PUBLISHER: Grand View Research | PRODUCT CODE: 1405007
PUBLISHER: Grand View Research | PRODUCT CODE: 1405007
The global herbal extract market size is expected to reach USD 53.43 billion by 2030, expanding at a CAGR of 8.2% from 2024 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.