The global plant extracts market was estimated at USD 30.8 billion in 2021 and is projected to reach USD 55.3 billion by 2026, at a CAGR of 6.0% from 2021 to 2026. The increase in number of health conscious people and also the rising vegan trends are the major factors driving the plant extracts market. According to the United Nations (UN), as of 2021, the global vegan population accounted for approximately 79 million. This huge number is attributable to the rise in awareness related to the health benefits associated with the consumption of plant-based food products among the target consumers. With the changing consumer perceptions related to plant-based food products, some of the key food & beverages manufacturers strategize on including plant ingredients into their marquee final products.
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Growing trend of veganism and vegetarianism among consumers is also boosting the market of plant extracts during the forecast period. According to the Good Food Institute, the US retail sales of plant-based foods have increased by 17%, accounting for approximately USD 3.7 billion. The largest market for plant-based foods includes plant-based milk and plant-based meat. This trend is expected to boost the demand for various plant extracts in the food & beverage industry as plant extracts can be used to increase the flavor and nutritional value of products.
Food flavorings do not add nutritional value to food products and may sometimes be harmful in nature. Nowadays, increasing attention is being paid to food additives used, with the growing concerns related to their safety and potential health risks. Consumers are becoming increasingly aware of the adverse effects of consuming food & beverages containing synthetic ingredients. Several health organizations and food safety associations are prohibiting the usage of various artificial flavorings in food & beverages. For instance, on October 5th, 2018, the US Food and Drug Administration (FDA) banned seven synthetic flavorings that are associated with cancer. FDA stated to use the naturally extracted counterparts of the banned flavors as they are a safer option. Previously, FDA banned eight synthetic flavorings, which were found in ice creams, baked goods, candy, and beverages. These substances used in flavorings had been known to cause cancer in humans.
To create awareness among consumers related to the benefits offered by natural ingredients and extracts, governments of various countries have started taking initiatives and are investing in R&D. Several companies are also investing in R&D to innovate and come up with new herbs and spices to meet consumer preferences. The development of new plant-based flavors & fragrances favored by consumers poses new opportunity areas for plant extract manufacturers. Also, changes in lifestyles and the increase in the demand for natural flavors from consumers are observed in developing economies, leading to the growth in the demand for plant extracts. Globalization has also led to greater exposure to flavors and fragrances of various cultures. Hence, identifying new & exotic spices and herbs and their properties in accordance with the changing consumer preferences is vital for plant extract manufacturers.
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The North American countries such as the US is one of the leading importers of plant extracts from Asian countries such as China and India due to the consumption of healthy foods by a majority of its population. It is projected to grow well in terms of plant extract production. This is further expected to be driven by the development of new plant-based pharmaceuticals and the rise in the beverage industry, where consumer preferences continue to shift away from carbonated soft drinks toward alternative beverages with natural flavor loadings. The growth in the industrial consumption of plant extracts is largely driven by an increase in consumer demand for fortified food & beverage products, dietary supplements, and personal care products, which impart health benefits and aid in dealing with the rising healthcare costs; the concept of healthy aging and the rising trend of health-conscious diets are also driving this market. The other factors driving the use of plant extracts in food & beverage products consumed in the US include the rise in the number of cases of osteoporosis, obesity, cardiovascular, and other diseases caused by the deficiency of essential micronutrients or due to the inclusion of synthetic products in diets.
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