Overview:
This can be attributed to the massive demand for herbal medicine and its associated health benefits. The increase in healthcare costs has led to consumers opting for cost-effective treatment options. Furthermore, the ballooned advertising budget of herbal medicine manufacturers has managed to work in their favor and evoke the interest of consumers.
The growing health-consciousness levels among consumers has led to an increased demand for functional foods and beverages. Preference of preventive measures to keep diseases at bay can influence the buying decisions of consumers. The inclusion of natural ingredients by herbal medicine manufacturers is expected to drive the Herbal Extracts Market Analysis growth over the forecast period. Similarly, skin care products derived from herbal extracts are gaining prominence owing to the popularity of social media channels and their emphasis by influencers on these channels. Increase in expendable income levels of consumers and concerns for health can have a positive impact on the Herbal Extracts Market Analysis demand by 2027. But stringent government regulations and high production cost can act as growth deterrents.
Segmentation:
By application, the market is segmented into cosmetics and personal care, pharmaceuticals, food and beverages, and others. The cosmetics personal care segment is touted to enjoy a 7.84% CAGR over the forecast period. Factors driving segment growth include consumer awareness regarding natural ingredients and demand for clean labels on products to promote transparency. This can be credited to the changing consumer diets and preference for functional foods and beverages.
Regional Analysis:
The Herbal Extracts Market Analysis covers the latest trends and opportunities across North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The North America region accounted for 34.1% share of the Herbal Extracts Market Analysis in 2017. Europe assumed the second position with a 30.7% share, followed by APAC (27.3%) and RoW (7.9%) respectively. North America contains large markets of consumers with high dispensable income levels such as the U.S. and Canada. It can enjoy a 7.37% CAGR to reach USD 4.7 billion by 2027.
The European region can expect a 7.61% CAGR over the assessment period owing to high preference for natural ingredients and high sales of nutraceuticals. Germany and the U.K. can contribute greatly to the regional revenue to propel it to USD 4.3 billion by 2027.
The APAC Herbal Extracts Market Analysis is touted to enjoy a robust CAGR of 8% during the review period. Rapid urbanization of cities coupled with the increasing income levels of consumers is likely to sustain the market demand till 2027. Changing dietary habits and inclination towards natural cosmetics can positively impact market growth.
Competitive Dashboard:
Key players in the Herbal Extracts Market Analysis include Martin Bauer GmbH Co. KG (Germany), Jiaherb, Inc. (China), Kalsec Inc. (U.S.), Starwest Botanicals (U.S.), Organic Herb Inc. (China), Mountain Rose Herbs (U.S.), Döhler GmbH (Germany), Synthite Industries Ltd. (China), Vidya Herbs (India), and Herbal Extraction Group, Inc. (China). Mergers, acquisitions, and new product launches are strategies employed by players to increase market demand and impact the bottom line margins.
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