DUBLIN--(BUSINESS WIRE)--The "Plant Extracts Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Form, Source, and Application" report has been added to ResearchAndMarkets.com's offering.
The plant extracts market is expected to grow from US$ 29,238.91 million in 2021 to US$ 47,421.44 million by 2028.
Based on source, the plant extracts market is segmented into fruits & vegetables, herbs & spices, flowers, and others. The herbs & spices segment is expected to hold the largest market share during the forecast period. The plant extracts from herbs & spices are gaining popularity across the world due to rising health consciousness among consumers. The trending taste and flavored drinks coupled with the healthfulness and sustainability drive the market growth for the herbs & spices segment. The beverage manufacturers are widely using spices extracts, including cloves and cinnamon, as they have therapeutic properties, such as antioxidative, anti-inflammatory, antidiabetic, antihypertensive, and antimicrobial activities. Hence, the demand for spices extracts is booming in the healthier beverage industry, which would fuel the growth of the plant extracts market for the herbs & spices segment during the forecast period.
By geography, the plant extracts market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2021, Asia Pacific held the largest market share. The region has a long history of traditional remedies; instead, there is a high demand for scientifically backed and clinically trialed ingredients.
Hence, the highly competitive nutraceuticals market in Asia Pacific is providing conventional therapies to enhance health and prevent from diseases. Further, China, Japan, Indonesia, India, and other Asian countries are significant markets for flavors and spice extracts. Different flavors and spices are usually used in the food additives industry to extend the shelf-life and enhance taste.
Besides this, turmeric, ginseng, caffein, lettuce, and cucumber extracts are being incorporated in skincare products by the manufacturers. Also, increasing awareness of botanical extracts and their benefits among the population encourages them to adopt natural ingredients, which is fueling the plant extracts market growth across Asia Pacific.
Market Dynamics
Market Drivers
- Rising Demand for Natural Ingredients in Food and Beverages
- Growing Inclination Towards Herbal Products
Market Restraints
- Regulatory Issues
Market Opportunities
- Strategic Development Initiatives by Manufacturers.
Future Trends
- Increasing Veganism Trend
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Plant Extracts Market Landscape
5. Plant Extracts Market - Key Market Dynamics
6. Plant Extracts - Global Market Analysis
7. Plant Extracts Market Analysis - By Source
8. Plant Extracts Market Analysis - By Form
9. Plant Extracts Market Analysis - By Application
10. Plant Extracts Market - Geographic Analysis
12. Company Profiles
13. Appendix
Companies Mentioned
- Sensient Technologies Corporation
- Givaudan S.A.
- Symrise
- Dohler
- Indesso
- Synergy Flavors
- International Flavors & Fragrances, Inc.
- Kerry Group Plc
- Ingredion Inc.
- Kemin Industries, Inc.
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