Market Overview:
Plant extracts are considered to be the most pressing sources of biomolecules, which can be screened from plant parts. They contain many chemical compositions, carotenoids, quinones, gums, phlegmatics, resin alcohols, starches, and hydrocarbon resins. Moreover, Plant Extracts Market are treated with solvents for various activities to act as skin medicines, skin protection, wetting, anti-infective, sterilizers, anti-inflammatory, and anti-irritants. Nowadays, plant extracts are increasingly becoming important additives in the food industry due to their content in bioactive compounds. Plant extracts are used in various industries as raw material for manufacturing their products. They are widely used in food & beverages industry, pharmaceutical companies, dietary supplements, pet food industry, and cosmetics.
Competitive Landscape:
Major players operating in the global plant extracts market are Döhler GmbH, Kalsec, Inc., V. Mane Fils SA, Naturex Inc., and Indena S.p.A., among others.
Key Market Drivers:
Increasing utilization of plant extracts in various end-use industries is expected to boost the growth of the plant extracts market during the forecast period. For instance, in January 2021, Pierre Fabre launched Green Native Expression, a new patented extraction technology, natural and eco-friendly. Green Native Expression extracts pure sap from plants to incorporate it into cosmetics or nutraceutical products (food supplements) in the form of active ingredients.
Moreover, rise in vegan trends and increase in number of health conscious people is expected to augment growth of the plant extracts market. For instance, according to the United Nations (UN), as of 2021, the global vegan population accounted for around 79 million, and the number is expected to increase with the increasing awareness among people about the health benefits associated with the consumption of plant-based food products.
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Key Takeaways:
- The plant extracts market is expected to exhibit a CAGR of % during the forecast period owing to the increasing demand for plant extracts. For instance, in February 2021, Manipal Group announced that it will soon launch a new nutraceutical and herbal extracts manufacturing facility in Dabaspet Industrial Area, Bangalore, India. The factory will have the capacity to process 30 metric tons of herbal product per day.
- Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the plant extracts market owing to the increasing demand or use of plant extracts, increase in demand for clean label products, increase in number of health conscious people, increasing awareness among people, and introduction of novel products in these regions.
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