The global 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. With the surge in demand for natural ingredients and natural products due to the rise in awareness related to better dietary choices, the growth of the aging population, the increase in the trend of a healthy lifestyle, and the growth in incidences of chronic diseases, resulted in many manufacturers investing in R&D and producing various innovative extracts, which contribute to the nutritional health of consumers. However, consumer skepticism associated with the adoption of several plant extracts in different applications and inadequate supply of raw materials, and price fluctuation could hinder the market growth to a certain extent during the forecast period.
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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 Asia and international manufacturers of spices and essential oils.
Top Companies in 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).
Rise in vegan population demanding plant-based foods to boost market growth
Consumers are looking for products with natural ingredients and added functional properties that support a healthy lifestyle. Plant extracts play an important role in this case, providing a variety of functional benefits while also being natural. Plant extracts are thus no longer restricted to the more specialized nutraceutical market but have spread to the broader food segment. Plant extracts are used in beverages, dairy products, meat products, bakery, and confectionery products to provide health benefits. Plant and herbal extracts have long been used to enhance healthfulness, color, taste, and even flavor of food, beverages, and supplements. Plant extracts are increasingly becoming important additives in the food industry due to their antimicrobial and antioxidant activities that delay the development of off-flavors and improve the shelf life and color stability of food products.
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