(MENAFNEditorial) Overview:
The global herbal extracts market is expected to touch a valuation of USD 13.96 billion by 2023, according to Market Research Future (MRFR). This can be attributed to the massive demand for herbal medicine and its associated health benefits. The increase in healthcare costs has led to consumers opting for cost-effective treatment options. Furthermore, the ballooned advertising budget of herbal medicine manufacturers has managed to work in their favor and evoke the interest of consumers.
The growing health-consciousness levels among consumers has led to an increased demand for functional foods and beverages. Preference of preventive measures to keep diseases at bay can influence the buying decisions of consumers. The inclusion of natural ingredients by herbal medicine manufacturers is expected to drive the herbal extracts market growth over the forecast period. Similarly, skin care products derived from herbal extracts are gaining prominence owing to the popularity of social media channels and their emphasis by influencers on these channels. Increase in expendable income levels of consumers and concerns for health can have a positive impact on the herbal extracts market demand by 2023. But stringent government regulations and high production cost can act as growth deterrents.
Segmentation:
The herbal extracts market can be segmented by form and application.
By form, the market is segmented into dry and liquid. The dry segment is likely to register a 7.65% CAGR over the forecast period to reach a valuation of USD 10.5 billion by 2023. Its counterpart segment, liquid, can experience a 7.13% CAGR during the same aforementioned period. The liquid segment can reach a size amounting to USD 3.4 billion by 2023 owing to its long shelf life and its rapid effects on the human body.
By application, the market is segmented into cosmetics and personal care, pharmaceuticals, food and beverages, and others. The cosmetics & personal care segment is touted to enjoy a 7.84% CAGR over the forecast period. Factors driving segment growth include consumer awareness regarding natural ingredients and demand for clean labels on products to promote transparency. The food and beverages segment is the second biggest application which can generate USD 4.2 billion by 2023, showcasing a 7.60% CAGR during the review period. This can be credited to the changing consumer diets and preference for functional foods and beverages.
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Regional Analysis:
The herbal extracts market covers the latest trends and opportunities across North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The North America region accounted for 34.1% share of the herbal extracts market in 2017. Europe assumed the second position with a 30.7% share, followed by APAC (27.3%) and RoW (7.9%) respectively. North America contains large markets of consumers with high dispensable income levels such as the U.S. and Canada. It can enjoy a 7.37% CAGR to reach USD 4.7 billion by 2023.
The European region can expect a 7.61% CAGR over the assessment period owing to high preference for natural ingredients and high sales of nutraceuticals. Germany and the U.K. can contribute greatly to the regional revenue to propel it to USD 4.3 billion by 2023.
The APAC herbal extracts market is touted to enjoy a robust CAGR of 8% during the review period. Rapid urbanization of cities coupled with the increasing income levels of consumers is likely to sustain the market demand till 2023. Changing dietary habits and inclination towards natural cosmetics can positively impact market growth.
The RoW market can experience a 6.09% CAGR over the assessment period to reach USD 1.02 billion by 2023.
Competitive Dashboard:
Key players in the herbal extracts market include Martin Bauer GmbH & Co. KG (Germany), Jiaherb, Inc. (China), Kalsec Inc. (U.S.), Starwest Botanicals (U.S.), Organic Herb Inc. (China), Mountain Rose Herbs (U.S.), Döhler GmbH (Germany), Synthite Industries Ltd. (China), Vidya Herbs (India), and Herbal Extraction Group, Inc. (China). Mergers, acquisitions, and new product launches are strategies employed by players to increase market demand and impact the bottom line margins.
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