Herbal Extracts Market CAGR Status Current and

Herbal Extracts Market, CAGR Status, Current and Future Growth Research Report By MRFR

Market Synopsis

As per the analysis by Market Research
Future (MRFR), the global herbal extracts market is estimated to acquire market
value of USD 13.96 billion, expanding at a significant CAGR by 2023. The herbal
extracts market analysis 2020 is flourishing owing to the increasing
awareness about the side effects of using chemical-based products. The shift in
consumer trend of using natural products than the synthetic ones is estimated
to fuel the market significantly. The increasing application of herbal extracts
in various spheres. The presence of Vitamin A, Vitamin K, Vitamin S, magnesium,
iron, potassium, and calcium content makes the herbal extracts suitable for
their application in food and beverage applications. Likewise, mint extracts
have an extensive application in personal and pharmaceutical products since
they have healing properties. Further, the application of herbal plants in the
manufacture of medicines is estimated to augment the market substantially.
Besides, it possesses anticancer, antidiarrheal, antimicrobial, analgesic, and
antioxidant properties.

On the contrary, the high cost of
production, stringent government regulations, adulteration, and availability of
synthetic products is estimated to hamper the market significantly during the
assessment period. However, increased purchasing power, along with the numerous
benefits offered by the herbal extracts, are estimated to combat the hampering
factors. In addition, the disruption of COVID-19 has further propelled the
market significantly. The demand for medicinal plant extracts carrying
properties of boosting human immunity has gained momentum, leading to an upward
trajectory of the growth market graph.

Market Segmentation

The segment analysis of the global herbal
extracts market is done by application and source.

The application-based segments of the
global herbal extracts market are food & beverages, pharmaceuticals & nutraceuticals,
personal care, and others.

The source-based segments of the global
herbal extracts market are cosmetics and personal care, pharmaceuticals, food and
beverages, and others.

Key Players

The renowned players of the global herbal
extracts market are Jiaherb, Inc. (China), Martin Bauer GmbH & Co. K.G.
(Germany), Kalsec Inc. (U.S.), Organic Herb Inc. (China), Starwest Botanicals
(U.S.), Mountain Rose Herbs (U.S.), Synthite Industries Ltd. (China), Döhler
GmbH (Germany), Vidya Herbs (India), and Herbal Extraction Group, Inc. (China).

Regional Analysis

Based on geography, the global herbal
extracts market is segmented into Asia-Pacific, Europe, North America, and the
Rest of the World (RoW). According to the study, the global market is estimated
to be led by the APAC region. Countries such as India and China comprise a
sizeable tropical area that consists of various medicinal and herbal plants.
Further, the high consumption of herbal beverages, rising production of herbs
in the region are recognized to be the major driving forces developing the
regional market. Besides, the region is projected to exhibit the highest CAGR
owing to the surging demand for food and beverages and herbal cosmetics.

North America is estimated to expand
significantly during the assessment period owing to the increasing inclination
towards the consumption of herbal products. Further, consumers with high
disposable income are likely to drive the regional market.

The European market is estimated to record
a CAGR of 7.61%, holding a market value of USD 4.3 billion by 2023. The region
is developing owing to the substantial contribution of Germany and the U.K.
Further, the increased awareness of the benefits of the herbal extracts are
likely to propel the regional market further.

The RoW is estimated to exhibit a CAGR of
6.09%, acquiring a market value of USD 1.02 billion by 2023. The region is
likely to prosper owing to the increasing awareness about the benefits of
herbal extracts.

NOTE: Our Team of Researchers are
Studying Covid19 and its Impact on Various Industry Verticals and wherever
required we will be considering Covid19 Footprints for Better Analysis of
Market and Industries. Cordially get in Touch for More Details.