Plant extract is the collection of essential crude mixtures from extraction of different parts of plants, which is extracted by using solvent such as ethanol or water. Plant extracts are the substances containing desirable properties extracted from herbaceous plants which is finding increasing and extensive uses in various industries such as pharmaceuticals for therapeutic properties and herbal medicines, cosmetics for functional properties in skincare related products, and food and beverages in which. Plant extracts containing phytochemical compounds such as carotenoids and flavonoids are primarily used in dietary supplements that is fuelling the demand for global plant extract market. Plant extracts can be used in the form of tincture or in powder form. Nutraceutical industries are using plant extracts in their products due to the rising consumer demand for plant extract nutritional supplements. Shifting consumer preference for natural plant extract based products is a major driving factor for the growth of plant extract market.
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Global Plant Extract: Market Segmentation
The global plant extract market is segmented on the basis of type, form, application and region type. The plant extract market is segmented on the basis of type mainly into spices which includes coriander, pepper fennel and others, essential oils and natural extracts that includes eucalyptus oil, mint oil, citrus oil and others, flavors and fragrances which includes clary sage, lemon balm, chamomile and others, phytomedicines and herbal extracts that includes ginseng, hops and others, phytochemicals which includes phenolic compounds, protein inhibitors and others.
The global plant extract market is also segmented on the basis of form primarily into powder, liquid and others.
The plant extract market is segmented on the basis of applications in which plant extracts are used in pharmaceuticals, cosmetics, chemicals, food and beverages and others. The food and beverage segment is further sub segmented into food additives and functional food. Hence, the global plant extract market is expected to significantly increase the revenue contribution over the forecast period.
Global Plant Extract Market: Regional Outlook
Geographically, the global plant extract industry can be divided by major regions which include North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Globally, among all regions, North America has developed as the most dominant region in global plant extract market followed by Asia Pacific. Increasing health benefits coupled with rise in plant extracts dietary supplements has strengthened the growth of global Plant extract market and hence is projected to significantly expand the revenue contribution of the market over the forecast period.
Global Plant Extract Market: Growth Drivers
The global plant extract market driving factors are increasing demand for herbal medicine and homeopathy products due to rising changes in consumer behavior that has influenced the global plant extract market. Increasing acceptance plant extract based products as a result of rising awareness and health concerns among consumers are the major driving factors of the global plant extracts market. The other driving factors of global plant extract market is the rising awareness of usage of natural skincare products that contains plant extracts instead of artificial ingredients. Hence, along with changing consumer preferences, the growth of global plant extract market is significantly increasing over the forecast period.
Global Plant Extract Market: Players
Some of the key players identified across the value chain of the global plant extract market includesOrganic Herb Inc., Plant Extracts International Inc, Lehmann & Voss & Co., MB-Holding GmbH & Co.KG, Kalsec Inc, Alkaloids Corporation, Nantong Sihai Plant Extracts Co., Ltd, Prinova Group, K Patel Group and Indena USA Inc. The companies are expected to expand their business by enhancing their product portfolio in global Plant extract market. The companies are projected to frame certain strategies in future in order to gain the competitive advantage in global Plant extract market till 2024.
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