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Plant Extracts Market: Segmented: By Type (Phytomedicines & Herbal Extracts, Essential Oils, Spices, Flavors & Fragrances), By Application (Pharmaceutical & Dietary Supplements, Food and Beverages, Cosmetics, Others), By Sources (Fruits, Flowers & Bulbs, Leaves, Barks & Stems, Rhizomes & Roots, Others) And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
[ 170 + Pages Research Report ] Plant Extracts Market is estimated at USD 31.1 billion in 2021 and is projected to reach USD 70.8 billion by 2031, at a CAGR of 8.6% from 2021 to 2031.
Therapeutic compounds found in plant extracts are actively used in the pharmaceutical industry around the world. The market for herbal medications is growing due to the rising costs of conventional allopathic drugs and accompanying side effects such as nausea, vomiting, and diarrhea caused by pain relievers. Furthermore, the market is being fueled by the rising use of preventative medicines and increased knowledge of the advantages associated with plant medicines.
Global Plant Extracts Market is projected to reach a remarkable CAGR of 8.6% by 2031
The market for plant extracts is being driven by an increase in the number of health-conscious people as well as a rise in vegan trends. The rising awareness of the health benefits connected with the intake of plant-based foods among target consumers is due to the large global vegan community. With changing customer perceptions of plant-based foods, several of the world's most well-known food and beverage companies are considering incorporating plant components into their flagship goods. As a result, there is an increase in demand for plant extract goods among producers.
Global Plant Extracts Market: SegmentsThe pharmaceuticals and Dietary Supplements segment is all set to grow with the highest CAGR for the period 2021-31
By application, the Pharmaceuticals & Dietary Supplements segment is expected to dominate the market. This increase can be due to people's growing awareness of bacterial resistance to allopathic medications. Consumers are seeking functional food and supplements for daily intake as a result of the rise in ailments caused by stressful and busy lifestyles. Phytomedicines and herbal extracts, for example, are supplements made up of naturally occurring components that have been scientifically proven to have favorable impacts on target functions beyond simple nutrition.
The Fruits, Flower, and Bulbs segment to grow with the maximum CAGR over the forecast period
During the forecast period, the fruits, flowers, and bulbs sector is expected to have the biggest market share. Herbal extracts, aromatherapy, tastes and fragrances, personal care, and toiletry products are just a few of the applications for these sources. These plant components are mostly utilized for extraction and are in great demand from a variety of sectors due to their diverse functions and the presence of different phytochemicals.
Market DynamicsGrowing health and wellness awareness and shift towards the same is boosting the market
Due to the long-term negative health impacts of artificial chemicals, most consumers in industrialized countries have been looking for food products that do not include them. Natural flavoring agents, sweeteners, and preservatives are preferred by manufacturers since they are crucial elements used to make food pleasant and extend the shelf life of the product. Consumers are increasingly opting for less processed and more natural foods and beverages as their understanding of health items grows. Labels and nutritional contents are being scrutinized by consumers more than ever before.
Increasing investments in Research and Development for promotion
The plant extract market is predicted to develop as the Food and Drug Administration (FDA) bans synthetic coloring and the government invests in R&D to promote public information about the benefits of natural ingredients and extracts.
High cost associated with the Plant Extracts
Seasons for some spices and herbs are accessible, and they are harvested once a year. One of the most serious issues confronting the plant extracts business is the lack of consistency in the supply of materials. Herbs and spices can vary in price depending on availability and season. Maintaining the goods throughout the year entails high storage expenditures. Prices of raw materials fluctuate a lot due to seasonal availability, making it difficult to standardize the prices of end goods.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The global market for plant extracts is dominated by Europe, followed by the Asia Pacific. The growth of the plant extracts market industry in Europe is being fueled by a growing trend among customers to use herbal remedies. The rising cosmetics and personal care sector are predicted to be further factors driving market expansion. The demand for plant-based ingredients in cosmetics, as well as the growing popularity of natural cosmetics, is propelling the plant extracts market forward.
Coronavirus sickness has varying effects in different countries, depending on mitigation efforts, cultural norms, and health infrastructure, and each country is fighting the pandemic on its way. Medicinal plant extracts are effective against coronavirus in several trials. To combat COVID-19, scientists are experimenting with a variety of therapeutic plant extracts. The global lockdown, on the other hand, has had an impact on farming techniques, which has had a significant impact on the supply of raw materials items for medicinal plant extracts. The impact of COVID-19 on logistics also leads to higher raw material prices, which raises the cost of manufacturing medicinal plant extracts.
Global Plant Extracts Market is further segmented by region into:
Plant Extracts Market Segments:
| Report Attribute | Details |
| The market size value in 2021 | USD 31.1 billion |
| The revenue forecast in 2031 | USD 70.8 billion |
| Growth Rate | CAGR of 8.6% from 2021 to 2031 |
| The base year for estimation | 2020 |
| Quantitative units | Revenue in USD billion and CAGR from 2021 to 2031 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Type, Application, Source, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Key companies profiled | Jia Herb, Schwabe, Provital Group, Naturex, Ipsen, Bioforce, Chenguang Biotech, Euromed, Aovca (Pharahchem), Sabinsa, Tsumura&Co, Rainbow, Conba Group, BGG, and Other Prominent Players . |
The Plant Extracts Market size was estimated at USD 31.1 billion in the year 2021. and is expected to reach USD 70.8 billion by 2031,
Key players are Jia Herb, Schwabe, Provital Group, Naturex, Ipsen, Bioforce, Chenguang Biotech, Euromed, Avoca (Pharahchem), Sabinsa, Tsumura&Co, Rainbow, Conba Group, BGG, and Other Prominent Players.
The pharmaceuticals and Dietary Supplements is anticipated to hold the Plant Extracts Market
Drivers; Growing health and wellness awareness and shift towards the same is boosting the market and Increasing investments in Research and Development for promotion
Therapeutic compounds found in plant extracts are actively used in the pharmaceutical industry around the world. The market for herbal medications is growing due to the rising costs of conventional allopathic drugs and accompanying side effects such as nausea, vomiting, and diarrhea caused by pain relievers.
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