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Global Herbal Extract Market to reach USD 51.73 billion by the end of 2030.

Global Herbal Extract Market Size Study & Forecast, by Source (Mint, Lavender, Basil, Others), by Form (Solid, Liquid), by Application (Pharmaceuticals, Personal Care & Cosmetics, Food & Beverages, Others), and Regional Analysis, 2023-2030

Product Code: OIRFB-87464412
Publish Date: 20-01-2024
Page: 200

Global Herbal Extract Market is valued at approximately USD 27.54 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 8.2% during the forecast period 2023-2030. 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.

In addition, increasing government initiatives and favorable regulations for encouraging the adoption of natural ingredients are exhibiting a positive influence on the demand for herbal extract. Regulations establish quality and safety standards for herbal extracts, ensuring they meet specific criteria. This assurance is crucial for consumer trust, leading to increased demand. For instance, in December 2021, In India, the Ministry of Finance unveiled a Rs. 4000 crore (USD 479.96 million) package under Atma Nirbhar Bharat to encourage herbal cultivation. The ministry has established a comprehensive scheme for the cultivation and marketing of medicinal plants, specifically addressing drought conditions. Governments endorsing natural ingredients prioritize public health and environmental sustainability, making herbal extracts, derived from plants, more appealing to consumers and driving demand. Thus, these aforementioned factors are propelling the growth of the Herbal Extract Market over the estimated period. Moreover, the increasing research and development activities, as well as the rise in the shift towards sustainable and green ingredients present various lucrative opportunities over the forecast years. However, the volatility in the price of raw materials and the availability of other synthetic substitutes are challenging the market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Herbal Extract Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. 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.

Major market players included in this report are:
Botanic Healthcare
Allicin Pharm
Acara Bioherb Pvt. Ltd.
Pioneer Enterprises (I) Private Limited
Sydler Remedies Pvt. Ltd
Herbal Creations
Alpspure Lifesciences Private Limited

Recent Developments in the Market:
Ø In May 2023, GNT launched Shade Vivid Orange – OS, the first plant-based, 100% oil-soluble color developed under the company’s EXBERRY brand and made from non-GMO paprika. This new product has a vibrant orange color that replaces artificial coloring and paprika oleoresin in a variety of applications, especially those that include fat in sweet and savory foods.
Ø In 2021, The Manipal Group, an Indian provider of botanical ingredients and functional foods, announced the opening of a new manufacturing facility specialized in the manufacture of herbal extracts. Dietary supplements are made with these nutraceutical components.
Ø In June 2021, Vasu Healthcare Pvt Ltd.- an India-based herbal manufacturer introduced a new line of herbal supplements to the market. Branded as “Vasu Safe Herbs,” these products were designed to enhance overall health and well-being for consumers.

Global Herbal Extract Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Source, Form, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Source:

By Form:

By Application:
Personal Care & Cosmetics
Food & Beverages

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Herbal Extract Market, by Region, 2020-2030 (USD Billion)
1.2.2. Herbal Extract Market, by Source, 2020-2030 (USD Billion)
1.2.3. Herbal Extract Market, by Form, 2020-2030 (USD Billion)
1.2.4. Herbal Extract Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Herbal Extract Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Herbal Extract Market Dynamics
3.1. Herbal Extract Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Increasing awareness regarding the herbs therapeutic Rising government initiatives and favorable regulations
3.1.2. Market Challenges Volatility in the price of raw materials Availability of other synthetic substitutes
3.1.3. Market Opportunities Increasing research and development activities Rise in shift towards sustainable and green ingredients
Chapter 4. Global Herbal Extract Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Herbal Extract Market, by Source
5.1. Market Snapshot
5.2. Global Herbal Extract Market by Source, Performance – Potential Analysis
5.3. Global Herbal Extract Market Estimates & Forecasts by Source 2020-2030 (USD Billion)
5.4. Herbal Extract Market, Sub Segment Analysis
5.4.1. Mint
5.4.2. Lavender
5.4.3. Basil
5.4.4. Others
Chapter 6. Global Herbal Extract Market, by Form
6.1. Market Snapshot
6.2. Global Herbal Extract Market by Form, Performance – Potential Analysis
6.3. Global Herbal Extract Market Estimates & Forecasts by Form 2020-2030 (USD Billion)
6.4. Herbal Extract Market, Sub Segment Analysis
6.4.1. Solid
6.4.2. Liquid
Chapter 7. Global Herbal Extract Market, by Application
7.1. Market Snapshot
7.2. Global Herbal Extract Market by Application, Performance – Potential Analysis
7.3. Global Herbal Extract Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
7.4. Herbal Extract Market, Sub Segment Analysis
7.4.1. Pharmaceuticals
7.4.2. Personal Care & Cosmetics
7.4.3. Food & Beverages
7.4.4. Others
Chapter 8. Global Herbal Extract Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Herbal Extract Market, Regional Market Snapshot
8.4. North America Herbal Extract Market
8.4.1. U.S. Herbal Extract Market Source breakdown estimates & forecasts, 2020-2030 Form breakdown estimates & forecasts, 2020-2030 Application breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Herbal Extract Market
8.5. Europe Herbal Extract Market Snapshot
8.5.1. U.K. Herbal Extract Market
8.5.2. Germany Herbal Extract Market
8.5.3. France Herbal Extract Market
8.5.4. Spain Herbal Extract Market
8.5.5. Italy Herbal Extract Market
8.5.6. Rest of Europe Herbal Extract Market
8.6. Asia-Pacific Herbal Extract Market Snapshot
8.6.1. China Herbal Extract Market
8.6.2. India Herbal Extract Market
8.6.3. Japan Herbal Extract Market
8.6.4. Australia Herbal Extract Market
8.6.5. South Korea Herbal Extract Market
8.6.6. Rest of Asia Pacific Herbal Extract Market
8.7. Latin America Herbal Extract Market Snapshot
8.7.1. Brazil Herbal Extract Market
8.7.2. Mexico Herbal Extract Market
8.8. Middle East & Africa Herbal Extract Market
8.8.1. Saudi Arabia Herbal Extract Market
8.8.2. South Africa Herbal Extract Market
8.8.3. Rest of Middle East & Africa Herbal Extract Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. Botanic Healthcare Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.3.2. VIDYA HERBS Pvt. Ltd
9.3.3. Allicin Pharm
9.3.4. HerbalHills
9.3.5. Acara Bioherb Pvt. Ltd.
9.3.6. Pioneer Enterprises (I) Private Limited
9.3.7. Sydler Remedies Pvt. Ltd
9.3.8. Herbal Creations
9.3.9. Alpspure Lifesciences Private Limited
9.3.10. IDOBIO CO., LTD.
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
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Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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