Meticulous Research®, a globally recognized leader in market intelligence, has released an insightful report titled, “Plant Extracts Market Size, Share, Forecast & Trends Analysis by Product (Essential Oils, Oleoresins, Flavonoids, Carotenoids), Form (Liquid), Source (Herbs & Spices, Fruits & Vegetables), Application (Food & Beverages, Cosmetics) – Global Forecast to 2031.“
According to the latest findings from Meticulous Research®, the global plant extracts market is expected to reach $63.26 billion by 2031, exhibiting a robust CAGR of 8.7% from 2024 to 2031. This growth trajectory is fueled by a surge in consumer preference for natural products, an increasing demand for natural colors and flavors, and a rising interest in herbal supplements. Additionally, growing concerns over synthetic ingredients are further propelling the market. However, challenges such as cost-effective substitutes and fluctuating raw material prices may pose hurdles.
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The report highlights promising growth opportunities arising from the expanding demand for cosmetics and the increased use of oleoresins in animal feed. Nonetheless, industry participants must navigate strict regulations and high production costs. Furthermore, the rising demand for clean-label products and an increasing focus on health and wellness are key trends shaping the future of the plant extracts market.
Key Players in the Global Plant Extracts Market
The competitive landscape of the global plant extracts market is marked by a mix of large and small-scale players, operating across global, regional, and local levels. Notable companies include Arjuna Natural Extracts Ltd. (India), Döhler GmbH (Germany), Givaudan SA (Switzerland), International Flavors & Fragrances Inc (U.S.), Synthite Industries Ltd (India), Sensient Technologies Corporation (U.S.), Symrise AG. (Germany), Synergy Flavors Inc. (U.S.), dōTERRA International, LLC (U.S.), ROBERTET SA (France), Kalsec Inc. (U.S.), Vidya Herbs Pvt Ltd. (India), Rüther Gewürze GmbH (Germany), Universal Oleoresins (India), Essential Oils of New Zealand Ltd (New Zealand), and Sydney Essential Oil Co. (Australia).
Market Segmentation and Key Insights
Meticulous Research® has meticulously segmented the plant extracts market based on product type, form, source, application, and geography. The report provides an in-depth analysis at both global and regional levels, helping stakeholders identify lucrative opportunities and potential challenges.
- Product Type: Essential oils are projected to dominate the market with a 44.9% share in 2024, driven by their widespread use across various industries, including food & beverage, cosmetics, and personal care, as well as their health benefits.
- Form: Liquid extracts are expected to account for the largest market share in 2024 due to their versatility and ease of application across multiple industries.
- Source: Herbs & spices are anticipated to lead the market, capturing over 53.2% share in 2024, fueled by their health benefits, widespread use in Ayurveda, and applications in cosmetics and the food & beverage industry.
- Application: The food & beverage segment is forecasted to hold the largest market share of 44.9% in 2024, driven by the growing demand for natural ingredients and clean-label products.
Geographic Insights
The report provides a comprehensive geographic analysis, with a focus on North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to command the largest market share of over 35.7% in 2024, valued at $12.62 billion. Factors such as rising disposable income, changing consumer lifestyles, and the growing demand for healthful ingredients are contributing to the region’s dominance in the plant extracts market.
Key Questions Addressed in the Report:
- What is the projected growth rate of the global plant extracts market over the next 5-7 years?
- What are the key drivers, opportunities, and challenges impacting market growth?
- Which segments and geographies offer the most significant growth opportunities?
- Who are the leading players in the plant extracts market, and what strategies are they employing?
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