According to the analysis of Reports and Data The Herbal Extracts Market is estimated to be valued at USD 26.32 Billion in 2020 and is projected to reach USD 82.25 Billion by 2028, at a CAGR of 17.4% from 2020 to 2028. Rising demand for plant extracts from end-use applications such as food & beverages, cosmetics & pharmaceuticals to present flavor, color, and food is driving the plant extract demand. A shift in consumer choice towards the consumption of herbal medicines is again fueling the plant extract market. Side-effects linked with the synthetically prepared drugs leading to several disorders have drastically improved the consumer preference towards the safe & herbal substitute. This, in turn, has propelled the market growth. The rising demand for extracted or herbal supplements are impacting the Herbal Extracts Market growth positively.
Rising awareness about the side-effects of synthetic flavors is driving the Herbal Extracts Market growth. The growing popularity of convenience foods may propel the expansion of the market. Increasing health benefits offered by phytomedicines and herbal extracts will boost the market within the forecast period. Extremely water-soluble mixtures, together with prolonged shelf life, are the factors widening the appliance of the merchandise in cosmetics, research, and other industries. Natural essential oils are the volatile, odoriferous oils collected from plants. These are found in special cells, glands or ducts located in different parts of a plant such as the leaves, barks, roots, flowers and fruits and sometimes in just one or two parts. These plant-based oils are usually present in small amounts and contain only a small fraction of the entire plant material.
To provide extensive portfolio and easy sourcing of raw materials to meet quality standards, Martin Bauer Group acquired BI Nutraceuticals in the year 2020; this acquisition of BI Nutraceuticals, a leading full-service producer and supplier of plant-based ingredients in the United States. The purchase creates an expanded portfolio of botanical ingredients and a versatile manufacturing hub servicing the U.S. Tea, Beverage, Food, and Dietary supplement industries. The deal with BI Nutraceuticals will enhance the Martin Bauer Group’s local abilities, including R&D, formulations, and production, in support of the Group’s tactics to encourage accelerated growth in North America. Martin Bauer Group’s portfolio is responsible for the sourcing of raw materials, with quality measures and checks the place starting at the source and maintaining throughout the acquisition and manufacturing processes.
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Further key findings from the Herbal Extracts Market report suggest
- By fragrances, essential oils are extensively used in the fragrance section, derived from plant materials and represent the typical flavor and aroma of a distinct plant. They are thus low-volume, very high-value commodities. This makes them attractive crops for remote smallholders where high transport costs prevent the transport of lower price cash crops. Although hydro-steam and steam distillation are the most well-known procedures for obtaining essential oils from plants, there are several other methods that are used to remove and concentrate the aromatic constituents from plant substances.
- By application, the food & beverage segment is dominating the end-use division of the market as plant extracts are anti-oxidant, color & flavor enhancer, and immunity booster in nature, thereby stimulating the Herbal Extracts Market development.
- The APAC segment is anticipated to dominate the global Herbal Extracts Market during the forecast period due to the easy availability of medicinal plants like India, and China is predicted to accelerate the growth of the Herbal Extracts Market . Furthermore, the presence of numerous plant-based producers and augmented adoption of alternative medicines such as ayurveda and homeopathy are expected to promote the global Herbal Extracts Market in this region. Regions such as Thailand and Indonesia are spending heavily in plant-based research and developments to inject innovative plant-based products in their domestic market. North America is anticipated to grow rapidly due to its increasing consumption in herbal and natural supplements. This growth is mainly due to the rising number of people turning vegan or inclining towards a healthy lifestyle.
- Givaudan (Switzerland), Sensient Technologies (US), Symrise AG (Germany), Kangcare Bioindustry Co., Ltd. (China), PT. Indesso Aroma (Indonesia), PT. Haldin Pacific Semesta (Indonesia), Vidya Herbs Private Limited (India), Co Tokiwa Phytochemical., Ltd., Native Extracts Pty. Ltd. (Australia), Shaanxi Jiahe Phytochem Co., Ltd. (Jiaherb, Inc.) (China), Synthite Industries Private Ltd. (India), Döhler (Germany), International Flavors & Fragrances, Inc. (US), Martin Bauer GmbH & Co. KG (Germany), and Arjuna Natural Extracts Ltd. (India) are some of the major players in Herbal Extracts Market .
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Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Reports and Data have segmented plant extracts on the basis of type, application, source, and region:
Based on type, the Herbal Extracts Market has been segmented as follows: (Volume Metric Tons, Revenue, USD Million; 2020-2028)
- Essential oils
- Flavors & fragrances
- Phytomedicines & herbal extracts
Based on the source, the Herbal Extracts Market has been segmented as follows: (Volume Metric Tons, Revenue, USD Million; 2020-2028)
- Fruits, flowers, and bulbs
- Rhizomes & roots
- Barks & stems
- Others (seeds, pods, and berries)
Based on application, the Herbal Extracts Market has been segmented as follows: (Volume Metric Tons, Revenue, USD Million; 2020-2028) Pharmaceuticals & dietary supplements
- Food & beverages
- Others (personal care products and toiletries)
Regional Outlook (Volume Metric Tons, Revenue, USD Million; 2020-2028)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Rest of Latin America
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