The global medicinal plant extracts market was analyzed by Market Research Future (MRFR) and it was projected that a decent CAGR will be attained by the market over the forecast period of 2017 to 2023. The valuation of the market was further stated to surpass its previous valuation.
Global Medicinal Plant Extracts Market Types is reported to be growing due to the increasing demand for herbal medicines and Ayurveda & homeopathic products. The demand for the same is due to the changing consumer behavior, thereby influencing the growth of the market. Increasing acceptance towards medicinal plant extracts based products and items due to rising awareness and prevalent health concerns is one of the driving factors behind the growth of the global medicinal plant extract market. Additionally, the increasing demand for natural skincare products comprising medicinal plant extracts is also expected to be an important factor pushing the growth of the global market. Major market dispersion has led to the emergence of various new products made out of medicinal plant extracts and their retail distribution across various regions. The players in the market are responding to these new opportunities by widening their service offerings/product lines, this is subsequently fuelling up the share of medicinal plant extracts in the global market. Add to this, the increasing rate of product development alongside research advancements are further increasing the market growth for medicinal plant extracts market.
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The global medicinal plant extracts market has been segmented in terms of type, part, application, and form.
By type, the market comprises herbal extracts, spices, phytochemicals, essential oils, and others. The herbal extracts segment is slated to grow with the highest CAGR in the market due to its natural nature and the number of health benefits it offers. This has, in turn, increased the usage of medicinal plant extracts across the globe.
By part, the market includes seed, shell, leaf, and others. The leaf segment leads the global market with the highest share as plant extracts are substances that are derived from tissues.
By the market segments into personal care, medicinal products, and others.
By form, the market divides into liquid, powder, oil, and others. The liquid segment is projected to grow during the forecast period with the highest pace owing to its fast-paced absorbability in medicines and personal care products.
The global medicinal plant extracts market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
Asia Pacific is at present the dominant region in the market for medicinal plant extracts and is expected to continue its lead in the coming years. The region is closely followed up by North America, which stands in the second spot. Increasing health benefits alongside the rising demand for personal care items has strengthened the growth of the global market. This has prompted the regional market of Asia Pacific to expand considerably in terms of revenue and is slated to be the same story during the forecast period. Moreover, in Asia Pacific, the ancient history of herbal and natural remedies for various diseases is expected to significantly drive the growth of the market in this region. Also the growth anticipated in developing regions like China and India is due to the increasing health concerns herein and the wide scale medical uses.
The global medicinal plant extracts market comprises a host of key players. This includes names like Arjuna Natural Extracts Ltd (India), Organic Herb Inc (China), Sigma-Aldrich Co. LLC (U.S.), Plant Extracts International Inc (U.S.), Phytovation (U.K.), Indfrag (India), KANCOR (India), and others.
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