South & Central America Plant Extracts Market Size and Forecast, Country Share, Trend, and Growth Opportunity Analysis Report Coverage: By Form, Source, Application, and Country

The South & Central America plant extracts market size is projected to reach US$ 5.52 billion by 2031 from US$ 2.93 billion in 2023. The market is expected to register a CAGR of 8.2% during 2023-2031.

In the personal care, plant and botanical extracts are witnessing tremendous growth as people are replacing conventional products with natural, plant-based, and cruelty-free products. Therefore, manufacturers are developing plant extracts with widespread applications in various personal care products such as skin care, hair care, and bath and body products to meet the growing demand. Givaudan has developed a proprietary wheat peptide extract under the brand name Naturein which is a 100% natural and sustainable heir detangling ingredient. In the 2019 In-Cosmetics event in Brazil, Sao Paulo, the company presented this ingredient as a clean and sustainable alternative to cationic guar which is a key ingredient in the hair care category. As the cosmetics industry s booming in South America with increasing focus on clean and natural beauty products, such plant extracts are expected to experience robust growth in the coming years.

In the skin care category, natural, plant-based anti-aging products are booming as people are concerned about synthetic and animal-derived ingredients used in the cosmetic products. Quinoa seed extract obtained from quinoa plant, which is native to South America, is recognized for its exceptional anti-aging properties as it helps in skin firming. It also reduces the puffiness around eyes owing to which it is finding huge potential in eye creams.

In the fragrance industry, customers are rapidly shifting toward premium fragrances with natural, anti-allergic, and non-toxic ingredients. Biolandes, a French plant extracts company, introduced Rosa Damascena and vetiver extracts for the natural fragrance industry in the In-Cosmetics event hosted in Brazil in September 2022. These extracts find applications in fragrances suitable for sensitive, dry, and damaged skin as well.

Abundance of raw material due to the presence of Amazon rainforest with diverse plant species encourage manufacturers to launch food and beverages and personal care products that are infused with plant extracts. Moreover, rising disposable income and improving lifestyles boost the growth of the region's functional food & beverages industry. Also, the increasing demand for natural ingredients in the region is attributed to the rising concerns related to health implications of synthetic chemical ingredients and availability of a wide range of products at supermarket aisles and online shopping platforms. Thus, the rising demand for functional food and beverage products is potentially driving the plant extracts market across South & Central America.

The plant extracts market is projected to grow significantly in the coming years, with prominent players such as Kerry Group Plc, Givaudan, and Symrise operating across South & Central America. These companies have a solid customer base across different regions and offer various plant extracts, including different flavors and fragrances, natural and plant-based ingredients, etc.

Based on form type, the plant extracts market is segmented into powder, liquid, and paste. The liquid segment holds significant market share in 2023. Liquid extract is the majorly available plant extract as it requires minimal processing compared to other forms. Other advantages of liquid extract are fast absorption, flexible blending features, and longer shelf life. The growing popularity of floral liquid extracts in the cosmetics industry fuels the South & Central America plant extract market growth for the liquid segment. Further, the rising use of spices and herbs essences in body lotions, hair oils, shampoos, and conditioners is expected to increase the demand for plant extracts in liquid form.

Grupo Natac SLU, Martin Bauer GmbH & Co KG, Archer-Daniels-Midland Co, Kemin Industries Inc, Ingredion Inc, Kerry Group Plc, International Flavors & Fragrances Inc, Dohler GmbH, Symrise AG, and Givaudan SA are among the key players operating in the South & Central America plant extracts market.

The overall South & Central America plant extracts market size has been derived using primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs; business development managers; market intelligence managers; national sales managers; and external consultants, including valuation experts, research analysts, and key opinion leaders, specializing in the South & Central America plant extracts market.