Northbrook, IL -- (SBWIRE) -- 10/22/2021 -- The global plant extracts market is estimated at USD 30.8 billion in 2021 and is projected to reach USD 55.3 billion by 2026, at a CAGR of 6.0% from 2021 to 2026. The increase in number of health conscious people and also the rising vegan trends are the major factors driving the plant extracts market.

According to the United Nations (UN), as of 2021, the global vegan population accounted for approximately 79 million. This huge number is attributable to the rise in awareness related to the health benefits associated with the consumption of plant-based food products among the target consumers. With the changing consumer perceptions related to plant-based food products, some of the key food & beverages manufacturers strategize on including plant ingredients into their marquee final products. This, in turn, triggers the demand for plant extract products among manufacturers. Herbal extracts, Essential Oils, and flavors are the key types of plant extracts that are gaining a higher level of traction in the global market.

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COVID-19 impact on the plant extracts market:

The novel coronavirus/COVID-19 pandemic had significantly impacted almost all industries across the globe. This pandemic has resulted in mass production shutdowns and supply chain disruptions, which has also affected the economy as well.

This disease has a variable impact in different countries depending on their cultural norms, mitigation efforts, and health infrastructure, and each country is working its way out to fight against the pandemic. However, there are various research studies stating the use of medicinal plant extracts against coronavirus. Researchers are working on various medicinal plant extracts to fight COVID-19

In the current scenario, it has become important to boost the immunity to fight coronavirus, along with maintaining hygiene and following all medical advisories that have been laid down. Even the guidelines provided by World Health Organization (WHO) in its COVID-19 analysis suggest the world population consumes immunity-boosting foods. Hence, the demand for medicinal plant extracts carrying properties of boosting human immunity is at the surge in the pharmaceuticals & nutraceuticals industry.

The worldwide lockdown, however, has also affected farming practices, which has highly impacted the supply of raw materials of medicinal plant extracts. The COVID-19 impact on logistics also contributes to the increased prices of raw materials, which boosts the cost for medicinal plant extracts manufacturers. With barriers to cross-border transportation of commodities in this pandemic situation, manufacturers are highly dependent on local raw material suppliers, which increases the bargaining power of suppliers. Hence, the increased raw material prices, followed by high demand for medicinal plant extracts, would lead to an increased price of medicinal plant extracts for the next few years.

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Key players in this market include Symrise AG (Germany), Sensient Technologies Corporation (US), International Flavors & Fragrance Inc. (US), Givaudan (Switzerland), Dohler (Germany), Synergy Flavors (US), Synthite Industries Private LTD, PT Indesso Aroma (Indonesia), Vidya Herbs Private Ltd. (India), Nutra Green Biotechnology Co. Ltd. (China), Kalsec Inc. (US), Martin Bauer Group (Germany), Kangcare Bioindustry Co. Ltd. (China), Blue Sky Botanic Ltd (UK), Shaanxi Jiahe Pyhtochem Co. Ltd. (China), Tokiwa Phytochemical Co. Ltd. (China), Native Extract Pty Ltd. (Australia), Ransom Natural Ltd (UK), Prinova Group LLC (US), and Arjuna Naturals Extract Ltd. (India).

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