As per the analysis by Market Research Future (MRFR), the global herbal extracts market is estimated to acquire market value of USD 13.96 billion, expanding at a significant CAGR by 2023. The herbal extracts market 2020 is flourishing owing to the increasing awareness about the side effects of using chemical-based products. The shift in consumer trend of using natural products than the synthetic ones is estimated to fuel the market significantly. The increasing application of herbal extracts in various spheres. The presence of Vitamin A, Vitamin K, Vitamin S, magnesium, iron, potassium, and calcium content makes the herbal extracts suitable for their application in food and beverage applications. Likewise, mint extracts have an extensive application in personal and pharmaceutical products since they have healing properties. Further, the application of herbal plants in the manufacture of medicines is estimated to augment the market substantially. Besides, it possesses anticancer, antidiarrheal, antimicrobial, analgesic, and antioxidant properties.
On the contrary, the high cost of production, stringent government regulations, adulteration, and availability of synthetic products is estimated to hamper the market significantly during the assessment period. However, increased purchasing power, along with the numerous benefits offered by the herbal extracts, are estimated to combat the hampering factors. In addition, the disruption of COVID-19 has further propelled the market significantly. The demand for medicinal plant extracts carrying properties of boosting human immunity has gained momentum, leading to an upward trajectory of the growth market graph.
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The segment analysis of the global herbal extracts market is done by application and source.
The application-based segments of the global herbal extracts market are food & beverages, pharmaceuticals & nutraceuticals, personal care, and others.
The source-based segments of the global herbal extracts market are cosmetics and personal care, pharmaceuticals, food and beverages, and others.
Based on geography, the global herbal extracts market is segmented into Asia-Pacific, Europe, North America, and the Rest of the World (RoW). According to the study, the global market is estimated to be led by the APAC region. Countries such as India and China comprise a sizeable tropical area that consists of various medicinal and herbal plants. Further, the high consumption of herbal beverages, rising production of herbs in the region are recognized to be the major driving forces developing the regional market. Besides, the region is projected to exhibit the highest CAGR owing to the surging demand for food and beverages and herbal cosmetics.
North America is estimated to expand significantly during the assessment period owing to the increasing inclination towards the consumption of herbal products. Further, consumers with high disposable income are likely to drive the regional market.
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The European market is estimated to record a CAGR of 7.61%, holding a market value of USD 4.3 billion by 2023. The region is developing owing to the substantial contribution of Germany and the U.K. Further, the increased awareness of the benefits of the herbal extracts are likely to propel the regional market further.
The RoW is estimated to exhibit a CAGR of 6.09%, acquiring a market value of USD 1.02 billion by 2023. The region is likely to prosper owing to the increasing awareness about the benefits of herbal extracts.
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The renowned players of the global herbal extracts market are Jiaherb, Inc. (China), Martin Bauer GmbH & Co. K.G. (Germany), Kalsec Inc. (U.S.), Organic Herb Inc. (China), Starwest Botanicals (U.S.), Mountain Rose Herbs (U.S.), Synthite Industries Ltd. (China), Döhler GmbH (Germany), Vidya Herbs (India), and Herbal Extraction Group, Inc. (China).
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