Plant Extracts Market Trends and Long-Term Strategic Forecast 2024 - 2031 | Symrise AG, Sensient Technologies Corporation

Market Overview:

The plant extracts market is estimated to be valued at USD 42.54 Bn in 2024 and is expected to reach USD 89.43 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 11.2% from 2024 to 2031.

Market Dynamics:

The plant extracts market is expected to witness significant growth over the forecast period owing to rising consumer health awareness and preference for herbal medicines and natural products. Additionally, the COVID-19 pandemic has further increased focus on preventive healthcare and immunity boosting which has augmented the growth of plant extracts market globally. Furthermore, easy availability of various plant extracts through e-commerce platforms along with innovative product development by key players is also fueling the market growth.

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Major Driver for Increased Adoption of Plant Extracts: Growing Health and Wellness Industry Demand for Natural Ingredients

The growing global popularity of natural and organic products has fueled significant demand for plant extracts in the health and wellness industry. Consumers are increasingly seeking out natural ingredients and additives in food and beverage products, functional foods, dietary supplements and cosmetics. Plant extracts offer various health benefits due to their antioxidant, anti-inflammatory and other therapeutic properties. They are widely used to enhance the nutritional profile and appeal of products as natural alternatives to synthetic ingredients. The health and wellness industry has expanded rapidly in recent years driven by changing consumer preferences for preventive healthcare and wellness. This fast growing industry serves as a major driver of demand for plant extracts.

Major Market Opportunity for Plant Extracts: Expanding Application Scope through Innovation

One of the key opportunities for growth in the plant extracts industry lies in broadening the scope of applications through continuous innovation in product development. Extensive research activities aim to establish new uses leveraging the undiscovered bioactive compounds in various botanicals. For example, as alternative ingredients, plant extracts offer potential replacements for certain synthetic food colors, flavorings and texturizers under regulatory scrutiny. In the cosmeceutical space, phytochemical research enables utilization of plant extracts for anti-aging and brightening effects. Given the demand for natural medicines, innovations centered around standardization of traditional herbal preparations also present commercial opportunities. Extraction technologies like supercritical fluid extraction allow concentration of active principles leading to enhanced functionality. This boosts the development of novel formulation concepts across nutraceuticals, functional foods and natural personal care categories. Continuous innovations thus fuel new product introductions expanding applications and market demand over time.

Major Trend in the Plant Extract Industry: Consolidation of Suppliers and Buyers

One of the major trends observed in the plant extracts industry globally is the increasing consolidation among both suppliers as well as buyers. On the supply side, bigger players are acquiring smaller extraction companies to achieve economies of scale and secure capacity expansion. They are also entering into strategic global partnerships for vertical integration and geographic expansion of operations. This trend enables suppliers to consistently meet the growing demand from multi-national corporations. On the buyer side as well, larger consumer packaged goods and pharmaceutical companies favor consolidated suppliers who can ensure security of supply and quality for their global product portfolios. The shift towards industry consolidation allows market participants to extract better margins while mitigating supply chain risks. It also positions buyers and suppliers to better meet the requirements of standardized and traceable natural ingredients demande

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Top Companies Included in This Report:

★ Symrise AG
★ Sensient Technologies Corporation
★ International Flavors & Fragrance Inc.
★ Givaudan
★ Synergy Flavors
★ Synthite Industries Private LTD
★ PT Indesso Aroma
★ Vidya Herbs Private Ltd.
★ Nutra Green Biotechnology Co. Ltd
★ Kalsec Inc.
★ Indena S.p.A.
★ Naturex Inc.
★ V. Mane Fils SA
★ Kalsec Inc.
★ Döhler GmbH

Market Segmentation:

Based on Product Type:

★ By Product Type: Spices, Essential Oils, Phytochemicals, Phytomedicines, Others
★ By Form: Dry, Liquid
★ By Distribution Channel: Pharmaceuticals, Food and Beverages, Personal Care, Others

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)

» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)

» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)

» South America (Brazil, Argentina, Rest of SA)

» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

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