Medicinal Plant Extracts Market Scope:
Medicinal Plant Extracts Market is expected to grow at a 7.20% CAGR and reach USD 15.67 Billion by 2030. Medicinal plant extracts are the natural substance that comes from the plants' tissue.
Medicinal Plant Extracts Market Analysis refer to the natural substance derived from the plants' tissue. These medicinal plant extracts are utilized widely depending on their particular purpose. These extracts are widely used in the treatment of several diseases. The global medicinal plant extracts market witnessed massive growth in recent years. The market's growth is primarily driven by the high demands of medicinal plant extracts in dietary supplements.
Furthermore, the shifting in demand for synthetic medicine to herbal medicine and growing demand for plant extracts products are projected to catalyse the growth of the medicinal plant extracts market over the forecasted era. However, the growth of the medicinal plant extracts market is likely to be impeded by the high demands of these extracts in various applications that might cause an inadequate supply of raw materials. In addition, the volatility of prices of raw materials used is another major market growth restraint.
Competitive Dynamics:
The global market for medicinal plant extracts has an intensely competitive landscape, with many players spread worldwide. The players across the market are adopting several new strategies such as mergers and acquisitions to strengthen their global market position. The growing number of investments in R&D activities is projected to raise the market concentration over the review timeframe. The list of leading players in the global market for medicinal plant extracts includes KANTOR (India), Indfrag (India), Organic Herb Inc (China), Plant Extracts International Inc (U.S.), Sigma-Aldrich Co. LLC (U.S.), Phytovation (U.K.), ARJUNA NATURAL EXTRACTS LTD (India), and several others.
Medicinal Plant Extracts Market Segmentations:
The global medicinal plant extracts market has been fragmented into several segments based on forms, applications, parts, types, and regions.
Based on parts, the global market for medicinal plant extracts is divided into leaf, shell, seed, and others.
Based on application, the medicinal plant extracts market is divided into medicinal products, personal care, and others.
Based on form, the global market for medicinal plant extracts is split into oil, powder, liquid, and others.
Based on type, the global medicinal plant extracts market is fragmented into phytochemicals, spices, essential oils, herbal extracts, and others.
Regional Analysis:
The global market for Plant Extracts International is studied across four major regions, including Asia-Pacific, North America, Europe, and the Rest of the World (RoW).
The MRFR report suggests that the Asia-Pacific region will acquire the largest share in the global market for medicinal plant extracts over the forecasted era. The primary aspects driving the regional market's growth include the increasing health benefits and increasing demand for personal care products. The region has a long history of natural and herbal remedies for diseases, which is likely to boost the regional market's growth. Furthermore, increasing health concerns among the people and growing wide-ranging medical uses across countries such as China and India are also anticipated to catalyze the growth of the regional medicinal plant extracts market over the forecasted era.
Recent Developments:
In October 2020, Givaudan Company launched its new state-of-the-art fragrance production facility in the China region. It has aimed to grow the market with innovative and consumer-preferred fragranced products.
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