According to “The Insight Partners” latest market study on “The global Plant Extracts Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Form, Source, and Application,” the market is projected to grow from US$ 29,238.91 million in 2021 to US$ 47,421.44 million by 2028; it is expected to grow at a CAGR of 7.3% from 2022 to 2028.
Asia Pacific held the largest plant extracts market share in 2021. The market growth is attributed to the increasing demand for natural ingredients, especially spices and herbs extracts, and growing influence of ‘clean label products’ among the population in the region. The current trend of consumers seeking botanical ingredients in food and beverages is one of the significant factors driving the plant extracts market in Asia Pacific countries. Therefore, the manufacturers of plant extracts are expanding their operations across Asia Pacific. For instance, on November 17th, 2021, International Flavors & Fragrances, Inc. invested US$ 87 million to established flavor manufacturing plant in Karawang, Indonesia.
Manufacturers from various application industries, including food & beverages, personal care, and pharmaceutical, are making significant investments in product innovation to expand their customer base and meet emerging consumer trends. They are launching herbal and clean-labeled products without using synthetic additives, which meet the varied requirements of consumers. For instance, in April 2019, DSM, Vidya Herbs, leading manufacturer of organic and conventional herbal extracts and natural carotenoids, launched a sunflower extract with 40% chlorogenic acids. In June 2022, Sweet Victory Ltd. collaborated with Givaudan to create a flavorful botanical-infused chewing gum for children. The chewing gum is designed to curb cravings for sugary treats. Such products launched with plant extracts as a key raw ingredient create demand for plant extract from manufacturers. These factors are expected to boost the growth of the plant extracts market during the forecast period.
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Sensient Technologies Corporation; Givaudan S.A.; Symrise; Dohler; Indesso; Synergy Flavours; International Flavors and Fragrances Inc.; Kerry Group Plc; Ingredion Inc.; and Kemin Industries, Inc. are among the key players operating in the market. The key players are adopting product innovation strategies and investing in business expansions to meet the rising demand for plant extracts among various end-use industries.
Impact of COVID-19 Pandemic on Plant Extracts Market
During the initial phase of the COVID-19 pandemic, the implementation of lockdown restrictions and shutdown of manufacturing units led to a production shortfall, which created a demand and supply gap. These factors hampered the profitability of various small-scale and large-scale plant extracts manufacturers. The shutdown of manufacturing plants in leading countries in North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa disrupted the global supply chains, manufacturing activities, delivery schedules, and various essential and nonessential goods sales. However, in 2021, the economies resumed their operations, which boosted the global marketplace, particularly the plant extracts market.
In 2021, manufacturers were allowed to operate with full capacity and could overcome the demand and supply gap. Consumers are prioritizing their health and actively searching for healthy alternatives and fitness activities to prevent lifestyle-related illnesses. Thus, with healthy immune boosting properties the demand for plant extracts has increased.
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