The global plant extracts market is expected to grow from USD 30.8 billion in 2021 to USD 55.3 billion by 2026, at a CAGR of 6.0% from 2021 to 2026. The growth of the plant extracts market is driven by the rising demand for healthier lifestyle of consumers preferring more natural products. The increasing number of applications for plant extracts across products has helped establish a strong market for these products. Plant extracts have been used in pharmaceuticals, food, and cosmetics industries across the globe. However, recently, they have gained a lot of interest as they are relatively safer, with minimal side effects to health as compared to synthetic extracts. Hence, they are widely used as antimicrobials and anti-inflammatory drugs. In cosmetics, these extracts find applications as anti-aging reagents, hair oils, mouth wash, liniments, and dental care products.
The plant extracts market is highly fragmented; hence, there are numerous players in the market offering a wide range of plant extracts; the major plant extract manufacturers include Givaudan (Switzerland), Sensient Technologies Corporation (US), International Flavors & Fragrances, Inc (US), Kangcare Bioindustry Co., Ltd. (China), Synthite Industries Private Ltd. (India), and PT. Indesso Aroma (Indonesia). These players have focused on strategies such as new product launches and collaborations to gain a larger market share in the plant extracts market.
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Givaudan (Switzerland) is one of the largest players in manufacturing and marketing of flavors & fragrances. The company’s fragrances division offers fine fragrances, consumer products, active beauty products, and fragrance ingredients, whereas the flavors division offers a wide range of natural and synthetic flavors used in beverages, dairy products, savory, snacks, and sweet goods. With the acquisition of Naturex (France), the company strengthened its product portfolio of plant extracts used in various applications, including food & beverages, cosmetics, personal care, and dietary supplements. The company uses more than 60 varieties of plants to manufacture extracts for various applications.
Givaudan is present globally in 148 locations, manufacturing its products through 64 production sites. Its presence traverse from regions including Asia Pacific, Europe, Africa, the Middle East, North America, and South America. Apart from this, Givaudan also has approximately 60 creation and application centers across the globe to carry out its innovations and developments. The company’s competitors include International Flavors & Fragrances (US) and Symrise AG (Germany).
International Flavors & Fragrances (IFF) (US) was founded after the merger of Polak & Schwarz (Netherlands) and Van Ameringen-Haebler (US). It is primarily engaged in the production and marketing of flavors and fragrances. The company caters to industries, such as fine fragrance, consumer fragrance, fragrance ingredients, cosmetic actives, beverage, dairy, sweet, and savory. International Flavors & Fragrances operates through three business segments: Taste, Scent, and Frutarom. Frutarom (Israel) is one of the subsidiaries, which the company acquired in October 2018. Through Frutarom, IFF sells most of its plant extracts and natural ingredients for various industrial applications, including food & beverages, cosmetics, personal care, dietary supplements, and pharmaceutical.
IFF has a global presence with customers in over 162 countries, 37 manufacturing facilities, 69 creative centers, and application laboratories in 37 different countries, including the US, China, Australia, Spain, Turkey, and Germany.
Sensient Technologies Corporation (US) is a global manufacturer and marketer of colors, fragrances, and flavors. End industries the company caters to include food & beverage, cosmetics, pharmaceuticals, inks & colors, and fine chemicals. In July 2018, the company acquired Mazza Innovation Limited (Canada), which would increase its presence in the plant extracts and natural ingredients space.
The company operates through four business segments: flavors & fragrances, color, Asia Pacific, and corporate & others. Sensient Technologies operates through 75 locations in 35 countries and has customers in approximately 150 countries. Its offices and facilities are present in North America, South America, Asia Pacific, Europe, and the Middle East. The company operates globally, through its subsidiaries, such as Sensient Dehydrated Flavors LLC (US), Sensient Natural Extraction Inc. (US), Sensient Colors Canada Ltd (US), Sensient India Private Ltd (India), Sensient Technologies Ltd (Thailand), and Sensient Flavors S.r.l (Italy).
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Plant Extracts Market by Type (Phytomedicines & Herbal Extracts, Spices, Essential Oils, Flavors & fragrances), Application (Pharmaceutical & Dietary Supplements, Food & beverages, cosmetics), Sources and Region – Forecast to 2026
