According to MarketsandMarkets, the global plant extracts market size is estimated to be valued at USD 34.4 billion in 2022 and is projected to reach USD 61.5 billion by 2027, recording a CAGR of 12.3% in terms of value. Additionally, as more research studies in the field are carried out and show that plant extracts have positive effects medically more it will benefit the industry. The industry is witnessing a lot of new product launches and acquisition and mergers between big players.
The key players in this market include International Flavors & Fragrances Inc. (US), Givaudan (Switzerland), Symrise (Germany), Kerry Group Plc (Ireland), ADM (US), and Synthite Industries Ltd (India), Kalsec Inc. (US), Kangcare bioindustry co. ltd. (China), Carbery Group (Ireland), DSM (Netherlands), Döhler (Germany), Synthite Industries Ltd (India), Indesso (Indonesia), and Vidya Herbs (India). To strengthen their market position in the global plant extracts market, they are now focusing on strategies such as product developments, mergers and acquisitions, product innovations, joint ventures, collaborations, and partnerships.
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Symrise is a global manufacturer and supplier of flavors, fragrances, cosmetic bases, and ingredients. The company was founded after the merger of Dragoco Gerberding & Co. AG (Germany) and Haarmann & Reimer GmbH (Germany). It serves client ranging from food and beverage, pharmaceutical, and manufacturer of nutritional supplements and pet food. It operates through two business segments: taste, nutrition & health, and scent & care. The company, through its subsidiary Diana Group, offers various plant extracts and other ingredients for the food & beverage, cosmetics, and personal care industries. Diana Naturals has 30 industrial sites and 29 sales offices in around 23 countries of the world, working closely to integrate the company’s flavors and fragrance business, to establish a significant position in the food & beverage market.
In July 2022, Symrise introduced Maison Lautier 1795 (fragrance), a naturals brand, and its first three product lines. The emphasis is on artisan, sustainably grown Mediterranean flowers and plants. This adds to the company’s scent product portfolio.
Givaudan is one of the largest players in manufacturing and marketing of flavors & fragrances. Givaudan is involved in the manufacturing of botanical fragrance and flavors. The Company has two business activities, taste & wellbeing, and fragrance & beauty. The company’s fragrance & beauty division offers fine fragrances, consumer products, active beauty products, and fragrance ingredients, whereas the taste & wellbeing offers a wide range of natural and synthetic flavors used in beverages, dairy products, savory, snacks, and sweet goods. A variety of flavors offered by the company include citrus, seafood, vanilla, and natural products. Givaudan is present globally in 148 locations, manufacturing its products through 64 production sites. Its presence traverse from regions including Asia Pacific, Europe, Africa, the Middle East, North America, and South America. Some of Givaudan’s subsidiaries include Naturex (France), Givaudan France Fragrances SAS (France), Ungerer & Company Inc. (US), and Golden Frog Flavor and Fragrance (Vietnam).
In October 2021, Givaudan introduced DigiPuls, the first olfactive social listening tool designed to collect and decode online spontaneous comments about fine fragrances from consumers. Digi Pulse is a digitally strategic method of gathering feedback from online consumer posts. It collects consumer voices using a special algorithm that captures and analyzes their views with a unique focus on olfactory driven perceptions, which is powered by artificial intelligence (AI). Givaudan perfumers and creative teams use the decoded olfactive data to tailor their fragrance to the preferences of their customers. This would allow the company to better understand the needs of its customers
Sensient Technologies Corporation is a global leader in the manufacture and marketing of colors, flavors, and other specialty ingredients. The company’s flavor & extract group develops, manufactures, and sells flavor systems to the food, beverage, personal care, and household-products industries. The Group supplies multinational and regional companies under the unified brand names Sensient Flavors and Sensient Natural Ingredients. Its manufacturing sites for flavor & extract segment are in US, Belgium, Costa Rica, Mexico, Germany, and the UK. The Company offers natural and synthetic color systems for application in foods, drinks, pharmaceuticals, and nutraceuticals through its color group division. Its manufacturing sites for color group segment are in US (Missouri), Brazil, Canada, China, France, Germany, Italy, Mexico, Peru, and the UK.
In July 2021, The Company acquired Flavor Solutions, Inc., a New Jersey-based flavors company. This business is now part of the flavors and extracts segment, and to assist the company in expanding its flavor product portfolio and adding technological expertise in product formulation.
Plant Extracts Market by Product Type (Oleoresins, Essential Oils, Flavonoids, Alkaloids, Carotenoids), Application (Food & Beverages, Cosmetics, Pharmaceuticals, Dietary Supplements), Form, Source and Region - Global Forecast to 2027
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