PLANT EXTRACTS MARKET ANALYSIS

Plant Extracts Market Size and Trends

The plant extracts market is estimated to be valued at USD 42.54 Bn in 2024 and is expected to reach USD 89.43 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 11.2% from 2024 to 2031. 

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The global plant extracts market is expected to witness strong growth over the forecast period. The rising demand for natural ingredients from industries such as pharmaceuticals, functional food & beverages, and cosmetics is expected to drive the growth of the market. Growing awareness regarding the health benefits of plant extracts along with the increasing consumer preference for herbal and natural products are further expected to support the increasing demand. Moreover, the expanding application scope of plant extracts in nutraceuticals, skincare and emerging industries such as cannabis is projected to create new opportunities for players in the market. However, factors such as pricing pressures, seasonal availability of raw materials, and stringent regulations are expected to pose challenges to market players over the coming years.

Rising popularity of herbal medicines

The use of plant extracts in herbal medicines is growing globally due to the increasing concerns about the potential side effects of synthetic drugs. Many people now prefer taking herbal remedies made from plant extracts to treat common health issues like cough, cold, digestive problems, etc. as they believe that natural remedies are safer and more effective than allopathic medicines. Various plant extracts like ginger, turmeric, garlic, aloe vera, basil, etc. have been used extensively in Ayurveda and Chinese traditional medicines for centuries to treat numerous ailments without any major side effects. With growing evidence of their healing properties, herbal medicines are gaining more trust among the public.

More people are now turning to herbal supplements containing various plant extracts to boost their immunity, energy levels and overall well-being in a natural way. The elderly population in particular favors herbal medicines to avoid health complications associated with prolonged usage of synthetic drugs. Herbal remedies are also becoming increasingly popular as an alternative to painkillers and anti-depressants. The COVID-19 pandemic has further accelerated the demand for immunity-boosting herbal medicines made from Adaptogenic plant extracts. Many Ayurvedic and Chinese medicines use plant extracts like ashwagandha, tulsi, shatavari, ginseng, etc. to fight stress and infections in a natural manner without any side effects. Manufacturers are developing more efficacious herbal formulations containing standardized extracts from these medicinal plants to capitalize on the rising preference for natural remedies.

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Consumer interest in natural personal care products

Rising health and environmental concerns have prompted many consumers to look for natural and sustainable personal care products containing plant extracts. People are increasingly wary of chemicals in cosmetics and want to switch to formulations containing botanical extracts that are gentler on the skin as well as the environment. With growing research supporting the skin healing and anti-ageing properties of various plant extracts, there is soaring demand for natural beauty products incorporating these natural ingredients.

Manufacturers are actively responding to this consumer sentiment by launching more green personal care ranges containing extracts from fruits and plants that are rich in antioxidants. Some of the most popular botanical extracts finding applications in natural skin, hair and oral care products include aloe vera, green tea, pomegranate, grapeseed, jojoba, calendula, neem, ginger, turmeric, etc.