Plant extract is a substance that we get after the process of extraction and separation, using plants as the raw material. Plants usually contain different chemicals like alkaloids, tannins, glycosides, resins (including resin alcohols and hydrocarbon resins, etc), plant pigments, sugars (including starches, phlegmatic, etc), volatile oils, etc that can be found in different parts of the plant like stem, leaf, root, flower, etc. These extracts are separated from the tissues of a plant using various type of solvents which differs based upon the methodology. The extracts are used as raw materials for manufacturing many products.
The global plant extracts market is valued at USD 30.8 billion in 2021 and is projected to reach USD 55.3 billion by 2026, growing at a CAGR of 6.0% during the forecasted period 2021 to 2026. The major factors are the rising awareness of people about the synthetic ingredients and knowing how it affects their health. The ultra-processed food (including frozen, ready meals, pastries, reconstituted meats like sausage, nuggets, sodas, etc) contain a very high amount of sugar, trans fat, artificial ingredients that increases the risk of cardiac diseases. The change in the perception of people to plant-based food increased, considering the nutritional benefits and the varieties of food available like plant-based meat, plant-based milk, plan-based ice cream, plant-based yoghurt, plant-based ready to drink beverages, plant-based sauces, etc. As a result, plant-based food market is expected to reach at a CAGR of 11.9% from 2020 to 2027. Because of the medicinal value and healing properties, these extracts are highly demandable in the pharmaceutical and cosmetic sector as well.
Pure compounds or crude extracts taken from plants or herbs such as Artemisia annua, Astragalus membranaceus, Ecklonia cava, Glycyrrhizae uralensis, Houttuynia cordata, Lindera aggregata, etc has shown good effects againt corona. About 219 plants from 83 families were found to have antiviral activity. Among them, 149 plants from 71 families were screened for the identification of the major plant secondary metabolites (PSMs) that might be effective for this pandemic.
Plant extracts have antifungal, antiparasitic, antibacterial, antiviral, etc properties in them that can be used as natural pesticides replacing the synthetic ones which affects both the environment and humans. As people today are more interested in buying organically produced fruits and vegetables, the market for botanical pesticides (naturally occurring secondary metabolites (phytochemicals) extracted from the plant sources which can control and kill the pests) has increased.
Based on the type, the global plant extracts market can be segmented into phytomedicines, phytochemicals, essential oils, spices and others. The Phytomedicine segment is estimated to witness the highest growth over the analysis timeframe due to their treating and healing property and the side effects of long-term usage of synthetic drugs.
The Phytochemical segment is also rising in dietary supplements and in pharmaceutical, biochemical, agrochemical sector. Because of the antioxidant and anti-inflammatory properties, the phytochemicals are effective in treating various diseases, mainly cancer.
Based on the Form, the Global Plant Extract Market is segmented into powder, liquid, others. The powder segment is witnessed to dominate the market as they are widely used in confectionery, dairy, meat, soy, etc.
The Liquid segment has also gained in the market which is majorly utilized for preparation of medicines and beverages.
Based on Source, the Global Plant Extracts can be segmented into Flowers& Bulbs, Barks & Stems, Rhizomes & Roots, Leaves, Fruits, Others. The fruit, flower and leaf segment are projected to augment considerable share in the market. The fruit is widely utilized for the aroma in the food and beverage industry. The demand for flowers increased for their natural dyes, essential oils, cosmetics, etc. Ever since ancient times, leaves are used by beauty care, cosmetic and pharmaceutical industry like the leaves of aloe vera, basil, cloves, etc.
Based on method, the global plant extracts market can be segmented into Maceration, Infusion, Percolation, Decoction, Soxhlet Extraction, Supercritical Fluid Extraction, Ultrasound Assisted Extraction, Microwave Assisted Extraction, Others. Each method of extraction depends upon the kind of extract that we need. There are also several factors to be considered before opting a method of extraction. These factors can be stability of heat, nature of solvent, duration of extraction, etc.
Based on the application, the global plant extracts cab be segmented into pharmaceuticals, food and beverages, cosmetics, others. Pharmaceutical sector has a significant share in the market and has increased during the pandemic. As people are concerned more about the intake of drugs and medicines, most population prefer drugs with natural ingredients as they do not have side effects compared to the synthetic ones. As there are no adverse effect, these extracts are majorly used for drug development. The pharmaceutical companies can reduce the cost in developing new drugs as the availability of plants is enormous.
Cosmetic sector has also increased the usage of the plant extracts as they have found a scientific evidence showing that plant extracts not only posses a vast arsenal of active ingredients that only calms and soothes the skin but also helps in healing, protecting and restoring the human skin. Today, almost everybody prefers a cosmetic product that is non chemical and natural. Food and beverages industries also rely upon plant extracts for the color, taste, aroma and flavor. Plant extracts in beverages is commonly used to boost the immune system, improve skin health, relaxation, etc and the spicy extracts like the ginger, anis, chili are widely used in confectioneries.
Based on region, the global plant extracts market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The North American countries like the United States has a huge market for plant extracts as the region has been witnessing problems such as cancer, hypertension, and diabetes, obesity, among others, across its population in recent years.
Asia Pacific countries also witnesses a considerable growth in the global plant extract market because of the perfectly suitable environment for the growth of the plants and people opting for natural plant-derived products.
Competitors such as Herbochem, Mountain Rose Herbs, Naturex SA, Ransom Naturals Ltd, Martin Bauer Group, PT. Indesso Aroma, Synergy Flavors, Inc, Organic Herb Inc, Haldin Pacific Semesta and Kalsec, Inc are the key players in the global plant extracts market.