Market Overview: —
Since time immemorial, the usage of herbs has been integral for various applications. They can be used in both fresh and dry manner without compromising on its efficiency. As per the latest published report by Market Research Future (MRFR), the global herbal extracts market valuation is expected to reach a valuation USD 13.96 billion by 2023 from USD 9.7 billion in 2018. The market growth is calculated to be 7.52% during the assessment period.
A growing trend has been identified over the years concerning the adoption of natural sources for medicine. This has prompted the increasing demand for herbal medicines as they cause little to no side-effects. Additionally, herbal extracts are slowly entering into the F&B industry and garnering acceptance due to the benefits it offers. With evolving lifestyle, consumers are shifting to herbal extracts in food and beverages as it helps them lead a sound life without having to maintain a regular diet. Skin care products also play a vital role in driving the herbal extracts market. Moreover, high spending capacity due to an increasing per capita income and inherent properties that cause little to no adverse effect are also aiding the market growth of herbal extracts.
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However, these naturally processed items are expensive as the production of the same involves intricate and difficult measures. Due to the intricacy and the potential these extracts hold, it requires more investment for research and development activities, thereby dragging the market down in the process. On top of this, governments are strict when it comes to the market availability of such products which makes the products wait in the pipeline for long and increases the production cost. All of these combined can severely hamper the market growth of herbal extracts.
The global herbal extract market is segmented on the basis of form and application.
By form, the market divides into liquid and dry. The majority of the market position is held by dry herbal extract form. The market valuation at present stands at USD 6.7 billion and is expected to reach USD 10.5 billion by the end of the forecast period. The expected growth rate would then stand at 7.65%. On the other hand, the liquid market is expected to reach USD 3.45 billion by the end of the forecast period in 2023.
By application, the market includes food & beverages, personal care, pharmaceuticals, cosmetics, and others. In terms of application, the market is clearly spearheaded by the pharmaceutical segment. The segment holds USD 3.5 billion and is further expected to reach 5.38 billion by the end of the forecast year. However, the fastest growing market segment is cosmetics & personal care, which is expected to register a CAGR of 7.84% during the forecast period.
Some of the major players in the global herbal extract market are Vidya Herbs (India), Organic Herb Inc. (China), Kalsec Inc. (U.S.), Döhler GmbH (Germany), Martin Bauer GmbH & Co. KG (Germany), Herbal Extraction Group, Inc. (China), Starwest Botanicals (U.S.), Jiaherb, Inc. (China), Synthite Industries Ltd. (China), Mountain Rose Herbs (U.S.), and others.
Feb 25th, 2019, A pilot study conducted recently stated the possibilities of using saffron as a promising herbal medicine for treating children with one of the most common neuropsychiatric disorder, attention-deficit hyperactivity disorder (ADHD).
Feb 8th, 2019, Pure Leaf made an announcement concerning the launch of a new line of premium iced teas, named Pure Leaf Herbal Iced Teas. The product is caffeine-free, has no additional artificial sweeteners, and is brewed with real hibiscus flowers.
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The regional herbal extract market segmentation covers Europe, Asia Pacific, North America, and the Rest of the World (RoW).
North America leads the regional segmentation in the global herbal extract market. The region is substantially investing on R&D activities in naturally resourced product segment. This has steered the region as the global dominator of herbal extracts. The market valuation at present stands at USD 3.3 billion and is anticipated to reach 4.7 billion by the end of the forecast period at 2023. The CAGR projected during the period is 7.97%. The majority of the North American market share can be attributed to the US.
Europe stands as the second-biggest market following North America. The valuation of the market stands at USD 3 billion and is expected to rise up to USD 4.30 billion at a projected CAGR of 7.61% during the forecast period.
The Asia Pacific region is expected to grow with a CAGR of 8% during the forecast period. The present market valuation of the herbal extract market stands at USD 2.6 billion and is believed to reach 3.9 billion by 2023. Emerging nations in this region like China and India are anticipated to be the dominant market players with both exceeding the 1 billion mark by the end of the forecast period.
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