Global Herbal Extracts Market – Overview
Increasing demand for herbal extracts in foods & beverages, pharmaceuticals, and personal care products is expected to uplift the demand for herbal extracts market over the review period globally. Market Research Future, a firm which specializes in market reports related to the Foods, Beverages & Nutrition sector among others, recently forecasted in its report “Global Herbal Extracts Market Revenue Report- Forecast to 2023” that the market will demonstrate an exceptional CAGR % while achieving million dollar growth during the forecast period.
Rising consumer awareness about health and wellness and inclination towards the natural healthcare products has intensified the use of herbal extracts in foods & beverages, pharmaceuticals, and nutraceutical industry; owing to the therapeutic benefits associated with its consumption. Moreover, increased preference for natural ingredients in food & beverage products has surged the demand for herbal extracts in the global market.
Furthermore, increasing demand for natural ingredients in medicinal formulations used for treating several diseases and infections including common cold, cognitive health and many others. Herbal extracts used in medicinal formulations also possess extended shelf-life which has uplifted the demand for therapeutic products in pharmaceutical industry. However, limited availability of herbs, spices, and other natural products used in foods, beverages, and pharmaceutical products is likely to hamper the growth of the herbal extracts market over the forecast period.
Additionally, herbal extracts’ promotional events in North America and Europe have been pushing regulatory authorities to encourage consumers towards herbal products consumption. Herbal based pharmaceutical and personal care products have been gaining significance in western countries which is being reflected in the increasing market for herbal extracts.
Global Herbal Extracts Market - Competitive Analysis
The major key players in the industry are focusing on R&D to bring up new products in the market. Also major companies are undergoing clinical trials for herbal extracts in personal care, pharmaceuticals, foods & beverages, and many other products. This initiative will help herbal extracts companies to provide clinically tested and safe products to consumers which will ultimately augment the global herbal extracts market. Large number of competitors and intensified competition among themselves is giving a tough time for key players in the global herbal extracts market. Additionally, product certification would be a differentiating factor among the competitors. The best long-term growth opportunities for this sector can be captured by improving product quality and optimized investment strategies.
The key players profiled in herbal extract are Changsha Organic Herb, Inc. (China), Plant Extracts International Inc. (U.S.), MB-Holding GmbH & Co.KG (Germany), Lehmann & Voss & Co. KG (Germany), Kalsec Inc. (U.S.), Ingredia Nutritional (France), Iprona AG (Italy) and FT Technologies, Inc. (U.K) among many others.
Global Herbal Extracts Market – Segments
The global herbal extracts market has been divided into product type, application and region.
On the Basis of Type: Ginseng, Epimedium, Aloe vera, Reishi, Marigold, Licorice, and Others
On the Basis of Form: Powder, Oil, Wax, and Others
On the Basis of Source: Leaf, Shell, Bark, Seed, Fruits, Roots, and Others
On the Basis of Application: Foods and Beverages, Personal and Home Care, Pharmaceuticals, and Others
On the Basis of Region: North America, Europe, Asia Pacific, and ROW.
Global Herbal Extracts Market - Regional Analysis
The global herbal extracts market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Global herbal extracts market is highly dominated by North America because it is the largest consumer of herbal extracts in foods & beverages, and pharmaceutical products. The U.S., Canada and Mexico are the major consumers of herbal extracts in number of products.
Also, the awareness regarding health benefits of herbal products is also projected to stimulate the growth of North American market during the forecast period. Europe is also anticipated to witness decent growth rate over the forecast period due to the early adopter of new products and technology. Asia Pacific region is projected to grow tremendously during the forecast period; because of mounting growth of pharmaceutical industry in India and China.
Latest Industry Updates
Dec 2017 Sensient Flavors has launched its all natural flavor collections. The new flavors will help food and beverage manufacturers to respond successfully to upcoming market trends and reflect current consumer preferences of herbal extracts.
Mar 2017 Mrida Greens and Organics has launched five new herbal extracts which include noni, vijaysar, shatavari, amla, and shankhapushpi. The company is highly inclined towards new product launches. This will help the company to uplift the revenue in coming years.
Oct 2016 Guinness Nigeria Plc launched its new variant of its malta guinness, malta herbs lite, as part of measures to expand its product offering. The company is rigorously involved in product innovations to expand its business portfolio.
Jul 2016 Doehler Company acquired Teawolf, a natural extracts company based in Pine Brook, New Jersey, USA, which specializes in coffee, tea, vanilla, and herbal extracts. Teawolf is amongst the leading extractors of the new plant based extracts, guayusa, and hibiscus. This acquisition will improve Doehler’s business segment by expanding its product portfolio.
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