The global plant extracts market was valued at US$ 37,771.8 million in 2016 and is expected to reach US$ 63,304.8 million by 2025, witnessing a CAGR of 6.15% over the forecast period (2017 - 2025), according to Plant Extracts Market Report, by Product Type (Spices, Essential Oils, Phytochemicals, Phytomedicines, and Others), by Form (Dry and Liquid), by End-use Industry (Pharmaceuticals, Food and Beverages, Personal Care, and Others). 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. 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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Key Trends and Analysis of the Plant Extracts Market:
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Key players are adopting various inorganic growth strategies such as mergers and acquisitions to strengthen their foothold in the global market. For instance, in October 2016, Frutarom Industries Ltd.—a fragrance and flavor company—acquired Nardi Aromas Ltda—a producer of plant extracts and flavors for carbonated drinks and alcoholic beverages. Key players operating in global plant extracts market include Indena S.p.A., Naturex Inc., V. Mane Fils SA, Kalsec, Inc., and Döhler GmbH.
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