A plant extract is a substance or an active ingredient with desirable properties; this extract is removed from the tissue of a plant, usually by treating it with a solvent to be used for a particular purpose. Extracts may be used in various sectors of activities, including pharmaceuticals for therapeutic properties, food & beverage products for functional properties, and cosmetics with functional properties for beauty and well-being. The global plant extracts market is projected to grow from USD 30.8 billion in 2021 to USD 55.3 billion by 2026, at a CAGR of 6.0% from 2021 to 2026. With the growing health awareness, the increasing prevalence of chronic diseases, and the need for nutrition enhancements among consumers, plant extracts find applications in various end-user industrial applications.
According to a recent nationwide government survey found that natural products, including dietary supplements, are used by approximately 18% of adults. With the increase in trend of healthy eating and healthy lifestyle, the demand for herbal dietary supplements has increased tremendously. Herbal dietary supplements, sometimes called herbals or herbal dietary supplements, are products made from plants, plant parts, or plant extracts. They contain one or more ingredients meant to supplement the diet. Herbal dietary supplements improve health, and these ‘natural’ remedies are both effective and free from the side effects that may occur with other medications. All these factors are in increasing the consumption of dietary supplements extracted from plants. Hence, surging the market growth for plant extracts.
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Covid 19 impact on plant extracts market
The COVID-19 pandemic had significantly impacted almost all industries across the globe. This pandemic has resulted in mass production shutdowns and supply chain disruptions, which has also affected the economy as well.
In the current scenario, it has become important to boost the immunity to fight coronavirus, along with maintaining hygiene and following all medical advisories that have been laid down. Even the guidelines provided by World Health Organization (WHO) in its COVID-19 analysis suggest the world population consumes immunity-boosting foods. Hence, the demand for medicinal plant extracts carrying properties of boosting human immunity is at the surge in the pharmaceuticals & nutraceuticals industry. This in turn will boost the market of plant extracts globally.
The Pharmaceuticals & dietary supplements segment is projected to dominate the market by application. This growth can be attributed to the increasing awareness of people related to bacterial resistance toward allopathic medicines. As a result of the increasing incidents of illnesses due to stressful and busy lifestyles, consumers are demanding functional food and supplements for regular consumption. Some of these supplements include phytomedicines and herbal extracts, which are composed of naturally occurring components; they are scientifically demonstrated to promote positive effects on the target functions beyond basic nutrition.
The fruits, flowers, and bulbs segment is projected to hold the largest market share during the forecast period. All of these sources are used in diverse applications, including herbal extracts, flavors and fragrances, aromatherapy, personal care, and toiletries. Owing to multiple functionalities and the presence of several phytochemicals, these parts of the plants are majorly used for extraction and are in high demand from various industries. In the food & beverages application, flowers and fruits are generally used to provide flavors and aroma. Essential Oils from flowers, when incorporated into finished products impart various benefits, such as a pleasant aroma in perfumery, shine or conditioning effects in hair care products, and improving the elasticity of the skin.
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The Asia Pacific market accounted for the largest share in 2020. This dominance is attributed to factors such as a surge in the consumption rate of vegan food & beverage products, the rise in the demand for functional food products, and the increase in awareness related to the health benefits associated with the consumption of clean-label food products among consumers. Furthermore, the region has several small and medium-sized manufacturers of plant extracts that are well-versed with the processing of plant extracts and aware of the benefits offered by them. Manufacturers in Indonesia, India, and Thailand are continuously investing in the market and focusing on innovation to expand their product range. This is due to the rise in the trade of plant extracts between Asia and international manufacturers of plant extract-based products.
This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the plant extracts market. It consists of the profiles of leading companies such as the major plant extract manufacturers include Givaudan (Switzerland), Sensient Technologies Corporation (US), International Flavors & Fragrances, Inc (US), Kangcare Bioindustry Co., Ltd. (China), Synthite Industries Private Ltd. (India), and PT. Indesso Aroma (Indonesia).