According to a new report published by MarkWide Research, titled, “Global Herbal Extract Market,” the global market for herbal extracts is anticipated to witness substantial growth in the coming years. With a projected compound annual growth rate (CAGR) of 5.5% from 2023 to 2030, the market is poised for expansion, driven by the increasing consumer awareness of natural and botanical ingredients in food, beverages, supplements, and cosmetics.
Consumer Demand for Natural Products
One of the primary drivers of the herbal extract market is the growing consumer demand for natural and plant-based products. Herbal extracts are used for their potential health benefits, flavor enhancement, and therapeutic properties.
Health and Wellness Trends
The global health and wellness trends emphasize the consumption of products that promote well-being and offer potential health benefits, driving the demand for herbal extracts.
Pharmaceutical and Nutraceutical Applications
Herbal extracts are used in pharmaceuticals and nutraceuticals for their medicinal properties and as natural remedies for various health conditions.
Cosmetic and Personal Care Products
The use of herbal extracts in cosmetic and personal care products is increasing, driven by their perceived skin and hair benefits.
- North America: The North American herbal extract market is expected to witness steady growth, driven by the adoption of botanical ingredients in dietary supplements, herbal medicines, and natural cosmetics.
- Europe: Europe is another significant market, with countries like Germany known for their herbal traditions. The European market benefits from consumer awareness of herbal remedies and natural products.
- Asia-Pacific: The Asia-Pacific region is projected to experience the highest growth rate, fueled by the rich herbal heritage of countries like China and India, where traditional medicine systems use herbal extracts extensively.
- Latin America and Middle East & Africa: These regions are also emerging as potential markets due to the abundance of herbal resources and the growth of herbal-based industries.
The herbal extract market is characterized by competition among key players striving to innovate and gain market share. Some of the prominent companies in the market include:
- Naturex S.A. (Givaudan)
- Indena S.p.A.
- Nutra Green Biotechnology Co., Ltd.
- Bio-Botanica, Inc.
- Organic Herb Inc.
- Frutarom Health (IFF)
- Sabinsa Corporation
- Martin Bauer Group
These companies are actively engaged in research and development efforts, product portfolio expansion, and collaborations with food and beverage manufacturers, supplement producers, and cosmetic companies to provide high-quality herbal extracts.