Owning to consumers’ rising inclination towards adoption of healthy lifestyle, the market is growing at an incremental pace of development on the global stage.
Rising awareness among the consumers’ 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. Additionally, increased preference for natural ingredients in food & beverage products has surged the demand for herbal extracts in the global market.
Furthermore, the demand for natural ingredients in medicinal formulations used for treating several diseases and infections including common cold, cognitive health and many others is identified to be escalating. 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.
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Promotional events regarding herbal extracts’ in North America and Europe have been pushing regulatory authorities to encourage consumers towards the consumption of herbal products. 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.
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.
Key players in the industry are identified to be focusing on R&D sector to manufacture 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 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 is identified to create rivalry among the players and they are identified to fight in terms of product quality and prices in order to sustain their consumer base. 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.
The global herbal extracts market has been divided into ingredient, application, and region.
On The Basis Of Ingredient: Garlic, Basil, Soy, Marigold, Aloe vera, Licorice, Reishi, and Others
On The Basis Of Application: Foods, Beverages, Dietary Supplements, Personal Care, and Others
On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.
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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.
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