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The #plant #extract market size is estimated to be valued at USD 34.4 billion in 2022 and is projected to reach USD 61.5 billion by 2027, recording a CAGR of 12.3% in terms of value. With the surge in demand for natural ingredients and natural products due to the rise in awareness related to better dietary choices, the growth of the aging population, the increase in the trend of a healthy lifestyle, and the growth in incidences of chronic diseases, resulted in many manufacturers investing in R&D and producing various innovative extracts, which contribute to the nutritional health of consumers.
With the increase in trend of healthy eating and healthy lifestyle, the demand for herbal dietary supplements has increased tremendously. Herbal dietary supplements are products made from plants, plant parts, or plant extracts. They contain one or more ingredients meant to supplement the diet. Herbal dietary supplements improve health, and these ‘natural’ remedies are both effective and free from the side effects that may occur with other medications. In June 2021, Rhuleave-K was introduced by Arjuna Natural as a revolutionary pain management solution. It is a one-of-a-kind product made up of extracts of curcuma longa and Boswellia serrata. It helps to get relief from pain without any side-effects. All these factors are increasing the consumption of herbal dietary supplements. Hence, surging the market growth for plant extracts.
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#AsiaPacific dominated the plant extracts market in 2021 and is projected to continue its dominance during the forecast period. The market for plant extracts in the region is thriving due to strong local and international demand. The region has several small and medium-sized manufacturers of plant extracts that are well-versed with the processing of plant extracts and aware of the benefits offered by them such as, Alchemy Chemicals, Vital Herbs, Sydler, Plantnat. Manufacturers in Indonesia, India, and Thailand are continuously investing in the market and focusing on innovation to expand their product range. This is due to the rise in the trade of plant extracts between Asia and international manufacturers of spices and essential oils.
The key players in this market include International Flavors & Fragrances Inc. (US), Givaudan (Switzerland), Symrise (Germany), Kerry Group Plc (Ireland), ADM (US), and Synthite Industries Ltd (India), Kalsec Inc. (US), Kangcare bioindustry co. ltd. (China), Carbery Group (Ireland), DSM (Netherlands), Döhler (Germany), Synthite Industries Ltd (India), Indesso (Indonesia), and Vidya Herbs (India).
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