Global plant extracts market is estimated to be valued at US$ 44,345.6 Million in 2021, according to the Global Plant Extracts Market Report, by Product Type (Spices, Essential Oils, Phytochemicals, Phytomedicines, and Others), by Form (Dry and Liquid), by Distribution Channel (Pharmaceuticals, Food and Beverages, Personal Care, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
Global plant extracts market was valued at US$ 44,345.6 Million in 2021. Plant extracts market is expected to register a CAGR of 5.9% over the forecast period (2022–2030) to reach US$ 74,350.9 Mn by 2030. The plant extracts market is witnessing a high demand in the pharmaceutical industry, as an alternative for synthetic products. According to National Center for Biotechnology Information (NCBI), around 8% of hospital admissions in the U.S. are due to adverse or side-effects of synthetic drugs, which causes general deterioration in the quality of life and triggering psychotic episodes of hallucinations, aggression, paranoia. Globally, around 100,000 people die due to these toxicities each year, the number for which is at least three times higher than deaths caused by drunken driving. Thus, herbal therapy is a holistic therapy, integrating emotional, mental, and spiritual levels. The adoption of herbal medicine is increasing every year, as they provide lesser side effects and are free from toxic chemicals that are used in synthetic medicines.
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Browse 50 market data tables* and 40 figures* on "Global Plant Extracts Market” - Forecast to 2030.
Key Trends and Analysis of the Global Plant Extracts Market:
- Among product type, spices segment is expected to hold the largest market share throughout the forecast period. The segment held 36.70% of market share in 2021 and is expected to dominate during forecast period. Essential oils segment is the fastest-growing segment, and is expected to exhibit a CAGR of 7.06% over the forecast period. Rising usage of spices as a natural preservative in meat and poultry products is one of the key factors driving the demand for plant extracts. Some of the plant extracted spices are oleoresins and spice oils. Spice oleoresins contains volatile and non-volatile constituents of spices and are used to replace whole spice without impairing the aroma and flavor.
Key Takeaways of the Global Plant Extracts Market:
- Europe held the largest market share, in terms of value, in the global plant extracts market in 2021. The market in Europe is driven by the growing demand for natural ingredients in the rapidly growing food and beverages industry.
- Asia Pacific is projected to be the second-largest market in the global plant extracts market throughout the forecast period. This is attributed to increasing demand for natural ingredients in the cosmetics, pharmaceutical, and food & beverages industries.
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities are key strategies adopted by players in the global plant extracts market
