Global Plant Extracts Market: Growth Factors and Trends

Plant Extracts Market by Product Type (Oleoresins, Essential Oils, Flavonoids, Alkaloids, Carotenoids), Application (Food & Beverages, Cosmetics, Pharmaceuticals, Dietary Supplements), Form, Source and Region - Global Forecast to 2027


Northbrook, IL 60062 -- (SBWire) -- 09/05/2023 --According to a research report titled "Plant Extracts Market has witnessed significant growth in recent years, and according to a research report by MarketsandMarkets, it is projected to continue its upward trajectory. In 2022, the market was estimated to be valued at USD 34.4 billion, and it is expected to reach USD 61.5 billion by 2027, with a compound annual growth rate (CAGR) of 12.3% in terms of value. Several key factors are driving this growth and shaping the future of the plant extracts industry.

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Rising Demand for Natural Ingredients: As consumers become more health-conscious and seek natural products, there is a surge in demand for plant extracts. These extracts are perceived as natural and healthy ingredients, making them popular in various applications, including food, beverages, cosmetics, pharmaceuticals, and dietary supplements.

Aging Population and Health Awareness: The global aging population is on the rise, leading to a greater emphasis on health and wellness. Plant extracts are seen as a means to promote well-being, and this trend is boosting their adoption in dietary supplements, pharmaceuticals, and other health-focused products.

Innovative Extracts: Manufacturers are investing in research and development to create innovative plant extracts that offer nutritional benefits. For instance, products like Rhuleave-K, containing extracts of curcuma longa and Boswellia serrata, have been introduced as natural pain management solutions without side effects, driving consumer interest.

Plant-Based Foods: The growing number of vegans and consumers seeking plant-based alternatives is fueling the demand for plant extracts. These extracts are used to enhance the nutritional profile and functional properties of plant-based foods, making them more appealing to a wider audience.

Functional Benefits: Plant extracts offer a range of functional benefits, including antimicrobial and antioxidant properties. This makes them valuable additives in the food industry, where they improve shelf life, color stability, and taste. As consumers look for clean-label, chemical-free products, plant extracts become attractive options.

Dry Extracts in Pharmaceuticals and Supplements: Dry extracts, with standardized and tested active ingredient content, are gaining popularity. They are used in pharmaceuticals and dietary supplements due to their stability, ease of standardization, and compact storage requirements. The aging population and increasing consumer interest in natural ingredients are driving the demand for medicinal plant products and dietary supplements in both developed and developing countries.

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While the plant extracts market is poised for substantial growth, challenges such as consumer skepticism, raw material supply issues, and price fluctuations could temporarily hinder its progress. Nonetheless, the overall outlook for the global plant extracts market remains positive, driven by the pursuit of healthier lifestyles and the preference for natural ingredients in various industries.

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