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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