Perilla extract is obtained from perilla plant which is widely cultivated in East Asia for culinary and medical uses. Perilla extract offers various health benefits such as anti-inflammatory, antioxidant and it helps regulate blood sugar levels, blood pressure and cholesterol levels. It is used in dietary supplements, functional foods, beverages etc. to provide these health benefits.
The global Perilla Extract Market is estimated to be valued at US$ 1.33 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
New Application Development - Perilla extract possesses various pharmaceutical properties and health benefits. With increasing health awareness, there is vast potential to develop new applications of perilla extract in nutraceuticals, functional foods, clinical therapeutics etc. Emerging application areas such as skin care products, weight management products provide significant growth opportunities. Research and development into new application formulations can unlock the full potential of perilla extract for its health benefits. This represents huge market potential and demand growth for perilla extract over the forecast period.
Porter’s Analysis
Threat of new entrants: The perilla extract market is dominated by few established players making it difficult for new players to enter. High research and development costs needed to produce high quality extracts pose as a barrier for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, certified organic perilla extracts provide distinct health benefits attracting consumers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to minimal differentiation in products. Established players source raw materials from contracted farmers on long term agreements maintaining stability in supply.
Threat of new substitutes: Substitutes like turmeric and cinnamon extracts pose low threat as perilla extracts offer unique health promoting properties and taste.
Competitive rivalry: Intense competition exists between established players to capture market share through innovative product launches and regional expansions.
SWOT Analysis
Strength: Perilla extracts are rich in alpha-linolenic acid and rosmarinic acid promoting heart, brain and skin health. Growing consumer awareness about health benefits drives the market.
Weakness: Lack of standardized production processes and harvest methods affects quality and consistency of extracts. High prices compared to alternatives restrict mass adoption.
Opportunity: Expanding medicinal and food supplement sectors especially in Asia Pacific drives product innovations incorporating perilla extracts. Growing vegan lifestyle trends present opportunities.
Threats: Stringent regulations in developed regions and supply chain disruptions due to climatic changes or disease outbreaks pose threats.
Key Takeaways
The global Perilla Extract Market Growth is expected to witness high growth over the forecast period of 2024 to 2031 expanding at a CAGR of around 15%.
Regional analysis: The Asia Pacific region dominates the global perilla extract market accounting for over 50% of the total revenue in 2024 led by countries like Japan, China and South Korea. Growing health consciousness and traditional use of perilla in cuisines in these countries drives the market. North America and Europe are the other major consumers projected to witness steady growth through 2031.
Key players: Key players operating in the perilla extract market are Thales Group, Alstom, Huawei, Hitachi, Siemens, Cisco Systems, IBM, Microsoft, Intel, and Qualcomm. Thales Group is a global leader in perilla extract production known for its certified organic and standardized extracts. Other major players are expanding their global footprints through strategic acquisitions and collaborative research initiatives on health benefits.
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