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Herbal Extracts Market Research Report Information By Source (Mint, Rosemary, Thyme, Basil, Dill, Lavender, and Others), By Form (Liquid/Tinctures, Powders, Essential Oils, and Others), By Application (Food & Beverages, Pharmaceuticals, Personal Care & Cosmetics, and Others), and By Region (North America, Europe, Asia-Pacific, and Rest Of The World) – Market Forecast Till 2032

ID: MRFR/F-B & N/1883-HCR | 110 Pages | Author: Varsha More| June 2024

Global Herbal Extracts Market Overview

Herbal Extracts Market Size was valued at USD 34.0 Billion in 2023. The Herbal Extracts industry application is projected to grow from USD 36.142 Billion in 2024 to USD 55.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.51% during the forecast period (2024 - 2032). Increased adoption of products with natural ingredients, increased consumer awareness, and biotechnological developments, are the key market drivers enhancing the market growth.

Herbal Extracts Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Herbal Extracts Market Trends

  • Consumer awareness is driving the market growth

Consumer awareness, changing lifestyles, an increase in the use of goods with natural components, and technological advancements are some of the factors driving the market. Macroeconomic factors such rising consumer disposable incomes, R&D, imports and exports, expansion of the agriculture sector, population growth and ageing of the population have all contributed to the rise in demand for natural extracts during the past few years. Natural extracts are gaining popularity across a variety of industries, including food and beverage, cosmetics, perfumes, pharmaceuticals, and nutraceuticals. Natural extracts don't have any harmful side effects, in contrast to the vast majority of chemical-based substances used in pharmaceuticals, food and beverage products, personal care and cosmetics, and personal care products. Additionally, especially in North America and Europe, companies have made the problem of locating organic and natural ingredients their top priority. The numerous health benefits connected to natural extracts are anticipated to increase the demand for the product in pharmaceutical and nutraceutical applications. These factors will likely have a significant effect on the product's demand in the near future.

The use of plant extracts is expected to grow significantly over the projected time due to its many health advantages and potential to replace contemporary medication. As customer demand for ready meals rises, awareness of the benefits of organic versus synthetic products expands, and consumer preferences for food and other applications rise, the market is predicted to grow. Over the past several years, there has been a sharp rise in the consumption of fast food items such bakery and confectionary, sauces and dressing, ready-to-eat, ready-to-drink (RTD) drinks, and sports and energy drinks. An increase in consumer spending power, particularly in emerging economies like India, China, and Brazil, as well as the introduction of food products in inventive packaging by manufacturers and retailers are all significant contributors to this growth.

Herbal components are frequently used in convenience meals to add flavour, taste, and nutritional value. Convenience food and beverage producers like concentrated herbal extracts over fresh botanicals because they have a greater flavour and a longer shelf life. Furthermore, because botanical substances are taken directly from flora, often from the fruits, leaves, and flowers, they have a more genuine flavour than non-herbal extracts. Because of the growing popularity of convenience foods, it is projected that these extracts will grow in the next years.

The growing prevalence of chronic and lifestyle illnesses calls for a much more creative strategy that cures the illness while reducing unwanted effects. Botanical pharmaceuticals can be used in place of allopathic medications. These medications are created using natural ingredients that have therapeutic or health-improving properties. Growing knowledge of the harmful side effects of allopathic drugs is a contributing element to the market's growth. Contrary to many other chemical-based substances found in medications, food and beverage goods, cosmetics, and personal care items, herbal extracts have no adverse side effects. Thus, driving the Herbal Extracts market revenue.

Herbal Extracts Market Industry Insights

Herbal Extracts Source Insights

The Herbal Extracts market segmentation, based on Source, includes Mint, Rosemary, Thyme, Basil, Dill, Lavender, and Others. Mint segment dominated the market in 2022. This is explained by the rising demand for mint herbal extract in the food and beverage end use industry.

Herbal Extracts Form Insights

The Herbal Extracts market segmentation, based on Form, includes Liquid/Tinctures, Powders, Essential Oils, and Others. Liquid/tinctures segment dominated the market in 2022. This is due to the growing need for liquids and tinctures in the personal care and cosmetics end use industries.

Herbal Extracts Application Insights

The Herbal Extracts market segmentation, based on Application, includes Food & Beverages, Pharmaceuticals, Personal Care & Cosmetics, and Others. Food & beverages segment dominated the Herbal Extracts market in 2022. The primary driver of the broadening use of natural extracts in the food and beverage sector is the rising desire for natural, secure, and minimally processed food items. Natural extracts' antimicrobial qualities aid in the preservation of food and beverage items for a longer period of time, which is anticipated to increase demand from producers that are focused on extending the shelf life of their products without sacrificing quality.

Figure 1: Herbal Extracts Market, by Application, 2022 & 2032 (USD Billion)

Herbal Extracts Market, by Application, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Herbal Extracts Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Herbal Extracts market dominated this market in 2022 (45.80%). Consumption of ready-to-eat foods, ready-to-drink beverages, packaged snacks, and other products using botanical ingredients to offer flavour, aroma, and helpful qualities is influenced by factors including the growth of organised and e-commerce retailing. Moreover, China’s Herbal Extracts market held the largest market share and the Indian Herbal Extracts market was the fastest growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.



Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The North America Herbal Extracts Market is expected to register significant growth from 2023 to 2032. One of the main drivers of the demand for essential oils and floral extracts, which is then expected to drive the regional market, is a developed economy and high level of living. Further, the U.S. Herbal Extracts market held the largest market share, and the Canada Herbal Extracts market was the fastest growing market in the North America region.

Europe Herbal Extracts market accounted for the healthy market share in 2022. Pharmaceutical products are also widely produced, exported, and used in Europe. As a result, it becomes a crucial market for pharmaceuticals, nutraceuticals, and complementary therapies. The ageing population in the region has fueled the demand for pharmaceuticals and nutraceuticals, and this is expected to cause the European market to expand over the coming years. Further, the German Herbal Extracts market held the largest market share, and the U.K Herbal Extracts market was the fastest growing market in the European region

Herbal Extracts Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Herbal Extracts market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Herbal Extracts Industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Herbal Extracts Industry to benefit clients and increase the market sector. In recent years, the Herbal Extracts Industry has offered some of the most significant advantages to medicine. Major players in the Herbal Extracts market, including Martin Bauer GmbH & Co. KG, Starwest Botanicals, Jiaherb Inc., Kalsec Inc., Organic Herb Inc., Döhler GmbH, Mountain Rose Herbs, Synthite Industries Ltd., Herbal Extraction Group Inc., and Vidya Herbs, are attempting to increase market demand by investing in research and development Sources.

Agribusiness firm Cargill Inc. (Cargill) offers goods and services in the food, financial, agricultural, industrial, and risk management sectors. It handles the marketing, processing, and distribution of cotton as well as cereals, oilseeds, sugar, meat, and other food items. Additionally, it produces natural components for pet food, livestock feed, and bio-industrial goods. The business offers marketing services, transportation and logistics services, risk management services, data asset solutions, and technical support. The company also manufactures and sells fuel ethanol, biodiesel, and starch and starch sweeteners. Several brands, including Nutrena, Provimi, Cargill, EWOS, Diamond V, and Purina, are used by Cargill to promote its feed and pet food products. In addition to Asia Pacific, it operates in the Americas, Europe, the Middle East, and Africa. In the US, Minneapolis, Minnesota, serves as the home of Cargill. Improved Nutrena Nature Wise formulae that increase chicken wellbeing and production were announced by Cargill, Inc. in October 2021. Oregano and other herbal essential oils found in this poultry feed encourage flock health and egg production.

Agriculture-related goods, commodities, and ingredients are produced, processed, transported, stored, and marketed by Archer Daniels Midland Co (ADM). The business manufactures oilseeds, corn, wheat, and other agricultural goods as well as ingredients for food and beverages. The range of products offered by ADM includes wheat, animal feed, vegetable oil, maize sweeteners, natural flavours and colours, health and nutrition goods and biofuels. Through its grain elevator and transportation network, the firm stores, cleans, and delivers agricultural commodities including oilseeds, corn, wheat, milo, oats, and barley as well as various products made from these inputs. ADM also provides logistical, transport, other farmer-related services. The Americas, Europe, the Middle East, Africa, and Asia-Pacific are all where it conducts business. In the US, Chicago, Illinois, is home to ADM's headquarters. Brazilian company Yerbalatina Phyto Actives, which produces plant-based extracts and components, was acquired by ADM in September 2021. ADM is increasing the number of ingredients from natural sources that support health in its portfolio in order to keep on top of wellness and health trends.

Key Companies in the Herbal Extracts market include

  • Martin Bauer GmbH & Co. KG

  • Starwest Botanicals

  • Jiaherb Inc.

  • Kalsec Inc.

  • Organic Herb Inc.

  • Döhler GmbH

  • Mountain Rose Herbs

  • Synthite Industries Ltd.

  • Herbal Extraction Group Inc.

  • Vidya Herbs

Herbal Extracts Application Developments

February 2021: Advanced Tools for Modelling (ATOM), a product of Givaudan Taste & Wellbeing, optimises food and flavour formulation using artificial intelligence to produce new possibilities and insights based on consumer preferences. The instruments look into the interactions between ingredients and pinpoint flavour drivers, both good and bad.

Launched in 2023, Biotropics' innovative BioKesum leaf extract—derived from the tropical BioKesum plant, which is indigenous to Malaysian wildlife—has been clinically demonstrated to improve brain health. Biotropics Malaysia Berhad, a manufacturer of botanical extracts, has announced the release of a new product, BioKesum leaf extract, which has been clinically shown to promote brain health. The source of BioKesum leaf extract is the tropical BioKesum plant, which is unique to Malaysian wildlife. Malaysia's Biotropics headquarters are in Glenmarie Shah Alam. In more than 35 nations, high-value herbal extracts derived from Malaysia's biodiversity are being sold as functional foods and beverages and health supplements.

In 2023 : Vidya Herbs was established  as a producer of herbal extracts and other products in Bangalore, India, where it was established 24 years prior. It now employs 800 people there and is among India's top exporters of coffee. In 2015 and 2019, it established two research and development branches in France. And it opened its first manufacturing facility in the United States today, in Bunnell.

With the introduction of Topo Chico Sabores, a range of premium sparkling waters crafted with actual fruit juice and herbal extracts, in the United States , Topo Chico will continue to broaden its appeal outside the mineral water market. The crisp bubbles, strong tastes, brightness, and balance of filtered sparkling water with additional minerals for flavor are reminiscent of the rapidly expanding Topo Chico Sparkling Mineral Water.

Herbal Extracts Market Segmentation

Herbal Extracts Source Outlook

  • Mint

  • Rosemary

  • Thyme

  • Basil

  • Dill

  • Lavender

  • Others

Herbal Extracts Form Outlook

  • Liquid/Tinctures

  • Powders

  • Essential Oils

  • Others

Herbal Extracts Application Outlook

  • Food & Beverages

  • Pharmaceuticals

  • Personal Care & Cosmetics

  • Others

Herbal Extracts Regional Outlook

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2023 USD 32.0 Billion
Market Size 2024 USD 36.142 Billion
Market Size 2032 USD 55.5 Billion
Compound Annual Growth Rate (CAGR) 5.51% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Source, Form, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Martin Bauer GmbH & Co. KG, Starwest Botanicals, Jiaherb Inc., Kalsec Inc., Organic Herb Inc., Döhler GmbH, Mountain Rose Herbs, Synthite Industries Ltd., Herbal Extraction Group Inc., and Vidya Herbs
Key Market Opportunities Increasing use of essential herbal oil extracts for therapies or aromatherpy
Key Market Dynamics Consumer awareness, changing lifestyles, increasing adoption of natural ingredient-based products, and biotechnological advancements

Frequently Asked Questions (FAQ) :

The Herbal Extracts market size was valued at USD 34.0 Billion in 2023.

The market is projected to grow at a CAGR of 5.51% during the forecast period, 2024-2032.

Asia Pacific had the largest share in the market

The key players in the market are Martin Bauer GmbH & Co. KG, Starwest Botanicals, Jiaherb Inc., Kalsec Inc., Organic Herb Inc., Döhler GmbH, Mountain Rose Herbs, Synthite Industries Ltd., Herbal Extraction Group Inc., and Vidya Herbs

The Mint Source dominated the market in 2023.

The Liquid/Tinctures Form had the largest share in the market.

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