Medicinal Plant Extracts Market Overview:
Global Medicinal Plant Extracts Market is growing due to increasing demand for herbal medicines and ayurveda & homeopathic products because of changes in consumer behavior thus influencing the growth of this market. Increasing acceptance of medicinal plant extracts-based products due to rising awareness as well as health concerns is also one of the key factor driving the growth of the global medicinal plant extract market. Also, increasing demand for natural skincare products containing medicinal plant extracts is also a major factor in the growth of this market. Major market dispersion has led to the introduction of new products based out of the medicinal plant extracts and their retail across various regions.
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The market players are responding to these new opportunities by expanding their service offerings/product lines, which has fuelled up the share of medicinal plant extracts in the global market. Additionally, the augmentation of the product development together with research advancements are other significant reasons for the increasing growth of the medicinal plant extracts market. Hence, along with changing consumer preferences, the growth of global plant extract market is significantly increasing during the forecast period of 2017-2023.
Plant extracts are natural substances which are removed from the tissue of a plant, to be used for a particular purpose. Medicinal plant extracts are the substances which are majorly as well as widely used for treating diseases as they are used in medicines and in personal care products as well as others. Since medicinal plant extracts are derived from natural substances, damage to the environment is the least of concerns. Medicinal plant extracts containing phytochemicals are majorly used in dietary supplements which is also driving the growth of this market. Nutraceutical industries are also using these extracts in their products since there is a rise in demand for medicinal plant extracts nutritional supplements. Global medicinal plant extracts are expected to experience steady growth due to the rising demand for plant extracts products, during the forecast period. Also, there is a shift in demand globally from synthetic medicine to herbal medicine which will increase the growth of this market during the forecast period.
- Medicinal Plant Extracts Manufacturers
- Retailers, Wholesalers
- E-commerce Companies
- Traders, Importers and Exporters
- Growing pharmaceutical as well as personal care industry is the reason for growing demand for medicinal plant extracts.
- Asia Pacific is expected to dominate the medicinal plant extracts market followed by North America.
The global medicinal plant extracts market is segmented on the basis of type, such as spices, essential oils, phytochemicals, herbal extracts, and others. Among these, herbal extracts segment is the highest growth segment in this market owing to its natural as well as health benefits which has resulted in rising usage of medicinal plant extracts.
- On the basis of part, this market is segmented into leaf, seed, shell, and others. Leaf is the high growth segment in this market since plant extracts are substance derived from tissues.
- On the basis of application, this market is segmented into medicinal products, personal care, and others.
- On the basis of form, this market is segmented into powder, liquid, oil, and others. Liquid segment is expected to grow fast due to its fast absorbability in medicines as well as personal care products.
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The global medicinal plant extracts market is regionally segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Asia Pacific has developed as the dominant region followed by North America for the medicinal plant extracts market. Growing health benefits coupled with rise in demand for personal care products has strengthened the growth of global medicinal plant extract market and hence is expected to significantly expand the revenue contribution of the market during the forecast period. In Asia Pacific, owing to ancient history of herbal and natural remedies for diseases, will drive the growth of this market in this region. However, in the Asia Pacificregion, significant growth is expected in China and India due to increasing health concerns as well as wide ranging medical uses, over the forecast period 2017-2023.
Some of the key players in the medicinal plant extracts market: Organic Herb Inc (China), Plant Extracts International Inc (U.S.), ARJUNA NATURAL EXTRACTS LTD (India), Phytovation (U.K.), Sigma-Aldrich Co. LLC (U.S.), Indfrag (India), KANCOR (India)
The medicinal plant extracts market is segmented under the following regions mentioned below:
- Rest of Europe
- Rest of Asia Pacific
Rest of the world
- Latin America
- Middle East
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