Asia-Pacific dominated the plant extract market in 2022 due to the increased demand for the growing population, rising health awareness, and rising disposable incomes. The Asia-Pacific region is seeing a significant increase in demand for plant extracts. Adding to this, the expansion of the Asia-Pacific plant extract market has also been boosted by an increase in the number of domestic and international manufacturers of plant-based products and their availability in retail establishments. According to the data of The World Bank in 2021, the manufacturing, value added is 25% of the GDP in East Asia-pacific. Moreover, the growing import of flavoring products, along with domestic consumption is driving the growth of the market in the Asia-Pacific region. For instance, PepsiCo will launch its first domestic market-inspired launch, an Osmanthus-flavored soft drink, in May 2020, placing comfort and local culture at the center of its NPD strategy in China.

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Further, the Plant Extract Market is expected to grow at a strong CAGR of 9.2% during the forecast period (2022-2030). APAC is anticipated to emerge as the fastest-growing plant extract market primarily owing to the rising demand for natural and herbal treatments for various health issues. The expansion of the plant extract market is being fueled by the widespread use of plant extracts in traditional and alternative medicine to treat a variety of health conditions. As per the India Brand Equity Foundation, in 2020, India has 15 agroclimatic zones that comprise ~18,000 types of plants, of which 6,000-7,000 have therapeutic properties.

FIG. 1 APAC Plant Extract Market Revenue (2020-2030)- USD Mn

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Based on extraction techniques, the market is segmented into medicinal plant extracts and aromatic plant extracts. Amongst these, the medicinal plant extracts segment dominated the market in 2022 due to the use of medicinal plant extracts in the treatment of various health conditions, such as cardiovascular diseases, cancer, and neurological disorders, which has driven the growth of the plant extract market. As per the World Health Organization, 2021, cardiovascular diseases were responsible for an estimated 17.9 million deaths in 2019, or 32% of all deaths worldwide. Heart attack and stroke were the cause of 85% of these deaths.

By end-users, the market is segmented into pharmaceuticals, cosmetics, dietary supplements, and food & beverages. The pharmaceutical category is expected to grow at a substantial CAGR during the forecasted period. This is because of the growing number of clinical trials and research on the effectiveness of plant-based products in the development of pharmaceuticals.

Global Plant Extract Market Segmentation

Market Insight, by Extraction Techniques

  • Medicinal Plant Extracts
  • Aromatic Plant Extracts

Market Insights, by Product Type

  • Phytomedicines
  • Essential Oils
  • Flavonoids
  • Oleoresins
  • Others

Market Insights, by Form

  • Powder
  • Liquid

Market Insights, by End-Users

  • Pharmaceuticals
  • Cosmetics
  • Dietary Supplements
  • Food & Beverages

Market Insight, by Region

  • North America U.S.
  •  Canada
  •  Rest of North America
  • EuropeGermany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
  • APACChina
  • Japan
  • India
  • South Korea
  • Rest of APAC
  • Rest of the World

Top Company Profiles

  • Givaudan
  • Döhler GmbH
  • Symrise
  • MartinBauer
  • ADM
  • Kemin Industries, Inc.
  • International Flavors & Fragrances Inc.
  • Chr. Hansen Holding A/S
  • Indena S.p.A.
  • Sensient Technologies Corporation