As per the report published by Kings Research, the global Plant Extracts Market was valued at USD 30.87 billion in 2023. The market is projected to reach USD 71.93 billion by 2031, growing at a CAGR of 11.34% from 2024 to 2031.
The plant extracts market is a dynamic sector witnessing steady growth globally. Key factors, including rising consumer awareness regarding natural products and their health benefits, offer lucrative growth opportunities in the market. This market encompasses a wide range of extracts derived from plants, including botanicals, herbs, and fruits. Growing demand for functional ingredients in various industries such as food and beverages, pharmaceuticals, and cosmetics fuels market expansion. Moreover, the progress of the market is propelled by technological advancements in extraction methods and increasing research and development activities.
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Key Insights
- Based on plant extracts type, the essential oils segment accounted for the largest market share of 34.56% in 2023
- Based on form, the liquid segment is estimated to register a CAGR of 12.35% between 2024 and 2031
- Based on application, the food and beverage industry segment garnered the highest revenue share of 39.78% in 2023
- On the basis of region, Asia-Pacific held a market share of 22.45% in 2023
List of Key Companies in Plant Extracts Market
- ADM
- Carbery
- Esperis S.p.a.
- Givaudan
- International Flavors & Fragrances Inc.
- Kalsec Inc.
- Kerry Group Plc.
- Symrise
- Synthite Industries Ltd.
- NATIVE EXTRACTS Pty Ltd
Key Drivers of Market Expansion: –
Health and Wellness Trends: The rising trend of health and wellness is a significant driver for the plant extracts market. Consumers are increasingly seeking products that offer health benefits and are free from synthetic additives. Plant extracts, known for their natural therapeutic properties, are being extensively used in dietary supplements, functional foods, and herbal medicines.
Cosmetic and Personal Care Industry: The cosmetic industry is a major consumer of plant extracts, using them in skincare, haircare, and personal care products. Ingredients like aloe vera, chamomile, and lavender extracts are highly valued for their soothing and healing properties. The demand for organic and natural cosmetics is accelerating the use of plant extracts in this sector.
Food and Beverage Industry: The food and beverage sector is increasingly incorporating plant extracts to enhance flavor, color, and nutritional value. Natural extracts such as vanilla, stevia, and turmeric are popular choices. The clean label trend, where consumers prefer products with simple and recognizable ingredients, further boosts the demand for plant extracts.
Rising Interest Among Consumers for Plant-Based Cosmetics to Provide Opportunities for Market Expansion
The rising interest in plant-based cosmetics offers opportunities for growth in the plant extracts market. Consumers are increasingly drawn to natural and sustainable beauty products, leading to a surge in demand for plant-derived ingredients in cosmetics and personal care formulations. Plant extracts are valued for their skin-friendly properties and perceived benefits, such as hydration, anti-aging, and antioxidant protection. Beauty brands are responding to this trend by incorporating a diverse range of plant extracts into their products and promoting their natural origin to appeal to environmentally conscious consumers.
Asia-Pacific to Emerge as the Fastest-Growing Region, Projected to Hold a Share of 24.98% by 2031
Based on region, the global plant extracts market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America. Asia-Pacific is anticipated to experience the fastest growth in the market in the forecast duration (2024-2031). The region’s burgeoning population, particularly in emerging economies such as China and India, results in a substantial consumer base for plant extracts across multiple industries.
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