Seattle, WA -- (SBWIRE) -- 11/12/2019 -- Global Plant Extracts Market – Insights
A plant extract is a substance with desirable properties that are removed from tissue of a plant. These substances contain chemical compositions such as resin alcohols, starches, hydrocarbon resins, gums, phlegmatics, carotenoids, and quinones. These extracts are tissues treated with solvents for various functionalities to serve as skin medicines, anti-irritants, anti-inflammatory, sterilizers, anti-infective, wetting, and skin protection among others.
Increasing demand for plant extracts that are used in the food and beverages, pharmaceuticals, and cosmetics industries is expected to drive growth of the global plant extract market. For instance, plant extracts find major applications in food and beverages industry as colorants and flavorings to enhance the overall nutritional content. Growing demand for functional foods and beverages such as dietary supplements, protein bars, and flavored beverages is also expected to accelerate the global plant extract market growth. According to American Botanical Council, the total retail sales of herbal supplements in the U.S. was US$ 6.9 billion in 2015, which increased to US$ 7.4 billion in 2016.
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Furthermore, plant extracts find applications in cosmetic industry where they are used perfumes, skin care, and hair care products. These extracts are used in skin care products for curing eczema, acne, dryness, free-radical scavenging, anti-inflammatory, and anti-aging. On the contrary, plant extracts are used in hair care products as growth stimulants, colorants, and as anti-dandruff agents. Growing trend of using cosmetic products htat are natural and organic is expected to boost the global plant extract market in the near future. According to the U.S. Government Export Association, the consumer spending on natural cosmetics in 2016 in Germany — the largest market in Europe — was US$ 13.5 billion, which increased by 9.2% in 2016.
Among Regions, Europe holds the dominant position in the global plant extracts market, followed by Asia Pacific. The market in Europe was valued at US$ 11,549.5 Mn in 2016, which is projected to increase to US$ 19,380.2 Mn by 2025, witnessing a CAGR of 6.19% during the forecast period. Growing consumer preference towards consumption of herbal medicines in Europe is propelling growth of the plant extracts market in the region. According to the Centre for the Promotion of Imports, around 700 plant-based medicines are available in Germany, which are manufactured by companies such as Heinrich Klenk and Schaper & Brümmer among others and are prescribed by 70% of the physicians in the country. Moreover significant growth of cosmetics and personal care industry is expected to drive the market growth in the near future. Demand for plant-based ingredients in the cosmetics and growing adoption of natural cosmetics is fuelling the growth of plant extracts market. According to Cosmetic Europe, cosmetics and personal care industry in Europe was valued at US$ 94.13 billion in 2015, with Germany (US$ 15.89 billion) positioned as the largest region in the market, followed by the U.K. (US$ 14.06 billion), France (US$ 13.94 billion), and Italy (US$ 12.10 billion), respectively.
The global plant extracts market was valued at US$ 37,771.8 Mn in 2016 and is expected to register a CAGR of 6.15% over the forecast period. The global plant extracts market is projected to reach to US$ 63,304.8 Mn by 2025.
Furthermore, Asia Pacific is estimated to be the second-largest market in the global plant extracts market throughout the forecast period. This is owing to increasing demand for natural ingredients in the cosmetics, pharmaceutical, and food & beverages industries. According to Indian Brand Equity Foundation (IBEF), pharmaceutical industry is the third-largest industry in India in terms of volume and accounted for 20% of the global pharmaceutical industry in 2017. The pharmaceutical sector is expected to increase to US$ 55 billion by 2020. Also, increasing government involvement in various initiatives to promote pharmaceutical sector in India. For instance, the Department of Biotechnology received US$ 333.3 million in the Union Budget 2017-2018, to implement the department's national biotech strategy.
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Major Players in Global Plant Extracts Market:
Leading players operating in the global plant extracts market are Indena S.p.A., Naturex Inc., V. Mane Fils SA, Kalsec, Inc., and Döhler GmbH.
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