Increasing Demand for Herbal and Ayurvedic Medicinal Products Drives the Growth Global Medicinal Plant Extracts Market

The Market Research Future (MRFR) study on the global market for medicinal plant extracts 2017-2023 has been prepared based on a thorough market review with input from industry experts. The report addresses the market environment and growth prospects for the coming years. The report also provides a list of the significant producers operating in this market.

Plant extracts are natural substances extracted from the tissues of a plant to be used for a specific purpose. The medicinal plant extracts are compounds that are mainly as well as commonly used in the treatment of diseases as they are used in medicines and personal care products as well as others. As medicinal plant extracts are extracted from natural resources, environmental degradation is of the least concern. Phytochemical-containing Medicinal Plant Extracts Market are primarily used in dietary supplements, driving this industry's growth. Nutraceutical industries also use these extracts in their products as the demand for medicinal plant extracts for nutritional supplements is increasing. Global medicinal plant extracts are expected to rise steadily due to the growing demand for plant extracts during the forecast period. There is also a change in global demand from synthetic medicine to herbal medicine, which will push this market's growth during the forecast period.

Market Dynamics 

Global medicinal plant extracts market is rising due to increasing demand for herbal and ayurvedic medicinal products and homeopathic products due to changes in consumer behavior, thereby impacting the growth of this industry. The growing acceptance of medicinal plant extract-related products due to increasing awareness and health issues is also one of the primary factors driving the growth of medicinal plant extracts in the global market. Increased demand for natural skin care products containing medicinal plant extracts is also a significant factor in the growth of this market. 

Significant market dispersion has resulted in the launch of new products based on medicinal plant extracts and their distribution through different regions. Market players are acting to these new opportunities by widening their service offerings/product lines, which has increased the share of medicinal plant extracts on the global market. In addition, the rise in product growth and the advancement in research, are other significant reasons for the increase in the demand for medicinal plant extracts. Thus, along with changing consumer preferences, the growth of the global market for plant extracts has increased significantly during the 2017-2023 forecast period.

Segmentation

The global market for medicinal plant extracts is segmented into type, part, application, and form. 

By type, the global market for medicinal plant extracts is segmented into spices, essential oils, phytochemicals, herbal extracts, and others. Among these, the segment of herbal extracts is the fastest-growing segment due to its natural and health benefits, which have led to an increase in the use of medicinal plant extracts.

Based on parts, the medicinal plant extracts market is segmented into leaf, shell, seed, and others. Leaf is a high growth segment in this market as plant extracts are tissue-derived substances.

Based on the application, the market for medicinal plant extracts is segmented into medicinal products, personal care, and others.

Based on form, the medicinal plant extracts market is segmented into powder, liquid, oil, and others. The liquid segment is expected to increase due to its rapid absorption in medicinal products and personal care products.

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Regional Analysis

The global market for medicinal plant extracts is segmented regionally into North America, Europe, the Asia Pacific, and the rest of the world. 

The Asia Pacific has emerged as a dominant region, followed by North America for medicinal plant extracts. Increasing health benefits, combined with the growing demand for personal care products, have accelerated the growth of the global market for medicinal plant extracts and are therefore projected to significantly increase the market 's revenue contribution during the forecast period. In the Asia Pacific, the growth of this market will be driven by the ancient history of herbal and natural remedies for diseases. However, in the Asia Pacific region, substantial growth is expected in China and India due to growing health concerns and widespread medical usage over the 2017-2023 forecast period.

Key Players

Some of the leading participants in the medicinal plant extracts market are Organic Herb Inc (China), ARJUNA NATURAL EXTRACTS LTD (India), Indfrag (India), Phytovation (U.K.), Plant Extracts International Inc (U.S.), Sigma-Aldrich Co. LLC (U.S.), KANCOR (India).