North America Plant Extracts Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Form, Source, and Application

The plant extracts market in North America is expected to grow from US$ 7,878.12 million in 2022 to US$ 11,321.17 million by 2028; it is estimated to grow at a CAGR of 6.2% from 2022 to 2028.

Consumers are highly concerned about their diet. They have been paying attention to ingredients used in processed food products. Herbal and natural products are becoming increasingly popular, owing to their perceived health benefits. Moreover, consumers increasingly prefer food and beverage products that are free of synthetic flavors, colors, and other ingredients. They are willing to pay high prices for these ingredients. There is an increasing consumer awareness related to the adverse health effects of consuming synthetic ingredients. Therefore, the demand for natural ingredients is rising in the food & beverage industry. In addition, the use of various artificial flavorings in food and beverages is prohibited by several health organizations and food safety associations. For instance, on October 5, 2018, the US Food and Drug Administration (FDA) banned seven artificial flavors that have been linked to cancer. The FDA had advised using naturally extracted alternatives of flavors prohibited since they are a safer option. The FDA prohibited eight artificial flavorings that were included in ice cream, baked goods, confectionery, and beverages. These ingredients used in flavorings have been known to cause cancer in humans. Owing to all these factors, people are becoming inclined toward plant-based food. According to the Plant Based Food Association (PBFA), retail sales of plant-based food in the US grew by 11.4% in 2019. Plant extracts are widely used as an antioxidant, antimicrobial agents, and shelf life-extending agents in the industry. Furthermore, the extracts are significantly used as flavoring agents in many food products. Moreover, changing people's preferences toward a healthy lifestyle, rising awareness related to the side effects of synthetic flavors, and growing R&D activities for natural extracts as ingredients are boosting the demand for plant extracts in the food & beverages industries. Thus, manufacturers are adopting strategic development initiatives to cater to the rising demand for plant extracts, which drives the market growth.

North America Plant Extracts Market Segmentation

The North America plant extracts market is segmented on the basis of form, source, application, and country.

• Based on form, the market is segmented into liquid, powder, and paste. The liquid segment dominated the market in 2022.
• Based on source, the market is segmented into fruits and vegetables, herbs and spices, flowers, and others. The herbs and spices segment dominated the market in 2022.
• Based on application, the North America plant extracts market is segmented into food and beverages, pharmaceuticals and nutraceuticals, personal care, and others. The food and beverages segment dominated the market in 2022.
• Based on country, the market is segmented into the US, Canada, and Mexico. The US dominated the market in 2022.

Dohler; Givaudan S.A.; Ingredion Inc.; International Flavors & Fragrances, Inc.; Kemin Industries, Inc.; Kerry Group Plc; Sensient Technologies Corporation; Symrise; and Synergy Flavors are a few key players dominating the North America plant extracts market .