Plant Extracts Market Research Report and Outlook by 2028

The market for plant extracts is projected to expand significantly, increasing from US$ 29,238.91 million in 2021 to US$ 47,421.44 million by 2028. This growth represents a compound annual growth rate (CAGR) of 7.3% from 2022 to 2028.

Plant extracts are derived from plant tissues through a process involving solvents, which are utilized for specific applications. Common solvents include water, ethanol, ethyl acetate, CO2, methanol, acetone, acetic acid, and hexane. These extracts serve various purposes, such as acting as antioxidants and preservatives in food products. Additionally, they function as processing aids and additives in the pharmaceutical sector, where they are valued for their therapeutic properties, either as preventive measures or curative solutions. In the cosmetics industry, plant extracts are incorporated for their beneficial effects on beauty and wellness.

The segmentation of the plant extracts market is based on the source, which includes categories such as fruits & vegetables, herbs & spices, flowers, and others. Among these, the herbs & spices segment is anticipated to dominate the market share throughout the forecast period. The rising health awareness among consumers is driving the popularity of extracts derived from herbs and spices globally. The demand for flavored beverages, combined with a focus on health and sustainability, is propelling the growth of this segment. Beverage manufacturers are increasingly utilizing spice extracts like cloves and cinnamon due to their therapeutic benefits, which include antioxidative, anti-inflammatory, antidiabetic, antihypertensive, and antimicrobial properties. Consequently, the demand for spice extracts is surging within the healthier beverage sector, further boosting the growth of the plant extracts market in this segment.

Geographically, the plant extracts market is divided into regions including North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2021, the Asia Pacific region held the largest market share. This area has a rich history of traditional remedies, and there is a growing demand for ingredients that are scientifically validated and clinically tested. The competitive nutraceuticals market in Asia Pacific is increasingly offering conventional therapies aimed at enhancing health and preventing diseases. Countries such as China, Japan, Indonesia, and India are key markets for flavor and spice extracts. Various flavors and spices are commonly used in the food additives sector to prolong shelf life and improve taste. Furthermore, extracts from turmeric, ginseng, caffeine, lettuce, and cucumber are being integrated into skincare products by manufacturers. The rising awareness of the advantages of botanical extracts among consumers is also encouraging the adoption of natural ingredients, which is contributing to the growth of the plant extracts market in the Asia Pacific region.

Leading companies in the plant extracts market include Sensient Technologies Corporation, Givaudan S.A., Symrise, D?hler, Indesso, Synergy Flavours, International Flavors and Fragrances Inc., Kerry Group Plc, Ingredion Inc., and Kemin Industries, Inc.. These companies are actively developing a range of products to meet the increasing consumer demand. For example, in October 2021, D?hler partnered with Sacco System to create new offerings in the plant-based dairy alternatives and food cultures sectors. Consumers are increasingly seeking natural products with minimal ingredients and a preference for avoiding artificial additives. Similarly, in January 2022, Synergy Flavors, Inc., a global supplier of extracts, essences, and flavors, announced the expansion of its Research and Development laboratories and collaborative spaces at its U.S. headquarters in Wauconda, Illinois. Such strategic developments by manufacturers are expected to further propel the growth of the plant extracts market.

The size of the plant extracts market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry participants to validate the findings and gain deeper analytical insights. Participants in this research included industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the plant extracts market.