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Plant Extracts Market Growth by Emerging Trends, Analysis, & Forecast | Key Players are Givaudan, Sensient Technologies Corporation, International Flavors & Fragrances, Inc

Plant Extracts Market Growth by Emerging Trends, Analysis, & Forecast | Key Players are Givaudan, Sensient Technologies Corporation, International Flavors & Fragrances, Inc

April 25
21:48 2022
Plant Extracts Market Growth by Emerging Trends, Analysis, & Forecast | Key Players are Givaudan, Sensient Technologies Corporation, International Flavors & Fragrances, Inc
MarketsandMarkets™
The global plant extracts market is projected to grow from USD 30.8 billion in 2021 to USD 55.3 billion by 2026, at a CAGR of 6.0% from 2021 to 2026.

The global Plant Extracts Market was estimated at USD 30.8 billion in 2021 and is projected to reach USD 55.3 billion by 2026, at a CAGR of 6.0% from 2021 to 2026. The increase in number of health conscious people and also the rising vegan trends are the major factors driving the plant extracts market. According to the United Nations (UN), as of 2021, the global vegan population accounted for approximately 79 million. This huge number is attributable to the rise in awareness related to the health benefits associated with the consumption of plant-based food products among the target consumers. With the changing consumer perceptions related to plant-based food products, some of the key food & beverages manufacturers strategize on including plant ingredients into their marquee final products. This, in turn, triggers the demand for plant extract products among manufacturers. Herbal extracts, Essential Oils, and flavors are the key types of plant extracts that are gaining a higher level of traction in the global market.

Plant Extracts Market

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Opportunities: Identification of new herbs and spices in accordance with changing consumer preferences and tastes

To create awareness among consumers related to the benefits offered by natural ingredients and extracts, governments of various countries have started taking initiatives and are investing in R&D. Several companies are also investing in R&D to innovate and come up with new herbs and spices to meet consumer preferences. The development of new plant-based flavors & fragrances favored by consumers poses new opportunity areas for plant extract manufacturers. Also, changes in lifestyles and the increase in the demand for natural flavors from consumers are observed in developing economies, leading to the growth in the demand for plant extracts. Globalization has also led to greater exposure to flavors and fragrances of various cultures. Hence, identifying new & exotic spices and herbs and their properties in accordance with the changing consumer preferences is vital for plant extract manufacturers.

The market for pharmaceutical & dietary supplements in the plant extracts market is projected to account for the largest share during the forecast period

The Pharmaceuticals & dietary supplements segment is projected to dominate the market by application. This growth can be attributed to the increasing awareness of people related to bacterial resistance toward allopathic medicines. As a result of the increasing incidents of illnesses due to stressful and busy lifestyles, consumers are demanding functional food and supplements for regular consumption. Some of these supplements include phytomedicines and herbal extracts, which are composed of naturally occurring components; they are scientifically demonstrated to promote positive effects on the target functions beyond basic nutrition.

North America is the fastest-growing market during the forecast period in the plant extracts market

The North American countries such as the US is one of the leading importers of plant extracts from Asian countries such as China and India due to the consumption of healthy foods by a majority of its population. It is projected to grow well in terms of plant extract production. This is further expected to be driven by the development of new plant-based pharmaceuticals and the rise in the beverage industry, where consumer preferences continue to shift away from carbonated soft drinks toward alternative beverages with natural flavor loadings. The growth in the industrial consumption of plant extracts is largely driven by an increase in consumer demand for fortified food & beverage products, dietary supplements, and personal care products, which impart health benefits and aid in dealing with the rising healthcare costs; the concept of healthy aging and the rising trend of health-conscious diets are also driving this market. The other factors driving the use of plant extracts in food & beverage products consumed in the US include the rise in the number of cases of osteoporosis, obesity, cardiovascular, and other diseases caused by the deficiency of essential micronutrients or due to the inclusion of synthetic products in diets.

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Key players in this market include Symrise AG (Germany), Sensient Technologies Corporation (US), International Flavors & Fragrance Inc. (US), Givaudan (Switzerland), Dohler (Germany), Synergy Flavors (US), Synthite Industries Private LTD, PT Indesso Aroma (Indonesia), Vidya Herbs Private Ltd. (India), Nutra Green Biotechnology Co. Ltd. (China), Kalsec Inc. (US), Martin Bauer Group (Germany), Kangcare Bioindustry Co. Ltd. (China), Blue Sky Botanic Ltd (UK), Shaanxi Jiahe Pyhtochem Co. Ltd. (China), Tokiwa Phytochemical Co. Ltd. (China), Native Extract Pty Ltd. (Australia), Ransom Natural Ltd (UK), Prinova Group LLC (US), and Arjuna Naturals Extract Ltd. (India).

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