According to BlueWeave Consulting the Global Plant Extracts market anticipated to reach at US$ 57.82 billion with a significant CAGR of 14.8% in the forecast period of 2019-2025.
Increasing preference shift towards herbal phytomedicines over allopathic, among the key factor to drive the growth of the global plant extracts market in upcoming years. Changing lifestyle pattern, increasing stress and chronic diseases increasing the demand for regular food and supplement consumption associated with minimal side effects makes the market lucrative propel the demand for plant extracts in the upcoming years.
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Some of the major industry players are Givaudan, International Flavors & Fragrances, Inc. (IFF), Sensient Technologies, Symrise AG, Döhler, Synthite Industries Private Ltd., PT. Indesso Aroma, PT. Haldin Pacific Semesta, Vidya Herbs Private Limited, Arjuna Natural Extracts Ltd. and Other Prominent Players.
Factors such as increasing R&D activities, growing plant extract advantages awareness among the public over synthetic products, enhancement in demand for food-boosting convenience, 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 of 2019-2025. Multi-purpose outcome form single plant extract is the significant growth driven factor for increasing R&D in plant extracts industry.
The rising industrial application associated with herbal extract and phytomedicines such as skincare, functional food, and cosmetics coupled with rising health benefits is the key factors to drive the demand of the phytomedicines segment in the global market. Factors such as rising premium lifestyle changes, healthy eating trends, inclination toward herbal product propelling the demand of global plant extract market in the forthcoming years. In addition, engaged advantages such as antioxidant and antimicrobial properties make phytomedicines market lucrative in terms of value. Enhancement rate of essential oil consumption, huge availability of aromatic medicinal plant coupled with rising food and beverages industry contributes to global market growth during the forecast period of 2019-2025.
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Rising demand of organic extracts for the formulation of product in various industries such as cosmetic, pharma, food, etc., growing concern related to OTC medication side effects, increasing awareness associated with antimicrobial efficacy of herbal extract. Europe market to share second major market share contributions with factors such as the enhancement rate of essential oil consumption, huge availability of aromatic medicinal plants coupled with the rising food and beverage industry. Emerging economies such as China, India creating a positive impact on the growth of plant extract market with an increasing demand of Chinese plant extract, technological advancement coupled with rich medicinal plant heritage during the forecast period of 2019-2025.