register the highest growth rate of over 10.2% during the forecast period of 2024–2031. This growth is driven by the increasing demand for clean-label products, vegan products, and consumer interest in fragrance and herbal supplements.

By Form: In 2024, the Liquid Segment to Dominate the Plant Extracts Market

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.

By Source: The Herbs & Spices Segment to Witness Highest Demand During the Forecast Period

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 significant market share of this segment can be ascribed to several factors, such as growing knowledge of the health advantages of herbs and spices, their extensive application in ayurvedic treatments, their growing use in the cosmetics & personal care sector, which includes skin, hair, and nail products, and their growing use in the food and beverage industry. The medicinal qualities of spices and herbs, including their anti-inflammatory and antioxidant capabilities, are what propel the global market's expansion.

By Application: In 2024, the Food & Beverage Segment to Dominate the Plant Extracts Market

Based on application, the plant extracts market is segmented into food & beverage, cosmetics & personal care, pharmaceutical & nutraceutical, animal feed, and other applications. In 2024, the food & beverage segment is expected to account for the larger share of over 44.9% of the plant extracts market. This segment's significant market share can be ascribed to several factors, including the expanding popularity of processed foods, the preference for natural ingredients over synthetic ones, the rise in the demand for natural food flavor and color, and the growing popularity of clean-label products. In the food sector, plant extracts are mostly used as taste, coloring, antioxidants, antimicrobials, enzymes, and nutrient enhancers. Because of its antimicrobial qualities, it is widely used to prolong the shelf life of food and beverage goods, which propels the market's expansion.

However, the cosmetics & personal care segment is projected to witness the highest growth rate of 9.3% during the forecast period of 2024–2031. This growth is driven by increasing awareness of natural ingredients, growing demand for vegan beauty products, and increasing demand for the perfume industry. Plant extracts are associated with functional properties, including antioxidant activity, tyrosinase inhibition for skin depigmentation, antimicrobial activity, and sun protection. Moreover, increasing incorporation into cleansers, moisturizers, astringents, and hair care products is further fueling the growth of the market.

Geographical Analysis

Asia-Pacific Dominates the Overall Plant Extracts Market

Based on geography, the plant extracts market is majorly segmented into five regions: North America, Europe, Asia-Pacific, 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, followed by North America and Europe. Asia-Pacific plant extracts market is estimated to be worth 12.62 billion in 2024. Asia-Pacific's significant market share can be attributed to several key factors, including the increasing disposal income, changing lifestyle, increasing consumer demand for processed food products, growing demand for healthy food ingredients, high consumer preference for herbal supplements, high availability of raw materials, large numbers of food & beverages manufacturers in the region.

However, the Latin America region is slated to register the highest growth rate of 9.7% during the forecast period due to the growing consumer awareness regarding health and wellness, increasing consumer spending for healthy products, increasing demand for natural-based ingredients, growing demand for vegan cosmetics and personal care products, growing demand for aqua feed, and rising product innovations.

Plant Extracts Market: Key Companies

The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last 3–4 years. Some of the key players operating in the 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).

Plant Extracts Industry Overview: Latest Developments from Key Industry Players

• In May 2024, Guilin Layn Natural Ingredients Corp. (China) launched SophorOxa, a polyphenol-rich natural additive that reduces oxidative stress and provides weight management for dogs and cats.

• In April 2024, Symrise (Germany) launched Flowerconcentrole, an olfactive flower extract for cosmetic application.

• In September 2023, dōTERRA International, LLC (U.S.) launched several new essential oils and essential oil blends at dōTERRA global convention. Their aim is to provide high-quality products and sustainably sourced essential oils.
• In August 2023, Synthite Industries Ltd. (India) partnered with TÜRER Bitkisel A.Ş. (Turkey) to access Mediterranean herbs, & essential oils from Turkey and surrounding countries and give Türer Bitkisel access to more sales channels.

Plant Extracts Market Research Summary:

Key questions answered in the plant extracts market report: