Herbal Extract Market Size, Share & Trends Analysis Report By Type (Cherry, Aloe, Cranberry, Garlic, Turmeric, Ginseng, Cumin), By Application (Personal Care & Cosmetics, Food & Beverages, Animal Feed), By Region, And Segment Forecasts, 2023 - 2030

Herbal Extract Market Size, Share & Trends Analysis Report By Type (Cherry, Aloe, Cranberry, Garlic, Turmeric, Ginseng, Cumin), By Application (Personal Care & Cosmetics, Food & Beverages, Animal Feed), By Region, And Segment Forecasts, 2023 - 2030

Herbal Extract Market Growth & Trends

The global herbal extract market size is expected to reach USD 53.43 billion by 2030, expanding at a CAGR of 8.2% from 2023 to 2030, as per the new report by Grand View Research, Inc. The industry growth is majorly driven by the increased demand for preservative-free, and color-free foods & beverages. The increasing awareness about the skin-friendly usage of herbs has boosted the further demand of the market.

The global personal care & cosmetics industry offers a broad range of bio-based/plant-based products to consumers owing to a surge in demand for such products, especially in developed economies such as the U.S. and the UK. This also presents lucrative growth opportunities for the companies engaged in organic cultivation and extraction of herbs in emerging economies such as China and India for exporting their products to North America and Europe.

Personal care & cosmetics, food & beverages, and nutraceuticals industries prefer natural, eco-friendly, and organic ingredients. This, in turn, fuels the demand for herbal extracts, thereby driving the growth of the market for them over the forecast period.

Moreover, factors such as increasing adoption of anti-aging products, men’s grooming products, online and at-home beauty and personal care services, and holistic bridal services, as well as the presence of an expanded repertoire of products, boutiques, and retail stores with increased shelf space, have positively influenced the demand for herbal extracts.

With the implementation of the plan “Healthy China 2030” China is projected to be a well-established health country with lucrative growth in the next five years. The huge demand for fragrances coupled with the presence of a large consumer base for the skincare market is expected to propel the demand for natural fragrance ingredients in the country. Thus, in turn, propelling the demand for the product market.

Herbal Extract Market Report Highlights

• The global market is estimated to advance with a compounded annual growth rate (CAGR) of 8.5% from 2023 to 2030. This is attributed to the growing adoption of herbal extracts in cosmetics, pharmaceuticals, and food & beverage industries
• Cherry in the product segment dominated the market with a revenue share of over 10% in 2022. This growth is attributed to its therapeutic properties. The cherry extract helps in preventing cancer, fight against inflammation, and promote sound sleep
• Curcumin is another segment witnessing the fastest growth over the forecast period. This is attributed to its excellent anti-inflammatory and antioxidant properties. Curcumin is obtained from turmeric and its antioxidant and anti-inflammatory characteristics make it popular in the pharmaceuticals, cosmetics, and food industries
• Personal care & cosmetics in the application segment dominated the market with a revenue share of over 47% in 2022. This growth is due to the fact that major brands such as J?SÖN, Melvita, Annemarie Borlind, and Avalon Organics are continuously making efforts to increase consumer awareness by organizing educational and promotional campaigns focused on communicating the benefits of using organic personal care & cosmetics products
• Animal feed is another segment witnessing growth over the forecast period. This growth is attributed to the fact that herbal extracts enable immunity improvement, ensure digestive health benefits, and provide the required nutrition to animals
• Asia Pacific region dominated the global market with a revenue share of over 44% in 2022. This growth is due to the fact that countries such as China and India emerged as major exporters of some the extracts such as curcumin, ashwagandha, kale, and others

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