Plant Extracts Market worth $55.3 billion by 2026 - Exclusive Report by MarketsandMarkets
CHICAGO, May 13, 2021 /PRNewswire/ -- According to the new market research report "Plant Extracts Market by Type (Phytomedicines & Herbal Extracts, Spices, Essential Oils, Flavors & fragrances), Application (Pharmaceutical & Dietary Supplements, Food & beverages, cosmetics), Sources and Region - Forecast to 2026", published by MarketsandMarkets, the global Plant Extracts Market is projected to grow from USD 30.8 billion in 2021 to USD 55.3 billion by 2026, at a CAGR of 6.0% from 2021 to 2026.
With the growing health awareness, the increasing prevalence of chronic diseases, and the need for nutrition enhancements among consumers, plant extracts find applications in various end-user industrial applications. The demand for cosmetics products made of plant-derived ingredients also remains high as these ingredients enhance the product value due to their health benefits for the skin. Various types of plant extracts are also used as key ingredients in food & beverage products and dietary supplements due to their health and nutritional benefits, which cater to nutritional deficiencies, provide required nutrients in the body and boost the immunity and overall well-being of consumers. Owing to its increasing applications across industries, the growth of the plant extracts market is projected to remain high during the forecast period.
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Phytomedicines and herbal extracts, by type, is estimated to hold the largest market share during the forecast period
Among product types, phytomedicine and herbal extracts account for the largest share in the global market. The large-scale application of the product as a key ingredient to different types of functional and fortified food products that have been gaining higher-level demand and popularity among the target consumers drive the growth of the segment in terms of value sales. Phytomedicines are herbal medicines with therapeutic and healing properties. These plant-derived drugs express a vast array of biological activities; hence, they have been practiced worldwide since ancient times for the prevention and treatment of diseases. Popular sources of these phytomedicines include garlic, curcumin, garcinia, tea tree, and basil. Herbal extracts are liquid solutions of herbs. Herbal extracts are primarily added to cosmetic formulations due to several associated properties such as antioxidant, anti-inflammatory, antiseptic, and antimicrobial properties.