ID: MRFR/CR/2753-HCR | February 2021 | Region: Global | 110 pages
Medicinal Plant Extracts Market is expected to grow at a 7.20% CAGR and reach USD 15.67 Billion by 2030. Medicinal plant extracts are the natural substance that comes from the plants' tissue. These medicinal plant extracts are used extensively based on their specific purpose. These medicinal plant extracts are majorly used for the treatment of various diseases. For example, it can be used in personal care products, medicines, and others. Medicinal plant extracts are the least environmental concern as they come from natural substances and do not harm the environment.
The Medicinal Plant Extracts Market has more growth potential due to the high demands of Medicinal plant extracts in the dietary supplements it contains phytochemicals. For instance, the medicinal plant extracts nutritional supplements increased demands have increased the use of plant extracts in the product of the Nutraceutical industries. Moreover, the increasing demand for plant extracts products is projected to hold the steady growth in Global Marketing during the research period. In addition, this global market has growth potential because of the shifting in demand for synthetic medicine to herbal medicine across the world.
The Medicinal Plant Extracts Market Forecast report states that the global extract market is growing due to the increasing demand for medicinal plant extracts in natural skincare products. Moreover, the Global Market is increasing its growth because of the research advancements and augmentation of the product development. Along with this, intended audiences such as medicinal plant extracts manufacturers, e-commerce companies, wholesalers, retailers, traders, importers, and exporters are the supportive hands to the global Market. Hence, the global market is showing its high growth potential in the forecast period.
COVID-19 Impact Analysis
The novel coronavirus has negatively affected almost all of the marketing sectors during the pandemic period. This pandemic has different impacts based on their mitigation efforts, cultural norms, and health infrastructure. Therefore, all the countries have developed their research and development to bring the proper solutions to the coronavirus.
At this time, the Medicinal Plant Extracts played against the coronavirus to improve the immunity of the human body. Researchers of various countries are working hard on Medicinal Plant Extracts to solve the COVID-19 pandemic. The World Health Organization (WHO) has given the guidelines for the people where it has mentioned to consume immunity-boosting foods, which fuels the demand of the Medicinal Plant Extracts based products and generating the higher Medicinal Plant Extracts Industry Share in the forecast period.
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 2020-2030 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 October 2020, Givaudan Company launched its new state-of-the-art fragrance production facility in the China region. It has aimed to grow the market with innovative and consumer-preferred fragranced products.
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.
Frequently Asked Questions (FAQ) :
Pharmaceutical and personal care industries would inspire medical plants extract market.
The APAC region would lead medical plants extract market.
The leaf segment would lead medical plants extract market.
The liquid segment has the upper hand in medical plants extract market.
Medical plants extract market players are Plant Extracts International Inc (U.S.), Organic Herb Inc (China), Sigma-Aldrich Co. LLC (U.S.), Indfrag (India), Phytovation (U.K.), ARJUNA NATURAL EXTRACTS LTD (India), and KANCOR (India).