Global Phytomedicines and Herbal Extracts Market – Industry Trends and Forecast to 2029

Market Analysis and Size

Over the years, the health and wellness industry has become a dominant lifestyle value among consumers, profoundly changing consumer behaviour toward naturally sourced micronutrients. Natural products are now viewed as healthier alternatives to synthetic products by consumers. Phyto medicines and herbal extracts have a wide range of applications in a variety of industries, including cosmetics, pharmaceuticals for therapeutic properties, and food and beverage industries due to their beneficial components.

Data Bridge Market Research analyses that the phytomedicines and herbal extracts market was valued at USD 8.26 billion in 2021 and is expected to reach the value of USD 15.23 billion by 2029, at a CAGR of 7.95% during the forecast period of 2022 to 2029.

Market Definition

Herbal extracts are plant concentrates with restorative properties and a high concentration of active compounds. Herbal concentrates are separated using various solvents. These solvents are made up of a combination of water, liquor, synthetic concoctions, or other fluids that are suitable for extracting the profitable parts of plants. Plant extraction is a procedure used to remove alluring segments or dynamic fixings found in any part of the plant. The extractions are solubilized and contained within a solvent, with the following arrangement being the ideal concentrate; the solvent is inevitably dispensed with to separate the plant extricate.

Report Scope and Market Segmentation

Phytomedicines and Herbal Extracts Market Dynamics

Drivers

• Growing awareness of the negative effects of artificial flavourings and the health benefits provided by phytomedicines and herbal extracts

The growing awareness of the negative effects of artificial flavourings and the health benefits provided by phytomedicines and herbal extracts has the potential to ignite the herbal extracts and derivatives industry. Furthermore, due to an increase in business R&D ventures and an increase in the demand for comfort foods, there has been a thriving demand for plant essences in food and drink manufacturing. The classification of various herbs and seasonings in response to shifting customer preferences and suggestions will maintain the market's equilibrium during the anticipated period.

• Growing application from the pharmaceutical industry

Plant extracts are widely used in the pharmaceutical industry due to their beneficial properties, which helps the market remain profitable. The antibacterial effect of plant extracts, particularly for the treatment of age-related disorders like memory loss, immune disorders, and osteoporosis, is contributing to an increase in demand for plant extract for medicine manufacturing. Furthermore, the increasing regulatory requirements for the use of plant extracts as phytomedicine are expected to provide lucrative market opportunities for the growth of the phytomedicines and herbal extracts segment, which is expected to boost demand for plant extracts over the forecast period.

Opportunity

Technological advancements and improvements in the plant extraction process increase a company's production capability and allow it to extract various components from plants efficiently and at a low cost and effort, resulting in new market entrants and the expansion of existing market players' product lines. For example, new technological advancements in cannabis extraction production methods were made in 2019. With the introduction of high-tech manufacturing equipment and chemical apparatus, the cannabis industry is able to move away from traditional extraction techniques and experiment with new and innovative approaches. This has allowed for the introduction of new types of cannabis extracts to the market, such as oral tinctures, wax concentrates, and vape oils.

Restraints

Some of the factors that may limit the growth of the phytomedicines and herbal extracts market include a lack of raw materials, which has severe side effects and makes people vulnerable to a variety of ailments. Furthermore, the high cost of extraction is acting as a restraining factor for the phytomedicines and herbal extracts market. Organic and plant based productsare subject to specific regulations. This can sometimes make it difficult for companies to obtain approval from authorities which can act as a challenge to the phytomedicines and herbal extracts market growth.

This phytomedicines and herbal extracts market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the phytomedicines and herbal extracts market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Phytomedicines and Herbal Extracts Market

Strict containment measures imposed by various governments, as well as preventive measures to mitigate the impact of the outbreak, have resulted in significant transportation restrictions, causing a global ripple effect. Transportation is critical in any market's supply chain because it is responsible for transferring raw materials to manufacturers and then distributing the finished product from manufacturers to the retail market. The pandemic had brought global transportation to a halt in order to halt the spread of the virus. Product delivery has been delayed due to low working efficiency and lockdown in various regions. Many logistics companies were operating at low efficiency with few working staff, causing supply chain disruption.

Recent Development

• Diana Food, a subsidiary of Symrise AG (Germany), opened another R&D lab in Québec in June 2019 to supplement a nearby office where Diana produces nourishing elements for use in a variety of wellbeing arrangements. Polyphenols are extracted from privately sourced materials such as cranberries and blueberries and studied for their potential use in health-related contributions such as dietary supplements.
• Vidya Herbs (India) launched Sunca, a sunflower extract with 40% chlorogenic acids, in May 2019. The concentrate has been clinically proven to aid in the management of lipid digestion. It is caffeine-free and has a fixable problem.
• In May 2019, Givaudan (Switzerland) agreed to buy Golden Frog (Vietnam) to expand its product portfolio in natural flavours, concentrates, and basic oils for the food and beverage industry. The organisation primarily serves the ASEAN advertise with its Vietnam-based regular fixings, which incorporate herbs, flavours, natural product and vegetable concentrates, and fundamental oils.

Global Phytomedicines and Herbal Extracts Market Scope

The phytomedicines and herbal extracts market is segmented on the basis of source, and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Sources

• leaves
• fruits
• flowers, and bulbs
• rhizomes & roots
• barks & stems
• seeds
• pods
• berries

Application

• Pharmaceuticals
• Food Products
• Animal Feed
• Personal Care & Cosmetics
• Dietary Supplements
• Beverages
• Others

Phytomedicines and Herbal Extracts Market Regional Analysis/Insights

The phytomedicines and herbal extracts market is analysed and market size insights and trends are provided by country, source and application as referenced above.

The countries covered in the phytomedicines and herbal extracts market report are U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North American countries are among the leading importers of plant extracts from Asian countries. This is expected to be fuelled further by the development of new plant-based pharmaceuticals, as well as an increase in the beverage industry, where consumer preferences are shifting away from carbonated soft drinks and toward alternative beverages with natural flavour loadings. Consumer demand for fortified food products, supplements, and personal care products that provide health benefits and help with rising healthcare costs is driving growth in industrial consumption of plant extracts; the concept of healthy ageing and the rising trend of health-conscious diets are driving this market.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Phytomedicines and Herbal Extracts Market Share Analysis

The phytomedicines and herbal extracts market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to phytomedicines and herbal extracts market.

Some of the major players operating in the phytomedicines and herbal extracts market are:

• Givaudan (Switzerland)
• Sensient Technologies Corporation (US)
• Symrise (Germany)
• Kangcare (China)
• PT. INDESSO AROMA (Indonesia)
• PT. Haldin Pacific Semesta. (US)
• VidyaHerbs (India)
• Tokiwa Phytochemical Co. Ltd. (Japan)
• NATIVE EXTRACTS Pty Ltd. (Australia)
• Shaanxi Jiahe Phytochem Co., Ltd. (China)
• Synthite Industries Ltd. (India)
• Döhler, International Flavors & Fragrances, Inc. (Germany)
• Martin Bauer Group (Germany)
• Arjuna Natural Pvt Ltd (India)
• Organic Herb Inc. (China)
• Plant Extracts International Inc (US)

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