Market Overview

Global Herbal Extracts Market is projected to grow with a significant growth rate of 7.79% from 2019 to 2024 and reach a market value of USD 15.09 billion by the end of 2024. Herbal extract is referred to the crude mixtures extracted from various parts of plants, which have diverse applications in various industries. The extraction of herbal compounds is generally carried out using ethanol or water. Herbal extracts have been identified to be highly consumed in the form of dietary supplements. Other major application sectors of herbal extracts include food, beverages, pharmaceutical, cosmetic & personal care, and others.

Pharmaceutical industry, especially herbal dietary supplements, is gaining acceptance in developed economies, which, in turn, would accelerate the sales of herbal extract during the forecast period. Furthermore, various homeopathy products are manufactured using herbal extracts, which are estimated to propel the growth of herbal extract market further. Increasing number of health-conscious consumers, along with the rising usage of plant extract dietary supplement, is also anticipated to fuel the growth of the global herbal extract market during the forecast period. The rising demand for anti-aging skin care products is one of the key factors for the rising growth of the global herbal extract market. Consumers are identified to have a high preference towards skin care products, which contain natural ingredients, over chemically loaded products.

Major Key Players

Some of the key players profiled in the Global Herbal Extracts Market are Plant Extracts International Inc. (U.S.), MB-Holding GmbH & Co.KG (Germany), Changsha Organic Herb, Inc. (China), INGREDIA nutritional (France), IPRONA AG (Italy), Lehmann & Voss & Co. KG (Germany), KALSEC Inc. (U.S.) and FT Technologies, Inc. (U.K)

Key Findings

Asia Pacific is estimated to register maximum growth due to the massive growth of herbal dietary supplements and cosmetic industry in the developing nations of Asia Pacific

North America is estimated to dominate the global herbal extract market during the forecast period

Regional Analysis

Global Herbal Extract Market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). North America is dominating the global herbal extract market, in terms of market share. North America is the largest consumer of herbal ingredients in food & beverage and pharmaceutical products. Additionally, the U.S., Canada, and Mexico are the major consumers of herbal extract products.

Furthermore, awareness regarding health benefits of herbal products is also projected to stimulate the growth of the market in North America during the review period. However, Europe is also anticipated to witness a decent growth over the forecast period due to the early adoption of new products and technology. Additionally, Asia Pacific region is anticipated to grow tremendously during the review period, owing to the increased growth of pharmaceutical industry in India and China.

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Segments

Herbal Extract Market has been segmented based on Ingredient, which comprises Garlic, Basil, Soy, Marigold, Aloe Vera, Licorice, Reishi and others.

Herbal extract has been segmented based on application, which includes foods, beverages, dietary supplements, personal care, and others.