Plant Extracts Market Size, Competitive Landscape and Market Forecast - 2030

Plant Extracts Market is segmented By Type (Phytochemicals, Spices, Essential Oils, Others), By Form (Powder, Liquid, Others), By Application (Food & Beverages, Dietary Supplements, Pharmaceuticals, Personal Care, Animal Nutrition, Others), By Region (North America, Europe, South America, Asia Pacific, Middle East, And Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Plant Extracts Market Overview

The Plant Extracts Market is predicted to reach a high CAGR of 17.4% during the forecast period (2023-2030). Plant extraction is a process of extracting active compounds from the tissues of the plant.

Plant Extracts Market Scope and Summary

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Plant extracts are used in skin medicines, anti-irritants, wetting, anti-inflammatory, sterilizers, anti-infectives, skin protection, and many others. The main parts of the plant which are used in the extraction process are Leaves, Roots, bark, and Steams which provide nutritional and medical benefits.

Plant Extracts Market Dynamics and Trends

The major factors driving the market of Global Plant Extracts are the growing health concerns among people and increasing demand for Plant Extracts in various sectors like the food industry, Pharmaceuticals, etc.

Increasing Consumer Awareness about the Advantages of Plant-based Nutrients is driving the market growth

Nowadays, People are becoming aware of the advantages of plant-based nutrition and also the medical benefits associated with it. People are preferring healthy foods over junk foods and many people in developed as well as developing countries do regular exercises in the parks, gyms and so green vegetables and plant-based products have very high medicinal and nutritive value. People are knowing of the long-term negative health effects of artificial chemicals and supplements. Many consumers in developed nations are preferring plant-based food items. Artificial chemicals and supplements can give you desired results only for short time but they have harmful long-term side effects. Many government policies are also promoting the use of natural products and banning synthetic products like US FDA banned 7 synthetic flavorings related to cancer in 2018.

The increasing demand for plant extracts from the pharmaceutical and food industries is driving the market growth

The rising demand for plant-based ingredients and flavors in various sectors such as food and beverage, pharmaceuticals, cosmetics, and others due to the health benefits are driving the market growth of plant extracts. The demand for plant extracts in the pharmaceutical industry is increasing as phytochemicals are becoming an important ingredient in our diets as they provide antioxidant, anti-inflammatory, anti-cancerous, and anti-microbial benefits. Phytochemicals are found in fruits, vegetables, nuts, grains, etc. The demand from the food industry is also driving the market growth as Natural flavoring agents, preservatives, and sweeteners are used to make food delicious and also have high nutritive value. Carotenoids are useful in enhancing the immune system, it prevents the growth of cancerous cells and protects the cells in the eyes. They also help in reducing inflammation in the body. Consumers are preferring less processed and more natural and healthy foods and beverages as people are becoming more concerned about the health and healthy food products. According to the Plant-Based Food Association (PBFA), Retail sales of plant-based foods in the United States increased by 11.4% in 2019. People are changing attitude towards a healthy lifestyle is driving the market growth and it is expected that the market will rise in the next few years as people are becoming more concerned about health in developed as well as developing countries. 

The rising demand for animal and marine-based ingredients from various sectors like the pharmaceutical industry is hampering the market growth

COVID-19 Impact on Plant Extracts Market

The COVID-19 pandemic has affected many industries due to the disruption in the supply chain, as there were full or partial lockdowns in many countries of the world, and restrictions across borders and closure of airports hampered world trade. The supply chain was disrupted and industries and factories were closed during the pandemic, the economy was also affected. Depending on the cultural norms, health infrastructure, and decisions taken by the government, different countries were affected by different severity of the pandemic. Major developed countries were in a really bad situation in the mid-2020, every country is working hard to combat the pandemic. It is important to build immunity to fight this pandemic and this pandemic has given humans a lesson that health is more important than other factors in life. Due to this pharmaceutical industry was in demand during covid-19 as herbal extracts are useful for good immunity and phytochemicals are becoming an important ingredient in our diets as they provide antioxidant, anti-inflammatory, anti-cancerous, and anti-microbial benefits. Phytochemicals are found in fruits, vegetables, nuts, grains, etc. Carotenoids are useful in enhancing the immune system, it prevents the growth of cancerous cells and protects the cells in the eyes. They also help in reducing inflammation in the body. Flavonoids are useful for anti-inflammatory effects and also strengthen blood vessels, plant-based products are quite useful in the medical industry and food industry. But due to the lockdown restrictions, there was an inadequate supply of raw materials during the pandemic due to which the price of raw materials increased and the price for plant extracts manufacturers also increased which made them unable to produce important supplements and products. The demand from the medical, food, and cosmetics industry for plant extracts will drive the market in the next few years after the removal of trade restrictions between countries due to the covid-19 pandemic.

Plant Extracts Market Segment Analysis

Based on Type, the global plant extracts market is segmented into phytochemicals, essential oils, and others.

The Global Plant Extracts Market for the Phytochemicals sector had a market share of YY% in 2020 and is expected to hold YY% by 2028. Phytochemicals are becoming an important ingredient in our diets as they provide antioxidant, anti-inflammatory, anti-cancerous, and anti-microbial benefits. Phytochemicals are found in fruits, vegetables, nuts, grains, etc Flavonoids, and carotenoids are also used in the food processing industry which is driving the market growth for phytochemicals. Phytochemicals are divided into three major groups Carotenoids, Polyphenols, and Thiols. Some of the Polyphenols are Flavonoids, Lignans, Curcuminoids, Hydrobenzoic Acids, and many others. Some of the carotenoids are Lutein, Lycopene, Beta-carotene, and others. Some of the Thiols are Glucosinolates, Indoles and others. Flavonoids also have anti-inflammatory effects and also strengthen blood vessels and also have antioxidant properties due to which they are used in the food and medicine industries. The flavonoids segment represents around 60% of the dollar sales in the polyphenols market. Many cosmetic companies are using plant-based ingredients like Shiseido Company, Limited, and Kao Corporation are using essential oils and carotenoids in skincare and hair care products. Carotenoids are useful in enhancing the immune system, it prevents the growth of cancerous cells and protects the cells in the eyes. They also help in reducing inflammation in the body.

Based on form, the global plant extracts market is segmented into powder, liquid, and others.

Based on application, the global plant extracts market is segmented into pharmaceuticals, food and beverages, personal care, and cosmetics.

Plant Extracts Market Geographical Share

Based on the Region, the plant extract market is segmented as - North America, Europe, Asia-Pacific, The Middle East, Africa, and South America.

The Asia-Pacific region has the highest market share of plant extracts. The Asia-pacific region had a market share of YY% in 2020 and is expected to hold YY% by 2028.  The rising demand and production of personal care and cosmetic products in countries such as China, India, South Korea, and Singapore are driving the market of plant extracts in the region. Consumers in this region are preferring healthy foods and beverages and are becoming quite concerned about health, this is also the driving factor for the market growth in this region. Many cosmetic companies are using plant-based ingredients like Shiseido Company, Limited, and Kao Corporation which are Japanese cosmetic and personal care products companies. They are using essential oils and carotenoids in skincare and hair care products. Carotenoids are useful in enhancing the immune system, it prevents the growth of cancerous cells and protects the cells in the eyes. They also help in reducing inflammation in the body.

Plant Extracts Companies and Competitive Landscape

The Global Plant Extract market is fragmented with key global players in the market and there are many large companies in the market. Some of the major companies contributing to the market's growth are- Symrise AG, Sensient Technologies, INB Hauser Pharmaceutical Services, Inc, NATIVE EXTRACTS Pty Ltd, Martin Bauer GmbH & Co. KG, International Flavors & Fragrances, Inc, Koninklijke DSM N.V, Döhler, Givaudan, Shaanxi Jiahe Phytochem Co., Ltd, and many others.

Mergers and Acquisitions, expansions, joint ventures, etc increases competition in the market like Givaudan announced the acquisition of Myrissi as part of the long-term strategy of the company to expand its capabilities in the field of Artificial Intelligence (AI) in April 2021, Givaudan acquired a Vietnamese flavor firm named Golden Frog in May 2019, Kemin Industries acquired Bio-Cide International in May 2021 and Dohler acquired an Italian firm Nutrafoods in 2018.

New products, services launched also increase competition between companies and many companies are developing innovative technologies for the growth of the market like Symrise launched SymControl Scalp in September 2020 which normalizes the sebum production on the scalp and leads to healthy hairs and many companies are also focusing on pharmaceutical applications such as Joint Health, aromatherapy, cognition, etc.

Partnerships, Collaborations, and agreements between companies are also creating the market more competitive and intense.

Givaudan:

Overview:

Givaudan is a Swiss multinational company that deals with fragrances, personal care, and cosmetic products. The headquarters of the company is located in Vernier, Geneva, Switzerland. It is one of the largest companies in the fragrance industry. Givaudan was founded as a perfumery company in 1895 in Lyon France by Leon and Xavier Givaudan. The company moved to Geneva, Switzerland, and constructed a factory in Vernier in 1898. The company acquired the flavors division of Nestle in 2002. It is a public traded company that has operations in various parts of the world such as Asia-pacific, Europe, the Middle East, and Africa. It is one of the biggest companies in Switzerland in terms of market value. According to Forbes, the market value of the company is USD 38.7 billion. It was ranked 926 in the Forbes Global 2000 ranking of 2021. The company works under the fragrance and flavors segment. The Fragrances segment deals with the production and selling of fragrances. The Flavours segment deals with the manufacturing and marketing of flavors. Givaudan announced the acquisition of Myrissi in April 2021.

Product portfolio:

• Beverages
• Dairy
• Savory
• Sweet Goods
• Axolight: Skin lightener
• Apricot Oil
• Brightenyl

Key Developments:

• Givaudan announced the acquisition of Myrissi as part of the long-term strategy of the company to expand its capabilities in the field of Artificial Intelligence (AI) in April 2021.
• Givaudan acquired a Vietnamese flavor firm named Golden Frog in May 2019.

Financial Overview:

According to Forbes, the market value of the company is USD 38.7 billion. It was ranked 926 in the Forbes Global 2000 ranking of 2021. It is one of the biggest companies in Switzerland in terms of market value. Some of the major shareholders of the company are Bill & Melinda Gates Foundation Trust, Harris Associates LP, Thornburg Investment Management, Inc, The Vanguard Group, Inc with market shares of 13.9%, 5.15%, 3.22%, 2.56% respectively.

Why Purchase the Report?

• Visualize the composition of the global plant extracts market across each indication, in terms of type, form, and application, highlighting the key commercial assets and major players.
• Identify commercial opportunities in the global plant extracts market by analyzing trends and co-development deals.

• Excel data sheet with thousands of data points of the global plant extracts market-level 4/5 segmentation.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key products of all major market players

The Global Plant Extracts market report will provide access to approximately 53 market data tables, 42 figures, and 200 pages

Target Audience 2022:

• Food & Beverages Companies
• Pharmaceutical, Cosmetics and Nutraceutical Manufacturers
• Plant Extract Suppliers
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals

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