Published On: December 2022
Plant extracts are derived from plant sources, such as fruits, leaves, seeds, bark, and stems, and are used as ingredients in various products, such as food, beverages, and pharmaceuticals. As people become more conscious of the ingredients that make up their products, the plant extracts industry is becoming increasingly important. Plants extracts are natural ingredients used in many health and beauty products and are now becoming an integral part of many lives. The rising use of plant extracts in functional foods and nutraceuticals is expected to propel the market due to their nutritional and health benefits.
According to the plant extracts market outlook, the plant extracts market is expected to register a CAGR of 5.57% and reach a value of USD 53,694.4 million by 2028.
As per the plant extracts market analysis, the growing demand for herbal and traditional medicines is driving the plant extracts market, as plant extracts are used as the main ingredients in the production of these medicines. Furthermore, the increasing adoption of plant extracts in cosmetics and personal care products, as they provide an array of benefits, such as anti-inflammatory, anti-bacterial, and antioxidant properties, controlling inflammation and providing skin protection, is also boosting the market. Also, the rising awareness about plant extracts' benefits and their easy availability is expected to drive the market.
However, the presence of stringent regulatory frameworks and the high cost of raw ingredients used to produce plant extracts are some factors hindering growth in the plant extracts market. Additionally, the complex extraction process of plant extract materials adds to the high production cost and can deter potential growth. Moreover, the availability of counterfeit products limits the market's growth.
The plant extracts market analysis has shown significant growth in recent years due to various factors. The increasing popularity and awareness regarding the health benefits of natural plant extracts is one of the primary drivers of this market. Demand for botanical-based medicines and supplements is increasing due to their safe and natural properties, which increases the demand for plant extracts. Additionally, the growth of the food and beverage industry is a major factor driving the market for plant extracts. The food and beverage industry has been using plant extracts to add flavor and color to food products, increasing the demand for plant extracts. As consumer preferences shift towards healthier, more natural, and sustainable ingredients, major companies are switching to using plant extracts in their products. This trend is expected to grow in the coming years, as plant extracts offer several benefits, such as flavor, color, and nutritional value.
The increasing demand for plant extracts is also being driven by the growing awareness of their health benefits. Plant extracts are being studied and researched for their potential to help prevent and treat diseases and boost immunity. As more research is conducted, the demand for plant extracts will continue to grow in the coming years.
The growth of the market is expected to be driven by the increasing demand for natural and organic ingredients, as well as the growing awareness of the health benefits of plant extracts.