Global Plant Extracts Market Size By Type (Non-Standardized Extracts, Standardized Extracts), By Application (Medicine, Food), By Region, And Segment Forecasts, 2023 to 2032

The Global Plant Extracts Market was valued at USD 25 billion in 2023 and is projected to reach USD 45 billion by 2031, growing at a CAGR of 7.5% during the forecast period of 2023-2031. The market's growth is driven by increasing demand for natural and plant-based ingredients in various industries such as food and beverages, pharmaceuticals, cosmetics, and personal care. Growing consumer awareness of health and wellness and the rising trend of clean-label products further bolster the adoption of plant extracts.

Drivers

Rising Demand for Natural Ingredients

Increased consumer preference for chemical-free, plant-based products.

Growth in Herbal Medicine

Increasing reliance on herbal and traditional remedies for healthcare needs.

Clean-Label Trend

Surge in demand for food and cosmetic products with minimal artificial additives.

Restraints

High Costs of Extraction Processes

Advanced extraction technologies are often expensive, increasing product costs.

Seasonal Dependency

Availability of raw plant materials may vary, impacting consistent supply.

Opportunities

Emerging Markets

Growing adoption of natural products in Asia-Pacific and Latin America.

Innovation in Extraction Technologies

Advancements like supercritical CO2 extraction offering higher yields and quality.

Rising Demand for Organic Products

Organic plant extracts see increased adoption due to sustainability trends.

Market by Product Type Insights

The Essential Oils segment dominated the market in 2023, accounting for a significant share due to its application in aromatherapy, cosmetics, and pharmaceuticals. The Herbal Extracts segment is expected to exhibit the highest growth during the forecast period owing to the increasing adoption of natural health supplements.

Market by End-Use Insights

Food & Beverages: Largest segment in 2023, driven by demand for natural flavoring and coloring agents.

Pharmaceuticals: Increasing use of plant-based active ingredients for therapeutic applications.

Cosmetics & Personal Care: Rising preference for natural ingredients in skincare and haircare products.

Market by Regional Insights

North America: Largest market share in 2023 due to the high adoption of clean-label products and advanced extraction technologies.

Asia-Pacific: Expected to witness the highest growth, driven by increasing disposable income and awareness of plant-based alternatives in emerging economies like China and India.

Competitive Scenario

Key players in the Global Plant Extracts Market include Naturex (Givaudan), Indena S.p.A, Sensient Technologies Corporation, Martin Bauer Group, and Sabinsa Corporation. Companies are investing in R&D, strategic acquisitions, and partnerships to expand their product portfolios and geographical reach.

Scope of Work – Global Plant Extracts Market

Key Market Developments

2023: Naturex launched a new range of botanical extracts for natural skincare applications.

2024: Indena S.p.A introduced an innovative line of pharmaceutical-grade herbal extracts for chronic disease treatment.

2025: Sabinsa Corporation expanded its production facilities in India to cater to rising global demand for organic plant extracts.

FAQs

What is the current market size of the Global Plant Extracts Market?

The market size was valued at USD 25 billion in 2023.

What is the major growth driver of the Global Plant Extracts Market?

Rising consumer preference for natural and plant-based ingredients is the primary growth driver.

Which is the largest region during the forecast period in the Global Plant Extracts Market?

North America holds the largest market share due to high adoption of clean-label products.

Which segment accounted for the largest market share in the Global Plant Extracts Market?

The Essential Oils segment led the market in 2023.

Who are the key market players in the Global Plant Extracts Market?

Major players include Naturex (Givaudan), Indena S.p.A, Sensient Technologies Corporation, Martin Bauer Group, and Sabinsa Corporation.

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