With the emergence and long-term Impact of COVID-19, Global Herbal Extract Market to reach USD 51.73 billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Herbal Extract Market points towards a potential rise to USD 51.73 billion by 2030. Herbal extracts are concentrated substances derived from plant materials through extraction methods involving solvents or water. These extracts contain bioactive compounds, such as phytochemicals and essential oils, believed to have medicinal properties. Widely used in pharmaceuticals, cosmetics, food, supplements, and aromatherapy, herbal extracts offer health benefits, flavoring, and therapeutic applications. Their properties depend on the plant source and extraction process. Commonly extracted herbs, such as ginseng and turmeric, are known for unique bioactive compounds with potential health benefits.
The usage of chemical goods is associated with several illnesses that are harmful to the human body, which is resulting in an increase in demand for natural substances such as herbal extracts. The market is poised for growth driven by a surge in demand for foods and beverages that are free from preservatives, gluten, artificial flavors, and colors. The increasing awareness regarding the herb’s therapeutics, increased globalization and cross-cultural acceptance of herbal products, coupled with a growing preference for skincare products incorporating herbal ingredients are contributing to the demand for herbal extracts across the globe.
Geographically, the global Herbal Extract market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2022 owing to the high availability of herbal plants, a growing tradition of natural herb use, the therapeutic benefits of herbal products, and increased focus on adopting a healthy lifestyle post-COVID-19. Also, the rising awareness about the detrimental effects of synthetic ingredients, the popularity of herbal cosmetics, governmental policies, and the implementation of business sustainability programs are further supporting regional market expansion.
Whereas, Asia Pacific is also expected to grow at the highest CAGR over the forecast years. The increased use of pharmaceutical and nutraceutical products in Japan, China, and other nations is significantly propelling the market demand across the region. Also, the growing food and beverage sector is expected to have a positive impact on the Herbal Extracts Market across the region.
The global Herbal Extract market is highly competitive owing to the presence of several key players such as Botanic Healthcare VIDYA HERBS Pvt. Ltd Allicin Pharm HerbalHills Acara Bioherb Pvt. Ltd. Pioneer Enterprises (I) Private Limited Sydler Remedies Pvt. Ltd Herbal Creations Alpspure Lifesciences Private Limited IDOBIO CO., LTD, and others.
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Key findings of the study suggest:
- Global Herbal Extract Market is anticipated to grow with a healthy growth rate of more than 8.2% over the forecast period 2023-2030.
- In the Application segment, Food & Beverages emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to growing tradition of natural herb use in the region.
- Asia Pacific is expected to grow at higher rate owing to increased use of pharmaceutical and nutraceutical products in the region.
Bizwit Research & Consulting has considered following segments for the study:
By Source:
- Mint
- Lavender
- Basil
- Others
By Form:
- Solid
- Liquid
By Application:
- Pharmaceuticals
- Personal Care & Cosmetics
- Food & Beverages
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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