Global Herbal Extracts Market Size and Forecast 2023
Herbal extracts are obtained by crushing, distilling, comminuting, and juicing various herbs. Each herb has its unique properties, which leads to its increasing usage in various medicines and skincare products. The benefits provided by herbal extracts depend upon the unique biochemical, biophysical, and energetic properties of the specific herb being extracted. While some herbs are extracted while still fresh and succulent (e.g., shepherds purse, corn silk), some herbal extracts are obtained after the herb is dried (e.g., hops, Grindelia). Moreover, some herbs are best extracted when semi-dried (e.g., saw palmetto) or fermented (e.g., wild cherry, sweet clover). Some are overly active when fresh and must be dried and aged one year before use (e.g., buckthorn, cascara sagrada).
The global herbal extracts market is estimated to reach USD 13,967.5 million by the end of 2023 at a CAGR of 7.52% during the forecast period.
Increasing demand for herbal products in the healthcare sector to produce herbal medicine products is expected to drive the global herbal extract market. Additionally, herbal supplement products have gained huge acceptance among consumers due to the increasing preference for naturally derived products. Natural skin-care products are an established trend in developed economies over the last few years and are expected to boost the growth of herbal extracts market.
Regional Analysis:
The global herbal extracts market has been segmented, by region, into North America, Europe, Asia-Pacific, and rest of the world. North America accounted for the major market share in 2018, due to the increasing use of herbal extracts in various skincare and personal care products by key manufacturers. In North America, the US accounted for 75% market proportion in 2018, and the trend is expected to continue throughout the forecast period of 2018-2023.
Asia-Pacific is anticipated to register the highest growth rate during the forecast period owing to the increasing use of herbal extracts in different industries, such as functional food & beverage, skincare, and pharmaceutical. Asia-Pacific is projected to expand at a growth rate of 8% during the forecast period, where China held the maximum market share of 35% in 2018.
The herbal extracts market in Europe is projected to register the second highest CAGR of 7.61% during the forecast period. The growth of the herbal extracts market is attributed to various factors. Consumers are increasingly opting for herbal medicines instead of traditional medicinal products. Product development and technological upgrades are expected to drive the market in this region throughout the forecast period. In 2018, Germany held the maximum market share of 23.6% in the Europe herbal extracts market.
Market Segments
The global herbal extracts market has been segmented, on the basis of form, into dry and liquid. In 2018, the dry segment accounted for the majority of the market share and was projected to reach USD 10,514.1 million by the end of 2023. The liquid segment is projected to register a CAGR of 7.13% during the review period.
On the basis of application, the global herbal extracts market has been segmented into food & beverages, pharmaceuticals, cosmetics & personal care, and others. Food & beverages segment is further segmented into dietary supplements, functional food & beverages, and others. The pharmaceuticals segment held a major market share of 38.7% in 2018 and is projected to reach USD 5,387.8 million by the end of 2023. The cosmetics & personal care segment is expected to witness a growth rate of 7.84% during the forecast period.
Key Players:
The leading market players in the global herbal extracts market are Döhler GmbH (Germany), Martin Bauer GmbH & Co. KG (Germany), Vidya Herbs Private Limited (India), Kalsec Inc. (US), Organic Herb, Inc. (China), Synthite Industries Ltd. (India), Herbal Extraction Group., Inc (China), Mountain Rose Herbs (US), Starwest Botanicals, Inc. (US), and Jiaherb, Inc. (China).
Key Findings:
- Rising consumer preference towards the products with natural ingredients is one of the important factors, which is expected to drive the herbal extracts market at a global level.
• High production cost of herbal extracts is one of the major factors that can pose a major challenge in the global herbal extracts market.
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