Ottawa, Aug. 01, 2024 (GLOBE NEWSWIRE) -- The global herbal extract market size is predicted to increase from USD 38.59 billion in 2023 to approximately USD 97.57 billion by 2033, According to Precedence Research. The inclination towards natural and vegan products across the globe is observed to propel the market’s growth.
The U.S. herbal extract market size accounted for USD 10.45 billion in 2024 and is predicted to be worth around USD 18.67 billion by 2033, expanding at a CAGR of 6.66% from 2024 to 2033.
The herbal extract market is bound to suppliers, manufacturers, end-users, and distributors who are involved in the production of herbal extracts. The herbal extracts are the concentrated forms of plants that contain useful compounds like flavonoids, essential oils, alkaloids, and phytochemicals. For boosting the immune system, losing weight, improving sleep, increasing energy, and enhancing mood, the herbal extract is highly used, leading to the market's growth.
The herbal extract has major applications in various industries like cosmetics, pharmaceuticals, personal care, food and beverages, aromatherapy, and dietary supplements. Various processing, commercialization, and extraction of the bioactive compounds from the plant for various applications.
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Herbal Extract Market Key Insights:
- Asia-Pacific dominated the herbal extract market with the largest market share of 53% in 2023.
- By source, the fruits, flowers and bulbs segment contributed the biggest market share of 45.85% in 2023.
- By type, the phytomedicines segment accounted for the major revenue share of 35.97% in 2023.
- By application, the pharmaceutical & dietary supplements segment has held the biggest market share of 36.52% in 2023.
Herbal Extract Market Regional Outlook
The Asia-Pacific region occupied over 53 % of the market share in 2023.
The Asia Pacific herbal extract market size was USD 20.44 billion in 2023, calculated at USD 22.89 billion in 2024, and is anticipated to reach around USD 47.55 billion by 2033, with a CAGR of 8% from 2024 to 2033.
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Asia-Pacific has various plant species with their medicinal characteristic’s properties. Indian herbal medicines, mainly known as Siddha, Ayurveda, and Unani. have again emerged as popular herbal medical systems. Most of the medicinal plants in India are higher flowering plants, out of which 33% are trees, 32% herbs, 20% shrubs, 12 climbers, and 3% others.
Countries like India, China, and Japan, in large areas, use herbal plants for various cosmetics, food, beverages, and medicinal purposes by using herbal extracts. Not only are the countries amongst the biggest producers, but they also supply the products to other major countries.
- In November 2023, in Mount Taibai, China Jiaherb opened a certified organic farm for herbal extract.
- In October 2023, a study found that the Chinese herbal extracts Ilex purpurea Hassk and Echinacea had both direct and indirect effects on cellular targets and virus particles and demonstrated broad-spectrum antiviral activity against multiple clinical strains of PEDV and PRV.
North America is estimated to be the fastest-growing region during the forecast period of 2024-2033. North America is vigorously involved in innovation and research related to different plant-based ingredients. About 100 medicinal plant products in North America contain antimicrobial properties. Most of the classes of phytochemicals have antiviral, antibacterial, and antifungal. Research organizations in the North American region are investing in herbal extracts to check efficacy, safety, and medicinal properties.
The marketing companies promote the use of natural ingredients, such as herbal extract, which provide health benefits. The United States and Canada-based companies have considerable expertise and experience in marketing and developing herbal extracts.
- In December 2022, North America Medicinal Mushroom Extract (NAMMEX) launched a new formula, which was a combination of organic L-Theanine and red Reishi called MycoCalm.
Herbal Extract Market Report Coverage
| Report Attribute | Key Statistics |
| Herbal Extract Market Size by 2033 | USD 97.57 Billion |
| Herbal Extract Market Size in 2024 | USD 43.38 Billion |
| Growth Rate from 2024 to 2033 | CAGR of 9% |
| Largest Market | Asia Pacific |
| Fastest Growing Market | North America |
| Base Year | 2023 |
| Historical Year | 2021-2022 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Type, Source, Application and Region |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
| Companies Covered | Symrise, Kancor, Synthite Industries Ltd., Ransom Naturals Ltd., India Essential Oils, A.G. Industries, Flavex Naturextrakte GmbH, Arjuna Natural Pvt. Ltd., Firmenich SA, Robertet Group, Sami Spices, doTERRA |
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Herbal Extract Market Segments Outlook
Type Outlook
The dried crop segment dominated the market in 2023. The increasing use of dried crops in the cosmetics industry, food and beverages industries, and pharmaceutical industries contributes to the growth of the herbal extract market. Dried powders of various plants are used as herbicides to manage other weeds. Herbal extracts are used in research and development studies for various disease treatments in dried forms.
- In June 2023, a research paper was published on phytochemical analysis, in vivo, in vitro antioxidant properties in the dried form of Plagiorhegma dubia Maxim, which is a medicinal crop for the treatment of diabetes.
The essential oil segment is the fastest-growing during the forecast period. Essential oils reduce anxiety and pain, boost mood, improve sleep, reduce inflammation, relieve headaches, kill viruses, bacteria, and funguses, improve job performance by reducing stress and increasing attentiveness, and reduce nausea. Essential oils have various applications in different industries. Moreover, the expansion of cosmetics and personal care industries across the globe is observed to propel the segment’s growth in the upcoming years.
Application Outlook
The food and beverages segment dominated the herbal extract market in 2023. Herbal extracts are commonly used in beverages and drinks, and they are collected from several parts of plants. There are various types of herbal teas consumed worldwide by different cultural regions for the prevention of several diseases, pleasure, and taste.
Advanced research and development are necessary to manage the safety, quality, and health of beverages. In that case, novel processing techniques like microencapsulation of herbal extract and spray-dried instant processing are recommended for longer shelf life and minimize health risks from traditional production methods. Mainly, herbal extracts are increasingly being added to staple food items like yogurt, snack bars, and cereals for breakfast to enhance their nutritional quality. Rising demand for packaged food because of busy schedules and changing lifestyles leads to the growth of the segment.
The personal care and cosmetics segment is the fastest-growing during the forecast period. Herbal extracts are ancient methodologies. Their references were discovered in Unani and holy Vedas, which is called a decoction. Herbal extracts are processed to serve health prospects and cure several remedies. Herbal extracts in liquid and other forms have proved to be a panacea for diseases like mental fatigue, cardiac problems, and digestive disorders.
To increase the production of potency, herbal extracts are used in medicines. Herbal extracts are used in various skincare products and cosmetics. Such products are beneficial for better results and less or no side effects. Nowadays, the population is shifting towards herbal cosmetics and nature. Cosmetics, which are made of herbal extracts for haircare, cleansing, fairness, and anti-marks, are popular in the herbal extract market.
Herbal ExtractMarket Dynamics
Driver: Rising demand for herbal products
In the last few years, herbal extract-based medicines have been considered a main practice in the medical community promoted for allopathic drugs. There has been a change in awareness as scientific research has approved many health benefits of herbal medicines. Even medical practitioners have started recognizing certain herbal medicines. Some of them recommend herbal treatments after evaluating their patients' medical history and symptoms. Various health organizations have also approved the use of many herbal medicines.
As people become aware of evidence-based herbal practices and extracts through extensive research studies and awareness campaigns, there is more confidence among the masses. Herbal extracts satisfy the increasing consumer need for natural and traditional methods of self-care. Manufacturers effectively promote their herbal extracts as science-backed natural remedies. These factors have led to the increasing acceptance of herbal medicines in modern times. In nutraceuticals, supplements like anti-aging treatments and herbal protein powders lead to demand for herbal products.
Restraint: Longer medicinal process and slower results
Herbal extract-based medicines may have slower results, which may not be as effective as pharmaceutical medicines in some situations. In some critical conditions, using herbal extract remedies may not be suitable as quick results are needed.
Herbal extract-based medicines are ineffective for serious health conditions or serious ailments. Such concerns associated with slower results are observed to limit the adoption of herbal extract-based products. Thereby, the factor acts as a major restraint for the expansion of the market.
Browse More Insights:
- Herbal Beauty Products Market: The global herbal beauty products market size was estimated at USD 88.83 billion in 2023 and is expected to hit USD 144.53 billion by 2033, foreseen to register a growth at a CAGR of 5.03% from 2024 to 2033.
- Plant Extracts Market: The global plant extracts market size was valued at USD 55 billion in 2022 and is expected to hit around USD 98.96 billion by 2032, poised to grow at a CAGR of 6.10% during the forecast period 2023 to 2032.
- Herbal Nutraceuticals Market: The global herbal nutraceuticals market size was estimated at US$ 64 billion in 2022 and it is projected to surpass around US$ 122.98 billion by 2032, growing at a CAGR of 6.80% from 2023 to 2032.
- Aroma Chemicals Market: The global aroma chemicals market size was reached at USD 5.32 billion in 2023 and it is expected to increase around USD 8.59 billion by 2033, expanding at a CAGR of 4.95% from 2024 to 2033.
- Brain Health Supplements Market: The global brain health supplements market size was USD 10.16 billion in 2023, accounted for USD 11.30 billion in 2024, and is expected to reach around USD 29.38 billion by 2033, expanding at a CAGR of 11.2% from 2024 to 2033.
- Plant-based API Market: The global Plant-based API market size was reached at USD 30.12 billion in 2022 and it is expected to hit around USD 56.12 billion by 2032, registering a CAGR of 6.42% from 2023 to 2032.
- Men Skin Care Products Market: The global men skin care products market size was estimated at USD 16 billion in 2023 and is projected to hit around USD 29.61 billion by 2033, growing at a CAGR of 6.40% from 2024 to 2033.
- Nutraceutical Packaging Market: The global nutraceutical packaging market size was USD 3.66 billion in 2023, calculated at USD 3.84 billion in 2024 and is expected to reach around USD 6.13 billion by 2034, expanding at a CAGR of 4.8% from 2024 to 2034.
- Immune Health Supplements Market: The global immune health supplements market size was valued at USD 20.05 billion in 2023 and is anticipated to reach around USD 41.09 billion by 2033, growing at a CAGR of 7.44% from 2024 to 2033.
Opportunity: Increasing research and development investments
Raised investing in research and development projects permits for the investigation of new herbal sources, formulation methods, and extraction techniques. Researchers look towards the potential of herbal extracts in discovering novel drugs, addressing specific health conditions, and developing new treatments. This becomes an opportunity for the herbal extract market in the healthcare and pharmaceutical industries.
- In January 2023, a research paper published on the development of herbal products using nanotechnology was named nanophytomedicine in the areas of pharmaceutical research.
Herbal Extract Market Leaders
- A.G. Industries
- Arjuna Natural Pvt. Ltd.
- doTERRA
- Flavex Naturextrakte GmbH
- Firmenich SA
- India Essential Oils
- Kancor
- Ransom Naturals Ltd.
- Robertet Group
- Synthite Industries Ltd.
- Sami Spices
- Symrise
Recent Developments:
- In January 2022, SAVA Healthcare launched an herbal formulations business. SAVA herbals are based on the science of Ayurveda.
- In October 2022, a research paper was published on current approaches and prospects of plant-derived natural products for drug discovery.
- In June 2023, Maya Veda Herbal, a skin and hair care brand, launched personal care products that are made of 100% plant/ botanical/ herbal extract.
- In May 2023, Flagler County welcomed India’s Vidya Herb's new manufacturing plant. This India-based global manufacturer of skincare products and weight management products uses the ingredients and herbal extract.
- In September 2023, Biotropics Malaysia launched its novel BioKesum leaf extract clinically to support brain health.
Segments Covered in the Report:
By Source
- Fruits, flowers and bulbs
- Leaves
- Barks & stems
- Rhizomes & roots
- Others
By Type
- Phytomedicines
- Essential oils
- Spices
- Flavors & fragrances
By Application
- Pharmaceutical & dietary supplements
- Food & Beverage
- Cosmetics
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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