Medicinal Plant Extracts Market is expected to grow at a 7.20% CAGR and reach USD 15.67 Billion by 2030.
The medicinal plant extracts market is expected to gain a market value of USD 15,670 million by 2030 at a CAGR of 7.20% over the forecast period of 2022-2030.
Extracts from medicinal plants are the organic material derived from plant tissue. The extensive use of these medicinal plant extracts in treating various ailments is driving the market. Medicinal plant extracts are the least harmful to the environment because they are made of natural ingredients. It can be utilized, among other things, in medications and personal care items.
The medicinal plant extracts market is being driven by elements including consumer awareness, rising consumption of products made with natural ingredients, shifting lifestyles, and biotechnology developments. The demand for natural medicinal extracts has also increased over the past few years due to macroeconomic variables such as rising consumer disposable incomes, aging of the population, R&D, expansion of the agriculture sector, imports and exports, and population growth. According to World Bank data, in 2021, the global Research and development expenditure (% of GDP) was 2.63%. Natural medicinal extracts are becoming increasingly popular in the personal care and nutraceuticals industry. The medicinal plant extracts industry drives market expansion due to shifting consumer preferences and rising interest in Ayurveda, homeopathy, and herbal medicines. However, the extinction of some plant species is expected to hinder the market’s growth.
Almost all industries suffered during the COVID-19 pandemic. Nations worldwide increased their research and development efforts to find effective remedies for the coronavirus. During this time, medicinal plant extracts strengthened human immunity by combating the coronavirus. To combat the COVID-19 pandemic, researchers from numerous nations put a lot of effort into medicinal plant extract research. The World Health Organization (WHO) recommended medicinal plant extract to those who were advised to take immunity-boosting foods. This increased demand for products based on medicinal plant extracts and led to the growth in the medicinal plant extracts market.
Major Drivers of the Market
The Medicinal Plant Extracts Market is driving the market growth due to the changing consumer behavior and growing demand for Ayurveda& homeopathic products and herbal medicines. Another key factor fuelling the global extract market is the growing awareness regarding the medicinal plant extracts-based products and growing acceptance of the product among the people because of their health concerns.
Nearly 58% of medicinal plant analysis publications have been observed in the last ten years that have collectively emerged from countries like India, the USA, China, and South Korea. These kinds of the initiative are thriving the growth of the Global Marketing the research period.
Growth opportunities for the market
The present Medicinal Plant Extracts Market Forecast reports the changing consumer preferences and tastes because identifying new herbs and spices brings lucrative opportunities for the Global Market Growth.
Hence, the market players have new growth opportunities to grow their product lines or service offerings to grow the Global Market and generate a higher market share.
Restraints of Global Market
The Medicinal Plant Extracts Market Share might get hampered due to the high demands of the Medicinal Plant Extracts in different applications, which might lead to an inadequate supply of raw materials.
Another major market restraint for the global Market can be the price fluctuation of the Medicinal Plant Extracts in the global market.
Challenges for the global market
One of the major challenges for the global Market is that similar products led to intense product rivalry and competition in different regions.
Moreover, the price fluctuation can also be a market challenge in the forecast period. Hence, the market giants are working hard to develop appropriate solutions to grow the Global Market Size in the upcoming years.
Cumulative Growth Analysis
The Medicinal Plant Extracts Market is significantly growing in the review period of 2022-2030 because of the changing consumer preferences towards medicinal plant extracts.
In the Medicinal Plant Extracts Industry Trends, the global market has shown higher opportunities and scope for the market giants. Thus, the regions like the Asia Pacific and North America are playing an essential role in growing the Global Market Size the forecast year.
Market segment Overview
The Medicinal Plant Extracts Market is segmented based on the parts, applications, forms, and types.
The Market has been segmented into seed, shell, leaf, and others based on the part segment.
The leaf segment is the high growth Medicinal Plant Extracts Market segment because the plant extracts are those substances derived from the tissues.
The Medicinal Plant Extracts Market has been categorized into personal care, medicinal products, and others in the application segment.
According to the Market Outlook report, the medicinal product segment is projected to enhance the higher market growth in the review period.
Depending upon the form segment, the Medicinal Plant Extracts Market has been classified into liquid, powder, oil, and others.
The liquid segment is projected to expand fast because it has fast absorbability in personal care and medicinal products.
The Medicinal Plant Extracts Market has been segregated into herbal extracts, essential oils, spices, phytochemicals, and others, depending on the type of segment.
The Market Analysis shows that the herbal extracts segment is the highest growth segment due to its natural and health benefits.
The Medicinal Plant Extracts Market Analysis report mentioned that this market is regionally categorized into Europe, North America, Asia Pacific, and the Rest of the World (RoW).
In the global Market, the Asia Pacific regional market is considered the dominant region during the forecast period. This region is fueling its growth due to the increasing demand for personal care products and the increasing health benefits. In this Asia Pacific region, the regional market is growing on a large scale due to the ancient history of natural and herbal remedies for diseases in the population. Moreover, significant growth has been projected in the Asia Pacific region, especially in India and China, because of the growing wide-ranging medical uses among the population and increasing health concerns among the people. Hence, the Global Market is driving its regional growth in the review period.
Competitive Landscape Analysis
In the Medicinal Plant Extracts Market, some of the important key players are:
The Medicinal Plant Extracts Market Outlook report explains that these master players of the market are adopting new strategies such as the promotion of the medicinal plants extracts benefits for health, innovation in the product, and the launch of new products. In addition, the global market giants are focusing on research and developments to boost up the Medicinal Plant Extracts Market Growth.
In the global market trends, new medicinal plant extracts products and their retail in different regions is the major market dispersion. This report has included the market overview, regional analysis, competitive landscape analysis, report overview, market segments, and market dynamics.
In addition, this report has highlighted that the arrival of covid-19 has brought new opportunities and scope for the global market giants to enhance the Medicinal Plant Extracts Market Revenue in the research period.
|Market Size||USD 15.67 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Part, Application, Form, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Plant Extracts International Inc (U.S.), ARJUNA NATURAL EXTRACTS LTD (India), Organic Herb Inc (China), Phytovation (U.K.), Indfrag (India), Sigma-Aldrich Co. LLC (U.S.), KANTOR (India)|
|Key Market Opportunities||Changing consumer preferences and tastes|
|Key Market Drivers||Growing demand for Ayurveda & homeopathic products and herbal medicines, Growing awareness regarding the medicinal plant extracts-based products, Growing acceptance of the product|
Pharmaceutical and personal care industries would inspire medical plants extract market.
Plant Extracts International Inc (U.S.), ARJUNA NATURAL EXTRACTS LTD (India), Organic Herb Inc (China), Phytovation (U.K.), Indfrag (India), Sigma-Aldrich Co. LLC (U.S.), KANTOR (India) are the major companies operating in the global medicinal plant extracts market.
The leaf segment would lead medical plants extract market.
The liquid segment has the upper hand in medical plants extract market.
The APAC region would lead medical plants extract market.