Americas dominates the Plant Extracts Market during the forecast period
The Americas has a major share in the Plant Extracts Market during the forecast period. It is expected to reach $41, 553.1 million at a CAGR of 9.7% by 2023. The market in this region has been experiencing a steady growth recently due to increasing demand for cosmetics and nutritional products composed of ingredients which are derived from plants. The main applications of natural extracts include dietary supplements, functional food and beverages and cosmetic products. In the US, retail sales of herbal dietary supplement reached $6 billion in 2013 and had increased by 7.9% from 2012. The cosmetic products composed of ingredients derived from plants are becoming more prominent in the Americas region. Consumers want brands that are inspired from nature and provide natural products.
Selected Analysis done in the full Report:
Nutraceuticals segment reached a market revenue of $14,321.8 million in 2014. It is expected to reach $38, 942 million by 2023 at a CAGR of 10.5%. it is the largest end user industry due to the growing demand for food and medicinal products that provide health benefits along with the basic nutrition value found in the foods. The functional food and beverages segment holds the second largest share in the Plant Extracts market. It is expected to reach $2,174 million at a CAGR of 13.1% by 2023. This segment includes food and drinks whose ingredients are derived from plants in the form of liquid extract or powdered extract. Functional foods can avert an abnormal function that triggers a disease.
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Excerpts on Market Growth Factors:
Increasing awareness of consumers about the benefits of naturally derived products will drive the demand for Plant Extracts Market.
Growing health concerns due to unhealthy lifestyles which results in the increasing number of health disorders, enhance the growth of plant extracts.
Consumers are investing a lot in natural products which are beneficial to them such as natural cosmetics, dietary supplements, and functional foods.
Growth of end user industries will drive the demand for natural products in the coming years.
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Key players of the Plant Extracts Market:
Symrise AG, Martin Bauer GmbH & Co KG and CHR Hansen are the key players in the Plant Extracts Market. Symrise AG manufactures cosmetic active ingredients, functional ingredients, flavourings, fragrances and nutritional products. Martin Baur GmbH serves tea, pharmaceutical and
Beverage industries. It is spread across the globe with plants in Germany, Poland, Italy, Russia, Singapore, and US. CHR Hansen’s products are used in many applications such as cheese production, fermented milk, meat, food service, beverages, wine, fruit preparation, bakery products, snacks, and dietary supplements.
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