Plant Extracts Market Size, Share, Growth & Industry Analysis, By Plant Extract Type (Oleoresins, Essential Oils, Others), By Form (Dry/Powder, Liquid), By Application (Food and Beverage Industry, Pharmaceutical Industry, Cosmetic & Personal Care Industry, Dietary Supplements Industry, Others) and Regional Analysis, 2024-2031

Plant Extracts Market Size

Global Plant Extracts Market size was recorded at USD 30.87 billion in 2023, which is estimated to be at USD 33.92 billion in 2024 and projected to reach USD 71.93 billion by 2031, growing at a CAGR of 11.34% from 2024 to 2031. In the scope of work, the report includes products offered by companies such as ADM, Carbery, Esperis S.p.a., Givaudan, International Flavors & Fragrances Inc., Kalsec Inc., Kerry Group plc., Symrise, Synthite Industries Ltd., NATIVE EXTRACTS Pty Ltd, and others. The expansion of the plant extracts market is driven by the increasing awareness regarding the health benefits of natural products.

Additionally, the rising trend of clean label products and sustainable sourcing practices are fostering market growth. Moreover, advancements in extraction technologies enhance product quality and expand application areas for plant extracts. Furthermore, the growing preference for plant-based alternatives across diverse industries, such as food and beverages, pharmaceuticals, and cosmetics, contributes significantly to market expansion.

The plant extracts market is witnessing robust growth, mainly propelled by factors such as technological advancements, and increasing demand for plant-based alternatives. This market includes a diverse range of products derived from plants, including botanical extracts, essential oils, herbal extracts, and phytochemicals, catering to diverse industries such as food and beverages, pharmaceuticals, personal care, and nutraceuticals. The market is witnessing steady expansion globally due to a strong focus on sustainability and health-consciousness among consumers.

Plant extracts are substances derived from various parts of a plant, such as leaves, flowers, stems, roots, or seeds, through extraction processes. These extracts contain a concentrated amount of the plant's active compounds and can be used for various purposes, including medicinal, cosmetic, and nutritional applications, among others. The plant extracts market refers to the industry involved in extracting bioactive compounds from plants for various applications. These extracts are obtained through various processes, including solvent extraction, steam distillation, and supercritical fluid extraction, thereby retaining the beneficial properties inherent in plants.

Analyst’s Review

Manufacturers are making efforts to innovate and align with consumer demands in the plant extracts market. They are focusing on sustainable sourcing, advanced extraction technologies, and creating value-added products such as functional extracts and botanical blends. Furthermore, manufacturers are launching new products tailored to diverse industries, encompaasing offerings such as natural flavors, therapeutic oils, and plant-based ingredients for nutritional supplements. These initiatives reflect the manufacturer's commitment to addressing evolving consumer preferences.

Plant Extracts Market Growth Factors

The increasing consumer shift toward natural and sustainable products is stimulating market growth. Consumers are actively seeking plant-based alternatives due to growing health awareness and concerns regarding synthetic ingredients. This trend is further bolstered by the growing preference for clean label products, prompting manufacturers to innovate and offer natural solutions across various industries. Companies are investing heavily in research and development to develop new extraction techniques and improve the efficacy of plant extracts, thereby meeting rising consumer demand for safe, eco-friendly, and efficacious products.

Ensuring consistent quality and supply chain transparency pose a significant challenge to industry development. To overcome this challenge, industry players are implementing robust quality control measures and traceability systems throughout the supply chain. This includes rigorous testing for purity, potency, and contaminants at every stage of extraction and production. Additionally, partnerships with certified suppliers and adherence to regulatory standards ensure product integrity. Adopting digital technologies, such as blockchain, for transparent supply chain management enhances traceability and fosters consumer trust in the quality and authenticity of plant extracts.

Plant Extracts Market Trends

The increasing adoption of sustainable sourcing practices is a notable trend in the industry. Companies are actively seeking ethically sourced raw materials, such as organic and fair-trade botanicals, to align with consumer preferences for eco-friendly products. This trend is driven by growing environmental consciousness and regulatory pressures, pushing industry players to prioritize sustainable supply chains. Additionally, consumer demand for transparency regarding sourcing practices has prompted companies to engage in partnerships with certified suppliers and invest in traceability technologies to ensure the authenticity and sustainability of plant extracts.

The rise of functional and value-added extracts is a significant trend shaping the market landscape. Manufacturers are increasingly focusing on developing plant extracts with enhanced functionalities, such as improved bioavailability, extended shelf life, and targeted therapeutic effects. This trend is furtheris fueled by increasing consumer demand for functional ingredients that offer specific health benefits, such as immune support, cognitive enhancement, and stress relief. Companies are leveraging advanced extraction techniques and formulation expertise to create innovative plant extracts that cater to evolving consumer needs and preferences in several sectors such as food and beverages, nutraceuticals, and personal care.

Segmentation Analysis

The global plant extracts market is segmented based on plant extract type, form, application, and geography.

By Plant Extract Type

Based on plant extract type, the market is categorized into oleoresins, essential oils, carotenoids, flavonoids, and others. The essential oils segment dominated the market with a share of 34.56% in 2023. The essential oils segment is experiencing significant expansion due to the rising demand for natural fragrances and flavors across various industries, such as food and beverages, personal care, and aromatherapy.

Additionally, the increasing awareness of the therapeutic properties of essential oils, encompassing stress relief, antimicrobial effects, and relaxation benefits, is fueling their incorporation in wellness products. Moreover, advancements in extraction technologies and sustainable sourcing practices are enhancing the quality and availability of essential oils, thereby contributing to the expansion of this segment.

By Form

Based on form, the market is bifurcated into dry/powder and liquid. The liquid segment is anticipated to witness the highest growth of 12.35% over the forecast period. This substantial growth is attributed to the convenience and versatility offered by liquid forms such as extracts, concentrates, and tinctures, which are driving adoption across multiple industries.

Additionally, liquid formulations enable seamless integration into various product formulations, thereby enhancing their appeal to manufacturers. Moreover, the growing demand for liquid extracts in functional beverages, herbal supplements, and pharmaceutical formulations is resulting in the expansion of this segment. Furthermore, advancements in processing techniques and packaging technologies are improving the stability and shelf life of liquid extracts, thereby boosting segmental growth.

By Application

Based on application, the market is divided into the food and beverage industry, pharmaceutical industry, cosmetic & personal care industry, dietary supplements industry, and others. The food and beverage industry held the largest market share of 39.78% in 2023, primarily due to changing consumer preferences and lifestyle trends. Consumers are increasingly opting for natural and healthy food and beverage options, creating a strong demand for plant-based ingredients, including botanical extracts and natural flavors.

Additionally, the growing popularity of functional foods and beverages fortified with plant extracts for nutritional and health benefits is supporting segment growth. Furthermore, the food industry's mounting focus on clean label products and sustainable sourcing practices is bolstering the adoption of plant extracts as natural additives and flavor enhancers, thereby fueling the expansion of this segment.

Plant Extracts Market Regional Analysis

Based on region, the global plant extracts market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

The North America Plant Extracts Market share stood around 32.45% in 2023 in the global market, with a valuation of USD 10.02 billion. The region boasts a well-developed infrastructure and robust distribution networks, which facilitate efficient market penetration for plant extracts. Additionally, the demand is propelled by rising consumer preferences for natural and clean label products, reflecting a strong emphasis on health and wellness. Moreover, the presence of major players and ongoing research and development activities are fostering North America's dominance in the plant extracts market.

Asia-Pacific is likely to experience significant growth at a 12.66% CAGR between 2024 and 2031. This notable growth is largely attributed to the region's large and diverse population, coupled with rapid urbanization and rising disposable incomes, which drives demand for plant extracts across various sectors such as food, beverages, pharmaceuticals, and cosmetics. Furthermore, supportive government policies, technological advancements in extraction methods, and rising awareness regarding the benefits of natural ingredients are solidifying Asia-Pacific's position as the fastest-growing region in the plant extracts market.

Competitive Landscape

The global plant extracts market study will provide valuable insight with an emphasis on the fragmented form of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Manufacturers are adopting a range of strategic initiatives, including investments in R&D activities, the establishment of new manufacturing facilities, and supply chain optimization, to strengthen their market standing.

List of Key Companies in Plant Extracts Market

• ADM 
• Carbery
• Esperis S.p.a.
• Givaudan 
• International Flavors & Fragrances Inc.
• Kalsec Inc.
• Kerry Group plc.
• Symrise 
• Synthite Industries Ltd.
• NATIVE EXTRACTS Pty Ltd

Key Industry Developments 

• April 2024 (Launch): Symrise's Cosmetic Ingredients division launched Flowerconcentrole, a line of high-quality, easy-to-formulate floral extracts suitable for all products and skin types. These products, enhanced by Symrise’s Actimood technology, impart cosmetic formulations with mood-enhancing properties. The Flowerconcentrole range, consisting of transparent or slightly opalescent liquids with a delicate scent, is designed to promote relaxation, well-being, and joy through its neuro cosmetic properties, providing a holistic approach to skincare.
• May 2023 (Launch): Universal Corporation unveiled a USD 30 million expansion plan for its subsidiary, Shank's Extracts, LLC, a company specializing in flavors, ingredients, and botanical extracts situated in Lancaster County, Pennsylvania. This multi-year project entails the expansion of facilities to meet growing demands in packaging, liquid and dry manufacturing, and refrigerated storage, along with enhancing manufacturing capabilities for improved customer service.

The Global Plant Extracts Market is Segmented as:

By Plant Extract Type

• Oleoresins
• Essential Oils
• Carotenoids
• Flavonoids
• Others

By Form

• Dry/Powder
• Liquid

By Application

• Food and Beverage Industry
• Pharmaceutical Industry
• Cosmetic & Personal Care Industry
• Dietary Supplements Industry
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • U.K.
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America