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The use of several plant extracts is increasing significantly in different areas of traditional medicine and functional foods. The rising consumer’s demand for food, which is microbiologically safe, natural, and lacks addition of chemical preservatives, is expected to drive the global plant extract market during the forthcoming years.
The increasing use of herbs and spices for masking undesirable properties, especially in meat products, is anticipated to work as a fuelling agent in stimulating the growth of the herbal extracts market. For instance, rosemary and oregano can be used as a natural substitute for sodium erythorbate in lamb burgers. The companies operating in the respective industry are focused on investing in research and development to strengthen their position in the global plant extracts market. For instance, in June 2019, Givaudan, the world’s leading flavor and fragrance company, inaugurated a new Flavours technical and commercial center in Morocco.
Key Market Driver -
Health Benefits Offered by Herbal Extracts and Phytomedicines
Key Market Restraint -
The Availability of Synthetic Products at Low-Cost
The use of plant extracts in food has been widely accepted by consumers who are increasingly looking for natural and healthy products that are free of synthetic additives. The consumption of herbal medicines is increasing steadily across the world as an alternative treatment for health problems, including diabetes, heart disease, and others. Herbal extracts are used as ingredients in the food and beverage industry to change the flavor and aroma of the product and impart a refreshing flavor in the product. Herbal extracts impart properties such as extended shelf life and reduce microbial spoilage, which is expected to support the growth of global plant extracts market.
The availability of synthetic products in the market can hamper the growth of the global plant extracts market. The advantages associated with synthetic products such as lower prices compared to natural spices & herbs, uniform & consistent quality and ease of use in contrast to natural products can act as a significant restraint for the growth of global plant extracts market.
The prominent players operating in the global plant extract market are Givaudan, Symrise AG, Sensient Technologies, Kangcare Bioindustry Co., Ltd., Pt. Indesso Aroma, Tokiwa Phytochemical Co., Ltd., Native Extracts Pty. Ltd., Synthite Industries Private Ltd., Martin Bauer GmbH & Co. KG, International Flavours and Fragrances Inc., and others.
Phytomedicines and Herbal Extracts are anticipated to witness the robust growth in plant extract market owing to their widespread application in the pharmaceutical and food industries. The increasing consumer awareness about the adverse health effects of consuming synthetic products is driving the demand for plant-based products. The use of essential oils as an antioxidant, antimicrobial agent, and shelf-life extending agent is increasing in the food and beverage industry, which is further expected to compliment the market growth of essential oils. For instance, in November 2018, Young Living Essential Oil launched its offering and solution in the Southeast Asian market of the Philippines.
The plant extracts are extensively used in the pharmaceutical industry, followed by food and beverages and cosmetics industries. The easy registration procedure for traditional herbal medicinal products in developed countries is expected to drive the demand for plant extracts in the pharmaceutical industry. The growing trend of clean label products and increasing adoption of herbal products among consumers is predicted to increase the demand for plant extracts in the food and beverage industry. The demand of herbal beverages such as chamomile, peppermint tea, and herbal coffee has increased dynamically in the recent years, which is projected to offer growth opportunity for herbal beverage manufacturers.
Asia Pacific is expected to witnesses considerable growth in global plant extracts market. The easy availability of raw products and suitable environment for the growth of plants used for extraction will positively leverage the plant extracts market in this region. The plant extracts market in Asia Pacific is expected to be driven by the rising demand for plant-derived products. The rising awareness about better dietary choices and growing demand for herbal products especially across countries such as Japan, South Korea, and others will drive the plant extract market in this region.
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The plant extracts market in North America and Europe is driven by extensive use of plant extracts as a flavoring agent and to positively change the appearance and taste of food. The rising adoption of natural preservatives for extending the shelf life of the products and for consumer’s safety is anticipated to drive the plant extract market in this region. The easy availability of the product due to the presence of leading players in this region such as Symrise AG and Givaudan is anticipated to escalate the plant extract market growth within this region. The companies located in this region are focused on acquisition and collaborations to strengthen their position in the global plant extract market. For instance, in February 2019, Martine Bauer Group, global botanical experts, announced the acquisition of BI Nutraceuticals, a leading US-based manufacturer of botanical ingredients.
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