March 20, 2023

The growing awareness regarding the health benefits of plant extracts is expected to boost the growth of the market plant extracts market, states Fortune Business Insights, in a report, titled “Plant Extracts Market Size, Share & Industry Analysis, By Type (Phytomedicines, Herbal Extracts, Essential Oils, Phytochemicals, Others (Flavours and Fragrances and Others)), By Application (Fortified Foods, Pharmaceuticals, Cosmetics, and Personal Care), By Application (Pharmaceuticals, Food and Beverages, Cosmetics and Personal Care)and Regional Forecast, 2023-2030.” The surging food demand is expected to promote market growth in the forthcoming years.

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The report on the plant extracts market includes:

  • All-inclusive summary
  • Revealing insights
  • Statistical Facts and figures
  • Outstanding insights into all emerging trends
  • COVID-19 impact
  • Market segments

Driving Factor:

Booming Food and Beverage Industry to Strengthen Market

The increasing use of herbs and spices for masking undesirable properties, especially in meat products is expected to boost the market growth during the forecast period. For instance, rosemary and oregano can be used as a natural substitute for sodium erythorbate in lamb burgers. Moreover, the increasing research and development by companies can influence the healthy growth of the market. For instance, in June 2019, Givaudan, the world’s leading flavor and fragrance company, inaugurated a new Flavours technical and commercial center in Morocco. Furthermore, the increasing consumption of herbal medicines for health problems, including diabetes, heart disease, and others is expected to spur demand for plant extracts. Herbal extracts are used as ingredients in the food and beverage industry to change the flavor and aroma of the product and impart a refreshing flavor to the product. Besides, the increasing use of plant extracts in food for natural taste is expected to propel the market growth. However, the wide availability of synthetic products is expected to dampen the market growth.

 The Report Lists the Prominent Players in the Plant Extracts Market:

  • Givaudan, Symrise AG
  • Sensient Technologies
  • Kangcare Bioindustry Co., Ltd.
  • Indesso Aroma
  • Tokiwa Phytochemical Co., Ltd.
  • Native Extracts Pty. Ltd.
  • Synthite Industries Private Ltd.
  • Martin Bauer GmbH & Co. KG
  • International Flavours and Fragrances Inc.

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Market Segments:

Food and Beverage Industry to Hold the Largest Share

Phytomedicines and Herbal Extracts are expected to dominate the market forecast period due to the wide application in the pharmaceutical and food industries. The increasing consumer awareness about the adverse health effects of consuming synthetic products is expected to fuel the demand for plant-based products. The use of essential oils as an antioxidant, antimicrobial agent and shelf-life-extending agent in the food and beverage industry is expected to boost the growth of the essential oils. For instance, in November 2018, Young Living Essential Oil launched its offering and solution in the Southeast Asian market of the Philippines.

Furthermore, the growing trend of clean label products and increasing adoption of herbal products among consumers is predicted to increase the demand for plant extracts in the food and beverage industry.

Regional Insights:

Growing Demand for Herbal Products to Propel Market in Asia Pacific

The market in Asia Pacific is expected to hold the largest share during the forecast period. The growing availability of raw products is expected to boost the market in the region. The growing demand for plant-derived products is expected to aid growth in Asia Pacific. The rising awareness about better dietary choices coupled with herbal products across countries such as Japan, South Korea, and others is expected to promote the market in the region. North America and Europe are expected to hold a significant share due to the extensive use of plant extracts as a flavoring agent. The rising adoption of natural preservatives is expected to enable speedy expansion of the market in Europe. Moreover, the presence of numerous companies such as Symrise AG and Givaudan is expected to accelerate the market growth in the regions. Also, the acquisition and collaborations among companies are expected to back the development of the market. For instance, in February 2019, Martine Bauer Group, global botanical experts, announced the acquisition of BI Nutraceuticals, a leading US-based manufacturer of botanical ingredients.

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