Plant Extracts Market by Product Type, Form, End-use Industry and by Geography
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Key Trends and Analysis of the Plant Extracts Market:
Among product type, the spices segment is expected to hold the largest market share throughout the forecast period. The segment was valued at US$ 16,672.0 Mn in 2016 and is expected to exhibit a CAGR of 6.38% from 2017 to 2025. Essential oils segment is the fastest-growing segment, and is expected to exhibit a CAGR of 7.06% over the forecast period. Rising usage of spices as a natural preservative in meat and poultry products is one of the key factors boosting demand for plant extracts. Some of the plant extracted spices are oleoresins and spice oils. Spice oleoresins contains volatile and non-volatile constituents of spices and are used to replace whole spice without impairing the aroma and flavor.
Key Takeaways of the Market:
According to Coherent Market Insights’ analysis, Europe held the largest market share, both in terms of value and volume in the global plant extracts market in 2016. The market in Europe is driven by the growing demand for natural ingredients in the rapidly growing food and beverages industry.
However, various regulation imposed by the European Union banned the use of some plant extracts hamper growth of the market. For instance, in August 2017, European Union introduced Regulation (EU) banned the use of three fragrance allergens, 3 and 4-(4-hydroxy-4-methylpentyl) cyclohex-3-ene-1-carbaldehyde HICC, Chloroatranol, and Atranol. Atranol and Chloroatranol are natural compounds from oak tree moss and tree moss extracts and are known to have caused maximum number of contact allergies.
Asia Pacific is projected to be the second-largest market in the global plant extracts market throughout the forecast period. This is attributed to increasing demand for natural ingredients in the cosmetics, pharmaceutical and food & beverages industries. According to Australian Trade and Investment Commission (AUSTRADE), health food market in China, which includes dietary supplements, vitamins, herbal extracts, and Traditional Chinese Medicine (TCM), was valued at US$ 30 billion in 2017 and is expected to grow by 10% every year until 2025. The nutritional supplements accounted for 35% share of China health food market in 2015 and is expected to reach US$ 22.3 billion by 2020, exhibiting a CAGR of 6.4% during 2015-2020.
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Key players are adopting various inorganic growth strategies such as mergers and acquisitions to strengthen their foothold in the global market. For instance, in October 2016, Frutarom Industries Ltd.—a fragrance and flavor company—acquired Nardi Aromas Ltda—a producer of plant extracts and flavors for carbonated drinks and alcoholic beverages. Key players operating in global plant extracts market include Indena S.p.A., Naturex Inc., V. Mane Fils SA, Kalsec, Inc., and Döhler GmbH.
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