The Plant Extracts Market size is estimated to be valued at USD 34.4 billion in 2022 and is projected to reach USD 61.5 billion by 2027, recording a CAGR of 12.3% in terms of value from 2022 to 2027, according to a new report by MarketsandMarkets™. With the surge in demand for natural ingredients and natural products due to the rise in awareness related to better dietary choices, the growth of the aging population, the increase in the trend of a healthy lifestyle, and the growth in incidences of chronic diseases, resulted in many manufacturers investing in R&D and producing various innovative extracts, which contribute to the nutritional health of consumers. However, consumer skepticism associated with the adoption of several plant extracts in different applications and inadequate supply of raw materials, and price fluctuation could hinder the market growth to a certain extent during the forecast period.
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Benefits related to Herbal supplements like boosting immunity is expected to drive the market
With the increase in the trend of healthy eating and healthy lifestyle, the demand for herbal dietary supplements has increased tremendously. Herbal dietary supplements are products made from plants, plant parts, or plant extracts. They contain one or more ingredients meant to supplement the diet. Herbal dietary supplements improve health, and these ‘natural’ remedies are both effective and free from the side effects that may occur with other medications. In June 2021, Rhuleave-K was introduced by Arjuna Natural as a revolutionary pain management solution. It is a one-of-a-kind product made up of extracts of curcuma longa and Boswellia serrata. It helps to get relief from pain without any side-effects. All these factors are increasing the consumption of herbal dietary supplements. Hence, surging the market growth for plant extracts.
Rise in vegan population demanding plant-based foods to boost market growth
Consumers are looking for products with natural ingredients and added functional properties that support a healthy lifestyle. Plant extracts play an important role in this case, providing a variety of functional benefits while also being natural. Plant extracts are thus no longer restricted to the more specialized nutraceutical market but have spread to the broader food segment. Plant extracts are used in beverages, dairy products, meat products, bakery, and confectionery products to provide health benefits. Plant and herbal extracts have long been used to enhance healthfulness, color, taste, and even flavor of food, beverages, and supplements. Plant extracts are increasingly becoming important additives in the food industry due to their antimicrobial and antioxidant activities that delay the development of off-flavors and improve the shelf life and color stability of food products. Owing to their natural origin, they are excellent candidates to replace synthetic compounds, which are generally considered to have toxicological and carcinogenic effects. However, the efficient extraction of these compounds from their natural sources, along with the determination of their activity in the commercialized products, have been great challenges for researchers and food chain contributors to develop products with positive effects on human health.
Increased use in pharmaceutical & dietary supplements could help propel the market for dry extracts
Powder extracts are standardized and tested to ensure a certain percentage of ’active’ ingredient content. The standardised extract is spray dried to form a consistent powder after being extracted with ethanol and water. Spray dried powders are stable and do not require any special storage conditions. A cool, dry location away from heat, sunlight, and moisture is adequate. Aside from the storage condition, dry extracts have numerous advantages, including less storage space, stability, and ease of standardization for plant active ingredients. These dry extracts are used in a variety of applications, like in food and beverage industries use these extracts to improve the functionality of their products and as additives, flavoring, and coloring agents. Because of the growing popularity of clean label, chemical-free products, the use has increased dramatically in recent years, particularly in developed countries.
Dry extract is also used in the manufacturing of pharmaceuticals and dietary supplements. For thousands of years, medicinal plants have provided therapeutic agents and continue to be a great source of novel pharmaceutical products. Furthermore, because of an aging population, increasing interest of consumers in natural ingredients and increased consumer awareness about general health, demand for medicinal plant products is increasing in both developing and developed countries. Yerba mate, catuaba, and muirapuama are some of the popular choices in the medicinal plant category. Despite this, there is widespread concern about the safety, efficacy, and quality of herbal medicines. Dietary supplements with additional health benefits remain popular in developed countries and increased disposable income, active lifestyle, and increased globalization is expected to drive the market in developing countries.
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