The Global Vegetable Extracts Market share value is expected to grow at a CAGR of 4.3% during the forecast period 2023–2028 to reach USD 127.5 billion by 2028 from USD 99.1 billion in 2022.
Vegetable extracts are concentrated liquid or powder forms of vegetables that are made by removing water and other impurities. The extraction process involves a variety of methods, such as solvent extraction, steam distillation, and supercritical fluid extraction. These vegetable extracts are rich in a variety of nutrients and bioactive compounds, such as vitamins, minerals, antioxidants, and phytonutrients. These extracts have a wide range of health benefits, such as reducing the risk of chronic diseases, such as heart disease, stroke, cancer, and diabetes, improving digestion and gut health, promoting healthy skin and hair, and enhancing cognitive function and mood. In addition, it also reduces inflammation and pain. These vegetable extracts are used in a wide range of products to increase the flavor of soups, sauces, and beverages, along with fortifying vitamins, minerals, and other nutrients. Moreover, vegetable extracts are also used in nutraceutical products to develop dietary supplements and herbal remedies. This versatility is making vegetable extracts popular among consumers.
The increasing consumer awareness of the health benefits of vegetable extracts is one of the major factors propelling the vegetable extracts market demand. As vegetable extracts are the concentrated form of the nutrients and bioactive compounds found in vegetables, these compounds are extracted through a variety of methods., such as solvent extraction, steam distillation, and water extraction. Vegetable extracts are a rich source of vitamins, minerals, and antioxidants, which have numerous health benefits. In addition to the antioxidant property, these extracts aid in boosting the immune system by increasing the production of white blood cells and other immune cells. Thus, vegetable extract improves overall health by promoting healthy digestion and improving cognitive function.
Also, the rising demand for natural and clean-label products is another key factor leading to the vegetable extracts market expansion as consumers are increasingly seeking products that are made from natural ingredients and contain no addition of preservatives and artificial additives. These vegetable extracts provide a natural way to enhance the flavor, color, and nutritional value of food and beverage products. Consumers are becoming aware of the potential health risks of artificial additives and preservatives. Hence, this caused an increase in the vegetable market expansion.
In addition, there is a growing popularity of plant-based diets among consumers, as more and more consumers are choosing plant-based diets due to various factors, such as environmental and health. As consumers are becoming aware of animal welfare, the shift in trend towards veganism and vegetarian diet caused a rise in the consumption of vegetable extracts as these vegetable extracts can be used in the creation of delicious and nutritious plant-based foods and beverages, which hence makes them an attractive option for people, especially for consumers having plant-based diets. Plant-based diets are generally linked with reduced risk of heart disease, stroke, and cancer.
Moreover, vegetable extracts are also being used excessively in many functional foods and beverages; for example, these extracts are used in soups and juices to boost the immune system, in the improvement of digestion, and in reducing the risk of chronic diseases. Overall, the increased demand in the food and beverage industry fuelled the vegetable extracts market growth.
One of the significant market restraints affecting the vegetable extracts market is the fluctuating prices of the raw materials. Vegetable extracts are derived from fresh vegetables, which it is prone to seasonal variations in price and availability, which makes it difficult for the manufacturers to maintain consistent production costs and prices for their products, such as unfavorable weather conditions, like droughts, floods, and pests, which affect crop yields and damage crops. This leads to a shortage of vegetables and higher prices. Moreover, the cost of transportation of vegetables from farms to processing production plants also creates fluctuations because of fuel prices and labor costs. Along with this, sudden changes in vegetable prices also affect the vegetable extracts market growth. In addition, the variation in the availability of raw materials also disrupted the production of vegetable extracts, leading to a shortage of the finished product and thus reducing sales. Hence, this limiting factor led to the decline in the vegetable extracts market share.
The vegetable extract market has created opportunities in the pharmaceutical and cosmetic industry, and it has led to an increase in its market size. In pharmaceutical products, vegetable extracts are commonly used in reducing inflammation and chronic pain; for example, garlic extract is used in lowering cholesterol, while green tea extract is used in boosting the immune system. These vegetable extracts also aid in reducing the side effects of certain medications. Whereas in cosmetic products, vegetable extracts enhance the texture of the skin and improve hair growth. Such as aloe vera extract, which is used in soothing and moisturizing the skin and also soothes sun-burnt skin. Thus, these expanding applications of vegetable extracts in the pharmaceuticals and cosmetics industries provide a vegetable extracts market expansion opportunity.
The outbreak of COVID-19 had both positive and negative impacts on the vegetable extract market, due to the implementation of lockdown and travel restrictions, to restrict the spread of the virus, the pandemic disrupted the production capacity because of disruptions in the supply chain and labor shortages. Additionally, the restaurants and other food service establishments also led to a decrease in demand for vegetable extracts from these businesses. However, the pandemic also created awareness of the health benefits of vegetable extracts, as many consumers were seeking ways to boost the immune system and improve their overall health, as vegetable extracts are the natural and effective way to improve the immune function of the body. As a result, the demand for vegetable extracts increased. Overall, the COVID-19 pandemic had a mixed impact on the vegetable extract and impacted its market share.
The brassica segment dominates the market share due to the substantial demand for brassica extracts in the pharmaceutical, cosmetic, food, and beverage industries. Brassica extracts are frequently used in food and beverage items to improve flavor improve texture, and increase shelf life since they are a rich source of antioxidants, vitamins, and minerals. Solanaceae extracts have a significant market growth rate. These are often used in food and beverage products, as well as in pharmaceutical and cosmetic products. At the same time, leafy vegetables are used as dietary supplements.
Based on the form, the vegetable extracts are divided into liquid and dry. The dry segment dominates the market share. Dry vegetable extracts are more convenient to store and carry than liquid vegetable extracts. Dry vegetable extracts, for instance, can be utilized in both food and beverage items. At the same time, the liquid segment has a significant market share since it is often used in food and beverage products, such as juices, smoothies, and concentrated food products.
Based on the applications, the vegetable extracts market is divided into food and beverage industry and dietary supplements. Food and beverages dominate the market share due to the wide usage of vegetable extracts in juices, sauces, dressings, baked goods, and beverages. Vegetable extracts have the highest market share, often used to improve overall health and well-being, as well as to treat specific health conditions.
The Asia Pacific region dominates the market share due to the high demand for vegetable extracts in the food and beverages industry. Moreover, the rising trend of veganism and the high number of vegetarians in countries like India further boost the market size. The increasing disposable income fuels the vegetable extracts market growth. North America has the largest market share because of the rising health benefits of vegetable extracts among consumers. Europe has significant market growth, as the consumption of dietary supplements has increased among people to reduce various chronic illnesses. Latin America, the Middle East, and Africa have the lowest market share as compared to other regions.
Key Players in the Market:
Major Key Players in the Global Vegetable Extracts Market are
Frequently Asked Questions
Increasing consumer awareness of the health benefits of vegetable extracts is one of the major driving factors.
The market is estimated to register a CAGR of 4.3% during the forecast period.
The major players are Ingredion Givaudan, Symrise, Döhler, Naturex, Kerry Group, Cargill, Archer Daniels Midland (ADM), Chr. Hansen, Koninklijke DSM N.V., Tate & Lyle and Sensient Technologies
Fluctuations in demand and supply of vegetables are one of the challenging factors.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 1800
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region