Plant Extract Market Overview
Plant Extract Market size in 2020 is estimated to be $14.162 billion, growing at a CAGR of 6.3% during the forecast period 2021-2026. Plant extracts is a substance that is extracted from plant and herbs. It has medicinal properties and is also a source of active compounds such as alkaloids, steroids, tannins, glycosides, volatile oils, phenols, and flavonoids. These active compounds are found in various part of the plants such as leaves, flowers, bark, seeds, fruits, and roots. Plant extracts are used in various industries such as food and beverage, cosmetic, pharmaceutical and others. Increasing demand of plant extracts in food and beverage as well as in cosmetics industries are the major factors driving the growth of the market. Moreover, growing consumption of convenience food coupled with increasing health consciousness among the people further enhance the overall market demand for Plant Extract during the forecast period 2021-2026.
Report Coverage
The report: “Plant Extract Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Plant Extract Market:
By Type: Phytochemicals, Essential Oil, Spices, and Others.
By Form: Powder and Liquid.
By Method: Maceration, Infusion, Decoction, Percolation, Soxhlet, Ultrasound-assisted extraction, Supercritical Fluid extraction, Phytonics process, Microwave assisted extraction, and Others.
By End Use Industry: Pharmaceuticals, Cosmeceuticals, and Functional food & Beverages.
By Geography: North America, South America, Europe, and Asia-Pacific.
Key Takeaways
- In 2020, Asia-Pacific dominates the Plant Extract Market owing increasing urbanization and rising disposable income of the people.
- Increasing awareness about side effects of synthetic flavors is driving the market growth of Plant Extract.
- Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Plant Extract Market report.
- Side effects of plant extraction medicine and stringent Regulations Associated with quality and safety of the plant extracts are challenging the growth of the market.
Plant Extract Market Segment Analysis - By Type
Based on the Type, Plant Extract Market is segmented into, Phytochemicals, Essential Oil, Spices, Others. The Phytochemicals segment is projected to dominate the market in 2020 owing to rising demand of phytochemical for dietary supplements and other pharmaceutical applications. This segment is also poised to be the fastest-growing segment and is projected to grow at a CAGR of 6.8% during the forecast period 2021-2026.
Plant Extract Market Segment Analysis - By Form
Based on the Form, Plant Extract Market is segmented into powder, liquid, others. In 2020, powder segment is projected to dominate the market. This is mainly owing to powder being widely used in various industries such as food and beverage, cosmetics, pharmaceutical and others. Moreover, it is easy to use and incorporate in different products further contributing to the growth of this segment.
Plant Extract Market Segment Analysis - Geography
Asia-Pacific dominated the Plant Extract market share accounting for 36.7% of the market in 2020. This is mainly owing to easy availability of raw material and suitable environment for the growth of plants used for extraction. Moreover, manufacturers present in this region are continuously investing in the market and focusing on innovation to expand their product range. Also, this region is set to be the fastest-growing during the forecast period 2021-2026 owing to rising awareness among consumers about health benefits of plant extracts as well as the rising disposable income of the people.
Plant Extract Market Drivers
Increasing Demand of plant based ingredients and flavors
Increasing demand of plant based ingredients and flavors in various industries such as food and beverage, pharmaceutical, cosmetics and others owing to health benefits are some factors driving the growth of Plant Extract market. According to the Plant Based Food Association (PBFA), retail sales of plant based food in U.S. grew by 11.4% in 2019. Moreover, changing preference of the people towards healthy lifestyle is also set to increase the market growth.
Rising Demand for Plant Extract in Food and Beverage Industry
Rising Demand for plant extracts in food and beverage industry to enhance the color, flavor, and taste some factors driving the growth of the market. Moreover, growing trend of clean label food products and rising adoption of herbal products is further contributing to the growth of Plant Extract Market.
Plant Extract Market Challenges
Side effects of plant extraction medicine and stringent regulations associated with quality and safety of the plant extracts is challenging the growth of the market. Moreover, outbreak of COVID-19 around the world has impacted all industries including food and beverage industry. Lack of supply of plant extracts to the various end-use industry including pharmaceuticals and cosmeceuticals owing to the temporary shutdown of factories, blockage of roads and various other factors had challenged plant extract market.
Plant Extract Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Plant Extract Market. Plant Extract top 10 companies are Givaudan, Symrise AG, Dohler, Martin Bauer GmbH & Co. KG, Archer Daniel Midlands, Kemin Industries Inc., Frutarom Industries Ltd., Indena Spa, Synthite Industries Ltd., and CHR Hansen.
Acquisitions/Product Launches:
- In April 2019, DSM, Vidya Herbs, leading manufacturer of organic and conventional herbal extracts and natural carotenoids has launched a sunflower extract with 40% chlorogenic acids.
- In May 2019, Givaudan, leading player in flavor and fragrance has acquired a Vietnamese flavour company. This acquisition strengthen the product portfolio in natural flavor, extract and essential oils.
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