Report Overview

Global Plant Extracts Market- Industry Trends & Forecast Report 2027

The global plant extracts market was worth USD 29.2 billion in 2020 and is further projected to reach USD 60.1 billion by the year 2027, growing at a CAGR of 11.7% in the forecast period. Factors such as rising R&D activities, growing awareness among public regarding the advantages of using plant extracts over synthetic products, growing demand for these extracts in the convenience food industry, health benefits associated with herbal and phytomedicines over other drugs contributing to rising demand for plant extracts in the global market during the forecast period.

Source: BlueWeave Consulting

Global Plant Extracts Market- Overview

Plant extraction refers to the process of recovering certain components present in the tissue of plants by treating it with a solvent. These extracts have applications in distinctive areas, for example, pharmaceuticals, the food industry, foodstuffs (antioxidants, texturizers), processing aids, additives, chemical replacers, pharmaceuticals ( preventive and curative), cosmetics — for beauty and well-being and much more.

Global Plant Extracts Market Forecast and Trends

Growth Drivers

Raising Awareness Of Side Effects Of Synthetic Extracts

Increasing preference of consumers towards herbal phytomedicines over allopathic remedies is emerging as one of the key driving factors for the growth of the global plant extracts market. The demand for medicinal plant extracts has witnessed a remarkable surge over the past few years due to their health benefits. Natural plant extracts meet the needs of today's health-conscious and wellness-seeking consumers without any possible side effects that may result from allopathic supplements.

Increasing R&D Activities

The huge potential of plant extracts for various purposes and across various industries is attracting significant research and development, which may propel the market growth in the forecast period. Government institutes and private entities are also allocating significant resources to research and development. For instance, UT southwestern scientists are working on developing the use of root extracts that can prevent and reverse obesity safely without causing side effects. Such developments play a crucial role in expanding the application of plant extracts, propelling its market growth.

Restraints

Price Fluctuation Coupled With Inadequate Raw Material Supply

The highly fluctuating price of raw materials acts as a major restraining factor for the growth of the global plant extracts market. This is due to the fact that the plants used for extracts are grown only in particular regions. In addition, some plants are also restricted by the seasons, which directly affects their supply. The growing demand for plant extracts in certain industries, such as pharmaceuticals and its limited supply has created a huge demand and supply gap in the market, which is anticipated to restrict the market growth.

Impact of COVID-19 on Global Plant Extracts Market

With the sudden outbreak of the COVID-19 pandemic and people confined to their personal spaces due to quarantine, their immune systems were negatively affected. This provided lucrative growth opportunities for the global plant extracts market. The demand for herbal extracts as an immunity booster surged during the period, propelling the market growth. Furthermore, research surrounding the use of medical plant extracts to improve immunity to fight the COVID-19 virus is anticipated to drive the market in the forecast period. However, a rapid surge in demand and restrictions on supply channels may hinder the market growth.

Global Plant Extracts Market - By Type

Based on types, the global plant extracts market is segmented into spices, essential oils, flavors & fragrances, and phytomedicines & herbal extracts. The phytomedicines & herbal extracts segment accounts for the largest market share. The rising industrial application associated with herbal extract and phytomedicine, such as skincare, functional food, and cosmetics, coupled with rising health benefits is the key factor anticipated to drive the demand for phytomedicines in the forecast period. Furthermore, the inclination of consumers towards herbal products is anticipated to boost the segment’s growth during the forecast period.

Global Plant Extracts Market - By Application

Based on applications, the global plant extracts market is segmented into pharmaceuticals & dietary supplements, food & beverages, cosmetics, and others. The pharmaceuticals & dietary supplements account for the largest market share among all segments owing to the rising awareness associated with herbal medicines over allopathic medicines. Furthermore, changing lifestyle patterns, increasing stress, and chronic diseases are increasing the demand for dietary supplements. Moreover, nutritional supplements provide a positive impact on the daily functioning of the body by providing proper nutrients and improving cognitive abilities. Such benefits are driving the segment’s growth.

Global Plant Extracts Market - Regional Insights

Geographically, the global plant extracts market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America accounts for the largest share in the global plant extracts market owing to the rising demand for organic extracts for the formulation of products in various industries such as cosmetics, pharma, food, etc. Moreover, the rising concern related to OTC medication side effects, and increasing awareness associated with antimicrobial efficacy of herbal extract is also driving the region’s growth. Following North America, Europe also covers a substantial share in the market.

Competitive Landscape

The leading players in the global plant extracts market are Givaudan, International Flavors & Fragrances, Inc., Sensient Technologies, Symrise AG, Döhler, Synthite Industries Private Ltd., PT. Indesso Aroma, PT. Haldin Pacific Semesta, Vidya Herbs Private Limited, Arjuna Natural Extracts Ltd., Martin Bauer Group, Kangcare Bioindustry Co. Ltd., Prinova Group LLC, Ransom Natural Ltd., Blue Sky Botanic Ltd., Shaanxi Jiahe Phytochem Co. Ltd., Kalsec Inc., Native Extract Pty Ltd., Nutra Green Biotechnology Co. Ltd., and other prominent players.

The market is highly fragmented with the presence of numerous industry participants. The companies offer a wide range of products to lure end-users and gain a competitive edge. Additionally, they extensively invest in research and development activities to launch new products. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

Recent Developments

• In November 2021, Evonik Industries, a German specialty chemicals company, announced its agreement to purchase Botanica, a Switzerland-based plant extract manufacturer, to accelerate its position in becoming the global leader in the active cosmetic ingredient market.
• In October 2021, Plant Lipids, an Indian spice oils and extracts producer, announced Rs. 200 crores (approx USD 26.85) investment towards expansion in Kerala.

Scope of the Report

By Type

• Spices
• Essential Oils
• Flavors & Fragrances
• Phytomedicines & Herbal Extracts

By Application

• Pharmaceuticals & Dietary Supplements
• Food & Beverages
• Cosmetics
• Others

By Source

• Leaves
• Fruits, Flowers, And Bulbs
• Rhizomes & Roots
• Barks & Stems
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Key Market Segments
2. Research Methodology
   1. Qualitative Research
   2. Methodology
   3. Regional Split of Primary & Secondary Research
   4. Secondary Research
   5. Primary Research
      1. Breakdown of Primary Research Respondents, By Region
      2. Breakdown of Primary Research Respondents, By Industry Participants
   6. Market Size Estimation
   7. Assumptions for the Study
   8. Market Breakdown & Data Triangulation
3. Executive Summary
4. Industry Insight and Growth Strategy
   1. Value Chain Analysis
   2. DROC Analysis
      1. Market Drivers
         1. Rising Awareness Of Side Effects Of Synthetic Extracts
         2. Increasing R&D Activities
      2. Market Restraints
         1. Price Fluctuation Coupled With Inadequate Raw Material Supply
      3. Market Challenges
         1. Presence of Alternate Options
      4. Market Opportunity
         1. Therapeutic Benefits Of Plant Extracts
         2. Growing Demand For Plant Extracts In Food And Beverage Industry
   3. Recent Developments
   4. Porter’s Five Forces Analysis
      1. Bargaining Power of Buyers
      2. Bargaining Power of Suppliers
      3. Intensity of Rivalry
      4. Threat of New Entrants
      5. Threat of Substitutes
5. Global Plant Extracts Market Overview
   1. Market Size & Forecast by Value, 2017-2027
   2. Market Size and Forecast, By Segment
      1. By Type
         1. Spices
         2. Essential Oils
         3. Flavors & Fragrances
         4. Phytomedicines & Herbal Extracts
      2. By Application
         1. Pharmaceuticals & Dietary Supplements
         2. Food & Beverages
         3. Cosmetics
         4. Others
      3. By Source
         1. Leaves
         2. Fruits, Flowers, And Bulbs
         3. Rhizomes & Roots
         4. Barks & Stems
         5. Others
      4. By Region
         1. North America
         2. Europe
         3. Asia-Pacific
         4. Latin America
         5. Middle East & Africa
6. North America Plant Extracts Market Overview
   1. Market Size and Forecast
      1. By Value (USD Billion), 2020-2027
   2. Market Share and Forecast
      1. By Type
      2. By Application
      3. By Source
      4. By Country
         1. U.S.
         2. Canada
7. Europe Plant Extracts Market Overview
   1. Market Size and Forecast
      1. By Value (USD Billion), 2020-2027
   2. Market Share and Forecast
      1. By Type
      2. By Application
      3. By Source
      4. By Country
         1. Germany
         2. U.K.
         3. Russia
         4. France
         5. Italy
         6. Spain
         7. Rest of Europe
8. APAC Plant Extracts Market Overview
   1. Market Size and Forecast
      1. By Value (USD Billion), 2020-2027
   2. Market Share and Forecast
      1. By Type
      2. By Application
      3. By Source
      4. By Country
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Rest of APAC
9. LATAM Plant Extracts Market Overview
   1. Market Size and Forecast
      1. By Value (USD Billion), 2020-2027
   2. Market Share and Forecast
      1. By Type
      2. By Application
      3. By Source
      4. By Country
         1. Mexico
         2. Brazil
         3. Rest of LATAM
10. MEA Plant Extracts Market Overview
    1. Market Size and Forecast
       1. By Value (USD Billion), 2020-2027
    2. Market Share and Forecast
    3. By Type
    4. By Application
    5. By Source
    6. By Country
       1. Saudi Arabia
       2. UAE
       3. South Africa
       4. Rest of MEA
11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis (2020)
    3. Competitive Benchmarking By Operating Parameters
12. Impact of COVID-19 on Global Plant Extracts Market
13. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
    1. Givaudan
    2. International Flavors & Fragrances, Inc.
    3. Sensient Technologies
    4. Symrise AG
    5. Döhler
    6. Synthite Industries Private Ltd.
    7. PT. Indesso Aroma
    8. PT. Haldin Pacific Semesta
    9. Vidya Herbs Private Limited
    10. Arjuna Natural Extracts Ltd.
    11. Martin Bauer Group
    12. Kangcare Bioindustry Co. Ltd.
    13. Prinova Group LLC
    14. Ransom Natural Ltd.
    15. Blue Sky Botanic Ltd.
    16. Shaanxi Jiahe Pyhtochem Co. Ltd.
    17. Kalsec Inc.
    18. Native Extract Pty. Ltd.
    19. Nutra Green Biotechnology Co. Ltd.
    20. Other Prominent Players
14. Key Strategic Recommendations

List of Figures

Figure 1: Global Plant Extracts Market Segmentation

Figure 2: Global Plant Extracts Market Value Chain Analysis,

Figure 3: Company Market Share Analysis, 2020

Figure 4: Global Plant Extracts Market Size, By Value (USD Billion), 2020-2027

Figure 5: Global Plant Extracts Market Share (%), By Type, By Value, 2020-2027

Figure 6: Global Plant Extracts Market Share (%), By Application, By Value, 2020-2027

Figure 7: Global Plant Extracts Market Share (%), By Source, By Value, 2020-2027

Figure 8: Global Plant Extracts Market Share (%), By Region, By Value, 2020-2027

Figure 9: North America Plant Extracts Market Size, By Value (USD Billion), 2020-2027

Figure 10: North America Plant Extracts Market Share (%), By Type, By Value, 2020-2027

Figure 11: North America Plant Extracts Market Share (%), By Application, By Value, 2020-2027

Figure 12: North America Plant Extracts Market Share (%), By Source, By Value, 2020-2027

Figure 13: North America Plant Extracts Market Share (%), By Country, By Value, 2020-2027

Figure 14: Europe Plant Extracts Market Size, By Value (USD Billion), 2020-2027

Figure 15: Europe Plant Extracts Market Share (%), By Type, By Value, 2020-2027

Figure 16: Europe Plant Extracts Market Share (%), By Application, By Value, 2020-2027

Figure 17: Europe Plant Extracts Market Share (%), By Source, By Value, 2020-2027

Figure 18: Europe Plant Extracts Market Share (%), By Country, By Value, 2020-2027

Figure 19: the Asia-Pacific Plant Extracts Market Size, By Value (USD Billion), 2020-2027

Figure 20: the Asia-Pacific Plant Extracts Market Share (%), By Type, By Value, 2020-2027

Figure 21: the Asia-Pacific Plant Extracts Market Share (%), By Application, By Value, 2020-2027

Figure 22: the Asia-Pacific Plant Extracts Market Share (%), By Source, By Value, 2020-2027

Figure 23: the Asia-Pacific Plant Extracts Market Share (%), By Country, By Value, 2020-2027

Figure 24: Latin America Plant Extracts Market Size, By Value (USD Billion), 2020-2027

Figure 25: Latin America Plant Extracts Market Share (%), By Type, By Value, 2020-2027

Figure 26: Latin America Plant Extracts Market Share (%), By Application, By Value, 2020-2027

Figure 27: Latin America Plant Extracts Market Share (%), By Source, By Value, 2020-2027

Figure 28: Latin America Plant Extracts Market Share (%), By Country, By Value, 2020-2027

Figure 29: Middle East & Africa Plant Extracts Market Size, By Value (USD Billion), 2020-2027

Figure 30: Middle East & Africa Plant Extracts Market Share (%), By Type, By Value, 2020-2027

Figure 31: Middle East & Africa Plant Extracts Market Share (%), By Application, By Value, 2020-2027

Figure 32: Middle East & Africa Plant Extracts Market Share (%), By Source, By Value, 2020-2027

Figure 33: Middle East & Africa Plant Extracts Market Share (%), By Region, By Value, 2020-2027

List of Tables

Table 1: Global Plant Extracts Market Size, By Type, By Value, 2020-2027

Table 2: Global Plant Extracts Market Size, By Application, By Value (USD Billion), 2020-2027

Table 3: Global Plant Extracts Market Size, By Source, By Value (USD Billion), 2020-2027

Table 4: Global Plant Extracts Market Size, By Region, By Value (USD Billion), 2020-2027

Table 5: North America Plant Extracts Market Size, By Type, By Value (USD Billion), 2020-2027

Table 6: North America Plant Extracts Market Size, By Application, By Value (USD Billion), 2020-2027

Table 7: North America Plant Extracts Market Size, By Source, By Value (USD Billion), 2020-2027

Table 8: North America Plant Extracts Market Size, By Country, By Value (USD Billion), 2020-2027

Table 9: Europe Plant Extracts Market Size, By Type, By Value (USD Billion), 2020-2027

Table 10: Europe Plant Extracts Market Size, By Application, By Value (USD Billion), 2020-2027

Table 11: Europe Plant Extracts Market Size, By Source, By Value (USD Billion), 2020-2027

Table 12: Europe Plant Extracts Market Size, By Country, By Value (USD Billion), 2020-2027

Table 13: the Asia-Pacific Plant Extracts Market Size, By Type, By Value (USD Billion), 2020-2027

Table 14: the Asia-Pacific Plant Extracts Market Size, By Application, By Value (USD Billion), 2020-2027

Table 15: the Asia-Pacific Plant Extracts Market Size, By Source, By Value (USD Billion), 2020-2027

Table 16: the Asia-Pacific Plant Extracts Market Size, By Country, By Value (USD Billion), 2020-2027

Table 17: Latin America Plant Extracts Market Size, By Type, By Value (USD Billion), 2020-2027

Table 18: Latin America Plant Extracts Market Size, By Application, By Value (USD Billion), 2020-2027

Table 19: Latin America Plant Extracts Market Size, By Source, By Value (USD Billion), 2020-2027

Table 20: Latin America Plant Extracts Market Size, By Country, By Value (USD Billion), 2020-2027

Table 21: The Middle-East & Africa Plant Extracts Market Size, By Type, By Value (USD Billion), 2020-2027

Table 22: The Middle-East & Africa Plant Extracts Market Size, By Application, By Value (USD Billion), 2020-2027

Table 23: The Middle-East & Africa Plant Extracts Market Size, By Source, By Value (USD Billion), 2020-2027

Table 24: The Middle-East & Africa Plant Extracts Market Size, By Country, By Value (USD Billion), 2020-2027

Table 25: Givaudan Financial Analysis

Table 26: Givaudan Business Overview

Table 27: International Flavors & Fragrances, Inc. Financial Analysis

Table 28: International Flavors & Fragrances, Inc. Business Overview

Table 29: Sensient Technologies Corporation Financial Analysis

Table 30: Sensient Technologies Corporation Business Overview

Table 31: Symrise AG Financial Analysis

Table 32: Symrise AG Business Overview

Table 33: Döhler Financial Analysis

Table 34: Döhler Business Overview

Table 35: Synthite Industries Private Ltd. Financial Analysis

Table 36: Synthite Industries Private Ltd. Business Overview

Table 37: PT. Indesso Aroma Financial Analysis

Table 38: PT. Indesso Aroma Business Overview

Table 39: PT. Haldin Pacific Semesta Financial Analysis

Table 40: PT. Haldin Pacific Semesta Business Overview

Table 41: Vidya Herbs Private Limited Financial Analysis

Table 42: Vidya Herbs Private Limited Business Overview

Table 43: Arjuna Natural Extracts Ltd. Financial Analysis

Table 44: Arjuna Natural Extracts Ltd. Business Overview

Table 45: Martin Bauer Group Financial Analysis

Table 46: Martin Bauer Group Financial Analysis

Table 47: Kangcare Bioindustry Co. Ltd. Financial Analysis

Table 48: Kangcare Bioindustry Co. Ltd. Business Overview

Table 49: Prinova Group LLC Financial Analysis

Table 50: Prinova Group LLC Business Overview

Table 51: Ransom Natural Ltd. Financial Analysis

Table 52: Ransom Natural Ltd. Business Overview

Table 53: Blue Sky Botanic Ltd. Financial Analysis

Table 54: Blue Sky Botanic Ltd. Business Overview

Table 55: Shaanxi Jiahe Pyhtochem Co. Ltd. Financial Analysis

Table 56: Shaanxi Jiahe Pyhtochem Co. Ltd. Business Overview

Table 57: Kalsec Inc. Financial Analysis

Table 58: Kalsec Inc. Business Overview

Table 59: Native Extract Pty Ltd. Financial Analysis

Table 60: Native Extract Pty Ltd. Business Overview

Table 61: Nutra Green Biotechnology Co. Ltd. Financial Analysis

Table 62: Nutra Green Biotechnology Co. Ltd. Business Overview