Selbyville, Delaware, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Plant Extract Market was valued at USD 36.7 billion in 2023 and is projected to be worth USD 95.7 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
Plant extracts are derived from various plant parts, such as leaves, roots, flowers, and seeds, through specialized extraction processes. These extracts are rich in bioactive compounds and are widely used across industries like food, cosmetics, and pharmaceuticals. The increasing preference for natural ingredients in food and cosmetics is a major driver for the plant extract market. Consumers are shifting away from synthetic additives, opting for products that align with health-conscious and eco-friendly values.
This shift is driven by growing awareness of health and wellness, with many consumers seeking clean-label products they believe are safer and more beneficial. Consequently, plant extracts are gaining popularity in functional foods, dietary supplements, and beauty products. The growing demand for herbal remedies further supports market growth as consumers look for natural solutions to health concerns. Companies are responding to these consumer trends by incorporating plant-based extracts into their product offerings.
The plant extract market is segmented by form, with solid powder extracts leading in terms of revenue. In 2023, solid powders were valued at USD 20.9 billion due to their longer shelf life, ease of storage, and versatility in various applications. Manufacturers often prefer these extracts due to their concentrated form making them efficient for transportation and use across multiple industries.
By type, essential oils hold the largest share of the market accounting for 33.8% in 2023. Known for their versatility, essential oils are widely used for their natural properties. Other types including oleoresins, flavonoids,and carotenoids are also in demand particularly for their beneficial health properties.
The food and beverage industry dominates the end-use segment with a 44.2% market share in 2023 driven by the increasing demand for natural ingredients.
"In the U.S., the plant extract market generated USD 9.8 billion in 2023," reflecting growing consumer interest in natural products.
Plant Extract Market Players
- ADM
- Aethon
- BASF SE
- Botanic Healthcare
- Carbery Group
- Dohler
- Kerry
- Martin Bauer
- Symrise
- Truly Essential
- Vidya Herbs
Global Market Insights Inc., headquartered in Delaware:
A global market research service provider offering syndicated reports along with growth consulting services designed to aid strategic decision-making across key industries such as chemicals technology renewable energy biotechnology etc..
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