Plant Extracts Market Size- By Product Type, By Application, By Source, By Form- Regional Outlook, Competitive Strategies and Segment Forecasts to 2032

Global Plant Extracts Market Overview:

According to SPER Market Research, the Global Plant Extracts Market is estimated to reach USD 111.71 billion by 2032 with a CAGR of 12.5%.

The market for plant extracts consists of the sales of plant extracts by organisations, sole proprietors, and partnerships for usage as natural colours, food additives, everyday chemicals, medications, and cosmetics. Plants are utilised as raw materials in an extraction and separation process that results in the screening of plant extracts. They might be hard, soft, or liquid extracts. Spices, essential oils, natural extracts, flavours and fragrances, phytomedicines and herbal extracts, phytochemicals, and others are the primary categories of plant extracts. Fruits, vegetables, cereals, and other plant foods contain phytochemicals, which are bioactive plant nutrients with health benefits that go beyond basic nutrition and lower the risk of serious chronic diseases.

The market for plant extracts is expanding quickly due in large part to the vegan movement. Anyone who abstains from eating meat, eggs, or dairy products is referred to as a vegan. Vegans eat goods made from plants to meet their nutritional needs. The main trend gaining traction in the plant extract industry has been the expansion of technology. Companies in the plant extract industry are concentrating on creating new technological advancements to strengthen their position. For example, in June 2021, Firmenich, a fragrance and flavour firm based in Switzerland, introduced the Firgood components using a ground-breaking and environmentally friendly patented extraction method. For good technology is low energy and solvent-free. The odorant components in the water are utilised in the extraction process after it has been warmed up by electromagnetic vibration. This produces the final pure extract.

Impact of COVID-19 on the Global Plant Extracts Market

Early in 2020, the COVID-19 epidemic presented numerous industries with never-before-seen difficulties. Manufacturing operations were delayed by lockdowns, border restrictions, travel bans, manufacturing halts, and other safety precautions implemented by governments in accordance with WHO and national health ministry standards. The COVID-19 outbreak, however, had a beneficial market influence because consumers are increasingly looking for natural and safer options to maintain their health and build up their immune systems.

Additionally, the pandemic has accelerated research on the use of plant extracts in medications and foods and drinks that boost immunity. For instance, the Department of Thai Traditional Medicine and Government Pharmaceutical Organization signed a memorandum of understanding (MoU) in February 2020 to conduct research on extract from the medicinal plant Andrographis paniculate with the goal of creating a medication to inhibit COVID-19. The market for plant extracts is expanding as a result of an increase in producers and consumer inclination for using herbal remedies and supplements.

Scope of the Report:

• Market size available for years: 2019-2032

• Base year considered: 2021

• Forecast period: 2022-2032

• Segments covered: By Product Type, By Application, By Source, By Form

• Geographies covered: North America, Europe, Asia Pacific, Latin America, Middle East and Africa

• Companies Covered: ADM (US), Carbery Group (Ireland), Dohler (Germany), DSM (Netherlands), Givaudan (Switzerland), Indesso (Indonesia), International Flavors & Fragrances Inc. (US), Kalsec Inc. (US), Kangcare bioindustry co. ltd. (China), Kerry Group Plc (Ireland), Symrise (Germany), Synthite Industries Ltd (India), Synthite Industries Ltd (India), Vidya Herbs (India).

Global Plant Extracts Market Segmentation:

• By Product Type: Based on the Product Type, Global Plant Extracts Market is segmented as; Oleoresins (Oleoresins preserve robust flavor and aroma of spices), Essential Oils (Rising trend of aromatherapy in developing countries), Flavonoids (Anti-oxidative and Anti-inflammatory properties), Alkaloids (Anti-cancerous properties), Carotenoids (Increasing inclination of consumer toward natural product), Other types.

• By Application: Based on the Application, Global Plant Extracts Market is segmented as; Pharmaceuticals (Increasing demand for plant-based medicines), Dietary Supplements (Benefits such as boosting immunity related to herbal supplements), Food and beverages (Rising vegan population demanding plant-based food), Cosmetics (Antimicrobial and antioxidant property of plants extract leading to adoption of herbal cosmetics ), Other Applications.

• By Source: Based on the Source, Global Plant Extracts Market is segmented as; Fruits and vegetables (Introduction of newer technologies), Flowers (Rising usage of flower extracts for fragrances in the cosmetic industry), Herbs and Spices (Bioactive function of herbs and spices).

• By Form: Based on the Form, Global Plants Extracts Market is segmented as; Dry (Increasing use in pharmaceutical and dietary supplements), Liquid (Shifting consumer preferences).

• By Region: During the projected period, Asia-Pacific is anticipated to have the quickest growth in the worldwide plant extracts market. Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa are the regions included in the global plant extracts market study.