Ottawa, July 14, 2023 (GLOBE NEWSWIRE) — The global herbal extract market size accounted for USD 48.23 billion in 2023. The herbal extract is created when plants and herbs are combined with a solvent to draw out their medicinal qualities. The characteristics of the herbs are often preserved by using solvents such as alcohol, glycerin, vinegar, water, or mixtures of these. Herbal extracts can enhance a person’s appearance and general health. The immune system is strengthened, nutritional value is restored, blood sugar levels are reduced, blood pressure is maintained, cholesterol levels are decreased, asthma and constipation are treated, they have good antibiotic and anti-inflammatory capabilities, and they also cure serious diseases like Alzheimer’s and cancer. These are the major factors which are associated with the development of the herbal extract market. 

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Key Insights:

• Asia Pacific region captured more than 39% of revenue share in 2022.
• By Product, dried crops led the market with the highest market share in 2022.
• By Product, the essential oils segment is expected to expand at the fastest CAGR between 2023 and 2032.
• By Application, the food and beverages segment led the market with the largest market share in 2022.
• By Application, the personal care and cosmetics segment is expected to hold a significant market share between 2023 and 2032.

Regional Snapshot:

Europe has a significant share of the market in 2022. The rise of the market in the region is associated due to the increasing manufacturing units of cosmetics industries in the region. Europe has a well-established regulatory framework for herbal products. The European Medicines Agency (EMA) and national regulatory bodies have defined regulations and guidelines for the safety, quality, and efficacy of herbal extracts. The Traditional Herbal Medicinal Products Directive (THMPD) provides a simplified registration process for traditional herbal medicinal products. These regulations provide clarity and transparency, promoting consumer trust and boosting the growth of the herbal extract market. 

Many European countries have a rich history and tradition of herbal medicine. Practices like Traditional European Medicine (TEM) and Traditional European Herbal Medicine (TEHM) have been followed for centuries. This heritage and knowledge base provides a strong foundation for the development and utilization of herbal extracts in Europe. 

Report Highlights:

• By product, dried crops segment dominated the market with largest market share in 2022. The segment is expected to continue its dominance owing to the increase in the demand from the global pharmaceutical industry.
• By application, the food and beverages segment held the largest market revenue in 2022, the segment will continue to grow at a significant rate. The growth of the segment is attributed to the shifting inclination towards clean and plant-based food and beverages across the globe.
• By region, Europe is expected to grow at a noticeable rate during the forecast period. The region’s growth is expected to be driven by the expansion of cosmetics industry in European countries.

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Herbal Extract Market Report Scope:

Market Dynamics

Driver: Rising demand of extracts for herbal medicines 
  
In treating some disorders, herbal medications are proven to be more effective than other types of therapy. They are recognized as all-natural until combined with additional chemical elements. There are no adverse effects with herbal medicine, which is one of its biggest advantages. In terms of general wellbeing, they also frequently provide long-lasting advantages. Obesity is a developing issue that is recognized to have harmful effects on a person’s health. Without requiring a lot of time or effort, herbal medication can greatly assist in dealing with the obesity problem. It is possible to take herbal medications without a prescription of any type. They are fairly simple to locate in a nearby pharmacy. Thus, the rising demand for herbal medicine is driving the growth of the herbal extract market.  

Restraint: Ineffective to cure major ailments

Major ailments typically involve complex physiological and pathological processes within the body. Treating these conditions often requires comprehensive medical intervention, including pharmaceutical drugs, surgical procedures, and specialized therapies. While herbal extracts may play a supportive or complementary role in certain cases, they may not be sufficient as standalone treatments for major ailments. This inherent variability makes it challenging to standardize herbal extracts and determine their consistent efficacy for specific ailments. Lack of standardization can result in inconsistent outcomes and contribute to perceptions of ineffectiveness. 

Related Reports:

• Plant Extracts Market: The global plant extracts market size reached USD 11.12 billion in 2022 and is expected to hit around USD 22.49 billion by 2030, growing at a CAGR of 9.2% during the forecast period from 2022 to 2030.
• Natural Extracts Market: The global natural extracts market size accounted for USD 12.96 billion in 2022 and is projected to surpass around USD 25 billion by 2030, registering a CAGR of 8.9% from 2022 to 2030.
• Botanical Extracts Market: The global botanical extracts market size was estimated at USD 7.09 billion in 2021 and it is projected to reach around USD 12.6 billion by 2030, registering growth at a CAGR of 6.6% during the forecast period from 2022 to 2030.

Opportunity:

The expansion of the herbal extract market is not limited to human applications. The utilization of herbal extracts in animal health and agriculture is also growing. Herbal extracts are being explored for their potential benefits in animal nutrition, feed additives, and veterinary health products. Additionally, they are being studied for their role in plant growth promotion, pest management, and crop protection. The expansion of these sectors creates opportunities for herbal extract suppliers to cater to the specific needs of animal health and agriculture industries. End-users, such as individual consumers, are showing a growing interest in natural and plant-based products for various purposes, including health and wellness, and personal care. This demand is driven by factors such as the desire for clean, sustainable, and eco-friendly products, as well as the preference for traditional and herbal remedies. The expanding consumer base creates opportunities for herbal extract manufacturers and suppliers to cater to this demand and offer a wide range of products to meet consumer needs. 

Challenge: Higher cost is one of the major challenges of the market

There are several factors that limit the market’s growth, including the availability of less-priced competitors. Natural extracts are currently costly because of their complex manufacturing procedures and limited availability.  Natural extracts are more expensive than their synthetic and chemical equivalents because of the significant expenditures involved in the extraction, concentration, and purification processes. Due to the aforementioned factors, natural extracts are expensive, and it is projected that this will provide a substantial hurdle to the market’s growth.

Recent Development:

• In June 2023, one of the leading brand in the wellness and health industry ACTIZEET, announced the launch of a new product line in the Indian market of Pure Essential Oil. They aim to provide natural well-being to their consumers. 

Market Segmentation:

By Product

• Essential Oils
  • Turmeric Oil
  • Ginger Oil
  • Peppermint Oil
  • Davana Oil
  • Cedarwood
  • Cornmint
  • Eucalyptus
  • Lemon
  • Lime
  • Orange
  • Vetiver
  • Tea Tree
  • Patchouli Oil
• Oleoresins
  • Paprika
  • Black Pepper
  • Capsicum
  • Turmeric
  • Ginger
  • Garlic
  • Onion
  • Others
• Herbal Extracts
  • Capsaicin
  • 95% Curcumin
  • Ashwagandha
  • Kale
• Natural Colors
  • Paprika
  • Natural Yellow Color
  • Annatto Color
  • Anthocyanin Color
• Dried Crops
  • Dried Chili Whole
  • Dried Ginger Whole
  • Dried Turmeric Whole

By Application

• Personal Care & Cosmetics
• Food & Beverage
• Animal Feed
• Pharmaceuticals
• Nutraceuticals
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

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