The plant extracts market size is estimated to be valued at USD 34.4 billion in 2022 and is projected to reach USD 61.5 billion by 2027, recording a CAGR of 12.3% in terms of value. Additionally, as more research studies in the field are carried out and show that plant extracts have positive effects medically more it will benefit the industry. The industry is witnessing a lot of new product launches and acquisition and mergers between big players.
The key players in this market include International Flavors & Fragrances Inc. (US), Givaudan (Switzerland), Symrise (Germany), Kerry Group Plc (Ireland), ADM (US), and Synthite Industries Ltd (India), Kalsec Inc. (US), Kangcare bioindustry co. ltd. (China), Carbery Group (Ireland), DSM (Netherlands), Döhler (Germany), Synthite Industries Ltd (India), Indesso (Indonesia), and Vidya Herbs (India). To strengthen their market position in the global plant extracts market, they are now focusing on strategies such as product developments, mergers and acquisitions, product innovations, joint ventures, collaborations, and partnerships.
With the increase in trend of healthy eating and healthy lifestyle, the demand for herbal dietary supplements has increased tremendously. 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. In June 2021, Rhuleave-K was introduced by Arjuna Natural as a revolutionary pain management solution. It is a one-of-a-kind product made up of extracts of curcuma longa and Boswellia serrata. It helps to get relief from pain without any side-effects. All these factors are increasing the consumption of herbal dietary supplements. Hence, surging the market growth for plant extracts.
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Powder extracts are standardized and tested to ensure a certain percentage of ’active’ ingredient content. The standardised extract is spray dried to form a consistent powder after being extracted with ethanol and water. Spray dried powders are stable and do not require any special storage conditions. A cool, dry location away from heat, sunlight, and moisture is adequate. Aside from the storage condition dry extracts have numerous advantages, including less storage space, stability, and ease of standardization for plant active ingredients. These dry extracts are used in a variety of applications, like in food and beverage industries use these extracts to improve the functionality of their products and as additives, flavoring, and coloring agents. Because of the growing popularity of clean label, chemical-free products, the use has increased dramatically in recent years, particularly in developed countries.
Dry extract is also used in the manufacturing of pharmaceuticals and dietary supplements. For thousands of years, medicinal plants have provided therapeutic agents and continue to be a great source of novel pharmaceutical products. Furthermore, because of an aging population, increasing interest of consumers in natural ingredients and increased consumer awareness about general health, demand for medicinal plant products is increasing in both developing and developed countries. Yerba mate, catuaba, and muirapuama are some of the popular choices in the medicinal plant category. Despite this, there is widespread concern about the safety, efficacy, and quality of herbal medicines. Dietary supplements with additional health benefits remain popular in developed countries and increased disposable income, active lifestyle, and increased globalization is expected to drive the market in developing countries.