Plant Extracts Market by Product Type, Form, End-use Industry and by Geography
A plant extract is a substance that contains various chemical compositions such as resin alcohols, starches, hydrocarbon resins, gums, phlegmatics, carotenoids, and quinones. These extracts are tissues treated with solvents for various functionalities to serve as skin medicines, anti-irritants, anti-inflammatory, sterilizers, anti-infective, wetting, and skin protection among others.
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Growing demand for plant extracts in the food and beverages, pharmaceuticals, and cosmetics industries is boosting growth of the plant extract market. For instance, plant extracts are widely used in the food and beverages industry as colorants, flavorants, and to enhance the overall nutritional content. Increasing demand for functional foods and beverages such as protein bars, dietary supplements, and flavored beverages is also expected to fuel growth of the plant extracts market. According to American Botanical Council, the total retail sales of herbal supplements in the U.S. was US$ 6.9 billion in 2015, which increased to US$ 7.4 billion in 2016.
Plant extracts are used in the cosmetic industry for application in perfumes, and skin care and hair care products. These extracts are used in skin care products for curing eczema, acne, dryness, free-radical scavenging, anti-inflammatory, and anti-aging. While, in hair care products, they are used as growth stimulants, colorants, and as anti-dandruff agents. Rising trend of using cosmetics with natural extracts is further boosting demand for natural. According to the U.S. Government Export Association, the consumer spending on natural cosmetics in 2016 in Germany — the largest market in Europe — was US$ 13.5 billion, which increased by 9.2% in 2016.
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Europe holds the dominant market for in the global plant extracts market, followed by Asia Pacific. The market in Europe was valued at US$ 11,549.5 Mn in 2016, which is projected to increase to US$ 19,380.2 Mn by 2025, witnessing a CAGR of 6.19% during the forecast period. Increasing inclination of customers towards consumption of herbal medicines in Europe is driving growth of the plant extracts market in the region. According to the Centre for the Promotion of Imports, around 700 plant-based medicines are available in Germany, which are manufactured by companies such as Heinrich Klenk and Schaper & Brümmer among others and are prescribed by 70% of the physicians in the country. Other factors that are expected to drive growth of the market include the growing cosmetics and personal care industry. Demand for plant-based ingredients in the cosmetics and growing adoption of natural cosmetics is fuelling the growth of plant extracts market. According to Cosmetic Europe, cosmetics and personal care industry in Europe was valued at US$ 94.13 billion in 2015, with Germany (US$ 15.89 billion) positioned as the largest region in the market, followed by the U.K. (US$ 14.06 billion), France (US$ 13.94 billion), and Italy (US$ 12.10 billion), respectively.
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