Plant Extracts Global Market Report 2024

Plant extracts involve a method designed for extracting specific plant-based ingredients, a process that entails bringing a solid (the plant) into contact with a liquid (the solvent). The solvent is utilized to solubilize and contain the valuable plant components, effectively separating solids from liquids. These extracts exhibit medicinal, aromatic, anti-inflammatory, antifungal, antimicrobial, antiparasitic, and antioxidant effects.

The primary categories of plant extracts encompass spices, essential oils, and natural extracts; flavors and fragrances; phytomedicines and herbal extracts; phytochemicals, among others. Phytochemicals are bioactive nutrient plant chemicals found in fruits, vegetables, grains, and other plant foods, offering health benefits beyond basic nutrition and helping reduce the risk of major chronic diseases. These extracts are derived from various sources such as fruits, flowers, bulbs, leaves, barks, stems, rhizomes, roots, and others. Their applications span pharmaceuticals, food and beverages, cosmetics, and other industries.

The plant extracts market research report is one of a series of new reports that provides plant extracts market statistics, including plant extracts industry global market size, regional shares, competitors with a plant extracts market share, detailed plant extracts market segments, market trends and opportunities, and any further data you may need to thrive in the plant extracts industry. This plant extracts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The plant extracts market size has grown strongly in recent years. It will grow from $27.94 billion in 2023 to $30.55 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth observed in the historical period can be credited to heightened consumer awareness, a growing demand for natural ingredients, the broadening scope of applications in pharmaceuticals, and the globalization of trade.

The plant extracts market size is expected to see strong growth in the next few years. It will grow to $44.1 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The anticipated growth in the forecast period can be ascribed to the increasing popularity of functional foods, the expansion of the cosmetics and personal care industry, government initiatives supporting herbal products, and growing concerns about environmental sustainability. Key trends expected during this period include the rise in research and development activities, technological advancements in extraction techniques, a focus on superfoods, personalization of nutraceuticals, innovations in extraction methods, the emergence of plant-based meat alternatives, integration of traditional medicine, and the clean label movement.

The significant rise in the popularity of the vegan lifestyle is playing a crucial role in the expansion of the plant extract market. Individuals identifying as vegans abstain from consuming animal products such as meat, eggs, and dairy, opting for plant-based alternatives to meet their nutritional needs. In the United States, retail sales of plant-based foods experienced a 6.2% increase in 2021, as reported by the Plant-Based Foods Association (PBFA). This robust growth in vegan trends is a driving force behind the flourishing plant extract market.

Anticipated growth in the plant extracts market is fueled by the escalating demand from the food and beverage industry. This industry encompasses various activities, including production, processing, distribution, marketing, and sale of food and beverages. Plant extracts contribute to product quality, flavor enhancement, and increased nutritional value, aligning with consumer preferences for clean and natural ingredients. In 2021, global food and beverage sales reached $435.3 billion, with an increase to $506 billion in 2022, projecting a further rise to $857 billion by 2025, as reported by Common Thread Collective. The escalating demand from the food and beverage sector propels the growth of the plant extracts market.

A noteworthy trend in the plant extract market is the surge in technological advancements. Companies operating in this sector are actively pursuing innovative technological solutions to solidify their market position. For example, in June 2021, Firmenich, a Switzerland-based fragrance and taste company, introduced the Firgood ingredients, utilizing revolutionary and sustainable proprietary extraction technology. This solvent-free technology employs low-energy processes, utilizing water for extraction, warmed by electromagnetic vibration, resulting in a final pure extract enriched with odorant components.

Major players in the plant extracts market are concentrating on the development of innovative products like the Firgood collection to drive market revenues. The Firgood collection represents a new line of pure, natural extracts crafted through a sustainable and innovative extraction process. Launched by Firmenich International SA in June 2021, this collection utilizes only the water naturally present in biomass cells. This water, containing odorant components, undergoes electromagnetic vibration warming to produce the final pure extract. The Firgood technology stands as an epitome of sustainable extraction advancements, offering ecological benefits and low energy usage.

In April 2022, Kerry Group plc, an Ireland-based food company, acquired Natreon, Inc., for 42 million euros ($45.74 million). This acquisition augments Kerry's influence and portfolio of branded ingredients, particularly those from ProActive Health. These ingredients, supported by research, contribute to Kerry's technological development and enhance the overall customer experience. Natreon, Inc., based in the United States, specializes in ayurvedic extracts subjected to scientific research and testing, primarily serving the global dietary supplement and functional food and beverage industries.

Major companies operating in the in the plant extracts market report are Naturex S. A., Berkem S. A., Kuber Impex Ltd., Network Nutrition Pty Limited, Organic Herb Inc., Qualiphar-Gifrer, Givaudan S. A., Arjuna Natural Pvt Ltd., Synthite Industries Private Ltd., Martin Bauer Group, Tokiwa Phytochemical Co Ltd., Native Extracts Pty Ltd., Symrise AG, Sensient Technologies Corporation, PT Indesso Aroma, Vidya Herbs Pvt Ltd., Plant Extracts International Inc., Indena S. p. A., Nutra Green Biotechnology Co Ltd., Nantong Sihai Plant Extracts Co. Ltd., Schwabe Group, Provital Group, Chenguang Biotech Group Co Ltd., Kangcare Bioindustry Co. Ltd., International Flavors & Fragrances Inc., Kerry Group plc, Archer Daniels Midland Company, Kalsec Inc., Carbery Group, Koninklijke DSM N. V., Döhler GmbH, Vital Herbs, Alchemy Chemicals, Sydler India Pvt. Ltd., Plantnat, PhytoVation Ltd., Sabinsa Corporation, Nexira

Asia-Pacific was the largest region in the plant extracts market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the plant extracts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the plant extracts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The plant extracts market consists of sales of medicinal plants, polyphenols, carotenoids, maceration, infusion, decoction, and percolation. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The market value includes the value of related goods sold by the service provider or included within the service offering.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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