According to the report titled ‘Global Plant Extracts Market Research Report: Size Study By Type (Spices, Essential Oils and Natural Extracts, Flavors and Fragrance, Phytomedicines and HerbalExtracts, Phytochemicals) Application (Food & Beverages, Pharmaceuticals, and Others)) And Regional Forecasts 2021-2027’, available with Market Study Report, global plant extracts market was worth USD 44.43 billion in 2020 and is anticipated to witness 6% CAGR over 2021-2027, to be worth USD 66.81 billion by the end of forecast period.
 

Factors like conscious inclusion of the product in dietary supplements, and rise in awareness regarding the side effects of food commodities having synthetic chemicals are likely to boost the growth of global plant extracts market over 2021-2027.
 

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Additionally, there has been a rise in cognizance about the therapeutic properties of herbs which in turn are driving consumers to opt for herbal extracts, thus bolstering industry share.
 

For the unversed, plant extracts are extracted from plants having medicinal properties and are rich in active compounds like steroids, phenols, flavonoids, and tannins, just to name a few. These are generally used in dietary supplements as a replacement for synthetic chemicals.
 

However, shortage in supply of raw materials, fluctuation in price, and limited awareness about the benefits of plant extracts in developing countries are hindering the growth of worldwide plant extracts market.
 

By type, the market is classified into flavors & fragrances, spices, phytomedicines & herbal extracts, phytochemicals, essential oils & natural extracts, and others. Among these, phytomedicine & herbal extracts segment is expected to grow over the coming years as they offer various health benefits. With regards to application scope, the market is bifurcated into food & beverages, pharmaceuticals, and others.
 

Considering the regional perspective, regions like North America, Asia Pacific, Latin America, and Europe are considered to understand the dynamics of the market. Reportedly, North America market is currently recording significant growth, owing to increase in elderly population, and affordable access to plant extracts products.
 

Similarly, Asia-Pacific market is anticipated to grow at a considerable rate during the forecast period, owing to high demand for organic products and health awareness among masses.
 

Leading companies that are influencing the global plant extracts market trends are Berkem Group, Naturex, Network Nutrition, Qualiphar-Gifrer, Kuber Impex Ltd., Tokiwa Phytochemical Co. Ltd., Döhler GmbH (Germany), NATIVE EXTRACTS Pty Ltd. (Australia), and Synthite Industries Private Ltd.