Global Herbal Extracts Market valuation is estimated to reach a valuation USD 13.96 billion by 2023 at a CAGR of 7.52% over the assessment period.
A growing trend has been recognized in the past years regarding the adoption of natural and organic sources for medicine. This has encouraged the rising demand for herbal medicines since they cause little to no side-effects. Moreover, herbal extracts are slowly entering into the Food & Beverage industry and gaining more acceptance among consumers due to its offered benefits. With a growing healthy lifestyle, consumers are shifting to herbal extracts in food and beverages since they contribute towards a healthier lifestyle. Skincare products are also expected to play an essential role in the growth of the herbal extracts market. Moreover, high expenditure capacity due to a rising per capita income is also fuelling the demand for herbal extracts market over the review period.
However, organic and naturally processed items have higher costs since their production involves complicated measures. Owing to the complexity and the potential these extracts hold, more investments for research and development activities are required, thus creating slowing down the growth of the market in the process. Moreover, governments across the globe have stringent policies towards the market availability of such products, which makes the products the production cost. All of these factors are expected to hamper the market growth of herbal extracts over the review period.
the major players identified in the Global Herbal Extract Market Size are Döhler GmbH (Germany), Herbal Extraction Group, Inc. (China), Jiaherb, Inc. (China), Kalsec Inc. (U.S.), Martin Bauer GmbH & Co. KG (Germany), Mountain Rose Herbs (U.S.), Organic Herb Inc. (China), Starwest Botanicals (U.S.), Synthite Industries Ltd. (China), Vidya Herbs (India), and others.
Global Herbal Extract Market is segmented based on form and application.
The forms of herbal extracts available in the market are liquid and dry. The larger market share is acquired by a dry herbal extract form and is expected to reach USD 10.5 billion at a 7.65% CAGR by the end of the review period. Additionally, the liquid market is anticipated to reach USD 3.45 billion by 2023.
The applications of herbal extracts include food & beverages, cosmetics & personal care, pharmaceuticals, and others. The pharmaceutical segment accounts for the dominant market share and is expected to reach 5.38 billion by the end of the evaluation period. However, the fastest growing market segment is cosmetics & personal care, which is likely to register a CAGR of around 7.84% during the review period.
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Based on the region, the global herbal extract market is segmented into Asia Pacific, Europe, North America, and the Rest of the World (RoW).
North America accounts for the biggest market share and is expected to retain its dominant market standing over the forecast period. The region is anticipated to reach 4.7 billion by the end of the forecast period at 2023 at a 7.97% CAGR. The U.S. accounts for the bulk of the market share to be acquired in this region.
Europe stands as the second-largest region in the global herbal extracts market following North America. Europe is expected to acquire USD 4.30 billion at a CAGR of 7.61% during the forecast period, owing to the economic expansion, and stable industrial growth.
The Asia Pacific region is assessed as the fastest-growing region in the global herbal extracts market and is likely to grow at CAGR of 8% during the review period and reach 3.9 billion by 2023. Emerging economies in this region like China and India are estimated to be the major contributors to the market share t be acquired in this region over the review period.
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