Herb and Spice Extracts Market Size & Forecast by 2033

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The Plant Extracts Global Market Report 2023 by The Business Research Company, provides plant extracts market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/plant-extracts-global-market-report

According to The Business Research Company’s Plant Extracts Global Market Report 2023, the market size is expected to grow from$25.53 billion in 2022 to $28.23 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The plant extracts market size is expected to grow to $39.89 billion in 2027 at a CAGR of 9.0%.

The rapid growth in the vegan trend is significantly contributing to the growth of the plant extract market. A vegan refers to a person who doesn’t consume animal products, including meat, eggs, or dairy products. Vegan people consume plant-based products to fulfil their nutritional requirements.

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The plant extracts market is segmented:

1) By Type: Spices, Essential Oils and Natural Extracts, Flavors and Fragrance, Phytomedicines and Herbal Extracts, Phytochemicals, Other Types

2) By Source: Fruits, Flowers and Bulbs, Leaves, Rhizomes and Roots, Barks and Stems, Other Sources

3) By Application: Pharmaceuticals, Food and Beverages, Cosmetics, Other Applications

Increasing technological advancements have emerged as the key trend gaining popularity in the plant extract market. Companies operating in the plant extract sector are focused on developing new technological solutions to reinforce their position. For instance, in June 2021, Firmenich, a Switzerland-based fragrance and taste company, launched the Firgood ingredients using revolutionary and sustainable proprietary extraction technology. The Firgood technology is solvent-free and utilizes low energy. The water is used for extraction, which is warmed up by electromagnetic vibration, and the odorant components in it are used to yield the final pure extract.

The plant extracts market report table of contents includes: