Plant Extracts Market Overview, Size, Share, Growth Drivers, Top Companies, Opportunities, Trends, and Forecast to 2027

Plant Extracts Market Overview, Size, Share, Growth Drivers, Top Companies, Opportunities, Trends, and Forecast to 2027
MarketsandMarkets™
Plant Extracts Market by Product Type (Oleoresins, Essential Oils, Flavonoids, Alkaloids, Carotenoids), Application (Food & Beverages, Cosmetics, Pharmaceuticals, Dietary Supplements), Form, Source and Region – Global Forecast to 2027

The global plant extracts market 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, it will benefit the industry. The industry is witnessing a lot of new product launches acquisitions, and mergers between big players.

Plant Extracts Market

Plant Extracts Market Opportunities: Technological intervention in the production process give rise to opportunities in plant extracts market

Technological intervention across the supply chain helps the business propel itself. Bioactive extraction is witnessing high technology adoption. Besides, “Green technologies” are being adopted to result in significant sustainable measures. For instance, polar-nonpolar-sandwiching (PNS) technology was used for the extraction of a spectrum of bioactives, including curcuminoid, polyphenols, protein, fiber, and essential oils, from within turmeric root extract. Ultrasound assisted extraction (UAE) is a green technology for bioactive extraction. Givaudan, a leading player in flavors and fragrances industry, performs sustainable extraction through one of its innovative biomimetic technologies: Natural Deep Eutectic Solvents (NaDES).

This green fractionation technology enables the extraction of an analyte from a sample according to its physical or chemical properties. Such specialized extraction technique is used to extract botanicals. Vapor Cartridge Technology LLC, in 2022, announced patenting of environmentally conscious method of extracting essential oils/resins from cannabis plants. An Israeli start-up, AvoMed, has developed technology that can extract a bioactive PFA (polyhydroxylated fatty alcohols) from avocado, which can be further used as an active ingredient in topical cosmetic products to treat skin damage and inflammatory disorders.

Adulteration and authenticity are being tested using technology, promoting the consumption of herbal supplements, thereby increasing the demand for plant extracts. Herbal products sold worldwide as medicines or foods are perceived as low risk because they are considered natural and thus safe. However, the quality of these products is ineffectively regulated and controlled. DNA testing technology was used to analyze the authenticity of herbal products. Introduction of such technical expertise is bolstering the demand for plant extracts in the market.

Challenges : Adulteration and cost margin for natural additives compared to synthetic counterparts

One of the major challenges faced by the plant extracts market is the prevalence of adulterated extracts. Such adulterated products do not possess the actual properties of pure extracts and mislead the consumers. According to the National Academy of Science, USA, synthetic oils are primarily made of 95% of the chemicals that can be typically found in mineral oil and petroleum jelly are both by-products of petroleum production. Manufacturers of synthetic fragrances add many toxic chemicals for the fragrances to spread and dissipate into the air. Benzene derivatives, and aldehydes are the most common additive chemicals apart from other known toxins which can cause adverse health effects. The major reason for the adulteration of essential oils is their high price. For instance, high-quality, pure rose essential oil may cost approximately USD 78,000 for a liter, whereas the adulterated version of the same product costs approximately USD 200–300. Since the availability of some of the extracts is extremely low, the rate of adulteration is significantly high. Besides, as consumers favor natural essential oils over synthetic alternatives, the price of essential oil escalates, mainly due to expensive production costs.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=942

Benefits related to Herbal supplements like boosting immunity is expected to drive the market

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.

The increasing domestic and international demand contributing towards the growth of the market in the Asia Pacific region.

Asia Pacific dominated the market in 2021 and is projected to continue its dominance during the forecast period. The market for plant extracts in the region is thriving due to strong local and international demand. The region has several small and medium-sized manufacturers of the market that are well-versed with the processing of extracts and aware of the benefits offered by them such as, Alchemy Chemicals, Vital Herbs, Sydler, Plantnat. 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 market between the Asia and international manufacturers of spices and essential oils.

Top Companies in the Plant Extracts Market

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.

Symrise is a global manufacturer and supplier of flavors, fragrances, cosmetic bases, and ingredients. The company was founded after the merger of Dragoco Gerberding & Co. AG (Germany) and Haarmann & Reimer GmbH (Germany). It serves client ranging from food and beverage, pharmaceutical, and manufacturer of nutritional supplements and pet food. It operates through two business segments: taste, nutrition & health, and scent & care. The company, through its subsidiary Diana Group, offers various plant extracts and other ingredients for the food & beverage, cosmetics, and personal care industries. Diana Naturals has 30 industrial sites and 29 sales offices in around 23 countries of the world, working closely to integrate the company’s flavors and fragrance business, to establish a significant position in the food & beverage market.

Givaudan is one of the largest players in manufacturing and marketing of flavors & fragrances. Givaudan is involved in the manufacturing of botanical fragrance and flavors. The Company has two business activities, taste & wellbeing, and fragrance & beauty. The company’s fragrance & beauty division offers fine fragrances, consumer products, active beauty products, and fragrance ingredients, whereas the taste & wellbeing offers a wide range of natural and synthetic flavors used in beverages, dairy products, savory, snacks, and sweet goods. A variety of flavors offered by the company include citrus, seafood, vanilla, and natural products. Givaudan is present globally in 148 locations, manufacturing its products through 64 production sites. Its presence traverse from regions including Asia Pacific, Europe, Africa, the Middle East, North America, and South America. Some of Givaudan’s subsidiaries include Naturex (France), Givaudan France Fragrances SAS (France), Ungerer & Company Inc. (US), and Golden Frog Flavor and Fragrance (Vietnam).

Sensient Technologies Corporation is a global leader in the manufacture and marketing of colors, flavors, and other specialty ingredients. The company’s flavor & extract group develops, manufactures, and sells flavor systems to the food, beverage, personal care, and household-products industries. The Group supplies multinational and regional companies under the unified brand names Sensient Flavors and Sensient Natural Ingredients. Its manufacturing sites for flavor & extract segment are in US, Belgium, Costa Rica, Mexico, Germany, and the UK. The Company offers natural and synthetic color systems for application in foods, drinks, pharmaceuticals, and nutraceuticals through its color group division. Its manufacturing sites for color group segment are in US (Missouri), Brazil, Canada, China, France, Germany, Italy, Mexico, Peru, and the UK.

Schedule a call with our Analysts to discuss your business needs: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=942

About MarketsandMarkets™

MarketsandMarketsTM has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Rohan Salgarkar
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/plant-extracts-market-942.html