Global Medicinal Plant Extracts Market is projected to grow at the CAGR of 11.2 %, as it is backed up by the growing demand for plant extracts and increasing change in consumer preferences. 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 less of a concern. Nutraceutical industries are also using these extracts in their products since there is a rise in demand for medicinal plant extracts nutritional supplements. It is experiencing a high growth because of the rise in demand for herbal and natural products.
The global market of medicinal plant extracts is expected to continue its growth during the forecast period, due to the growing demand for natural products. Since this market’s growth is directly related to the scope of innovation as it is a highly competitive market so, key players are investing in R&D for innovating product lines. Moreover, leading players are also investing in partnership with various medicinal plant extracts manufacturers, targeting this as the primary focus area to grow the consumer base.
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Increasing change in consumer preferences in developed as well as developing economies is one of the driving forces for this market. Some of the key players are also investing in R&D for development of new product lines with improved formulations. Many consumers ingest products, which has medicinal plant extracts in pharmaceutical products as well as personal care products. They provide herbal, ayurveda, and homeopathic medicines and help to reduce risk of diseases, thus increasing the market of medicinal plant extracts.
The chief competitors in this market are persuaded to upsurge their footprints across the globe by acquiring local and regional players. Apart from this, these companies are introducing their products in both developed and developing economies to explore the untapped market. Major players are also financing in R&D, especially to develop superior & highest quality products by including natural products. This factor is likely to help them pierce the emerging global medicinal plant extracts market and fulfill the growing demand. Changing consumer preferences will support the sale of medicinal plant extracts in the regions
Major Key Players
This report includes the study of strategies such as mergers and acquisitions along with new product launches by major Medicinal Plant Extracts Market players. It further includes product portfolios and developments of leading major market players, which includes POLABSKÝ MOŠT S.R.O., 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) and KANCOR (India)
Asia Pacific region dominates the global medicinal plant extracts market owing to ancient history of herbal and natural remedies for diseases. Key manufacturers are concentrating on intensifying their product lines; by providing various product lines with various nutrients, health benefits, and attractive packaging.
The global medicinal plant extracts market is segmented on the basis of type, such as spices, essential oils, phytochemicals, herbal extracts, and others. This market is also segmented on the basis of part such as leaf, seed, shell, and others. On the basis of application, the market is segmented into medicinal products, personal care, and others. This market is further segmented on the basis of form, such as powder, liquid, oil, and others, and the market is segmented on the basis of region as well.
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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