Chicago, IL—MarketsandMarkets published a new report on the global plant extracts market, estimating the value of that market at $23.7 billion in 2019, and projecting that it will reach $59.4 billion by 2025, at a CAGR of 16.5% over that time period.
Factors driving the market include:
- Rapidly growing demand for herbal medicines
- Demand for plant extracts-based functional food and food additives
- Rise in trade of plant extracts
- Antimicrobial properties of plant extracts
Major growth anticipated for leaves
The report notes that leaves and herbs are gaining “tremendous popularity due to the changing consumer trend of using natural products rather than synthetic ones. The leaves of many plants, including rosemary, aloe vera, basil, thyme, clove leaves are highly rich in antioxidants and also offer anti-microbial properties. This has led to their extensive usage in the cosmetics, pharmaceutical, and personal care industries.”
A press release regarding the report notes that the pharmaceuticals & dietary supplements segment is expected to witness the fastest growth in the plant extracts market.
Key market players include Givaudan, Symrise AG, Jiaherb Inc., and Arjuna Natural Extracts.
The report can be purchased here.