Plant Extracts Market: Introduction
According to a recent study conducted by Transparency Market Research on Herbal Extracts, it was found that the market is growing at a CAGR value of 6.7%and should reach US$ 60,945.3 Min by 2031.
Vegetable extracts are widely used by food manufacturers in the production of a variety of food products such as snacks and savory products, baby foods, soups, salads, dressings and sauces. They also have a huge market in the restaurant as well as the retail and household sectors.
The East Asian market accounts for the highest value share of the global herbal extracts market at 29.4% in 2021. The East Asian market is currently valued at US$ 9,358 Mn and should reach a valuation of US$ 20,026.6 Mn by the end of the forecast period.
Supply and demand uncertainties associated with seasonal vegetables fuel demand for vegetable extracts
Increased instability in raw material availability, manufacturing, and prices due to seasonal variations is a major factor driving people to consume herbal extracts. Additionally, the year-round growing demand for food prepared with seasonal ingredients is fueling the expansion of the market.
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Additionally, seasonal variations in demand have significant effects on businesses in the fresh produce supply chain. Growing consumer demand for seasonal food tastes and flavors at any time of the year is leading food manufacturers and processors to introduce seasonal vegetables in the form of extracts. Vegetable extracts are also a convenient approach to reducing waste, as powders can be used to reuse raw vegetables that are otherwise thrown away. They are also much easier to transport after manufacture. Manufacturers also try to ensure that taste is not compromised while nutritional requirements are met. These features can make for a very appealing nutrition label.
Consumer preference for convenience drives demand for ready-to-eat products
Dehydrated vegetables are convenient in today’s lifestyle, as professionals find it difficult to regularly buy fresh vegetables and clean, sort and size them before cooking. Dehydrated vegetables are mainly used as condiments in various cuisines, as they are made from sun-dried and powdered variants of fresh vegetables.
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The main features of these dehydrated vegetable spices are pure content, hygienic processing methods, long shelf life, distinct taste and smell, high nutritional value, cost-effectiveness and moisture-free content. The main attributes customers look for in ready meals are ease of packaging, usability, nutritional value, variety, safety and product appeal. The search for convenience is mainly driven by the increased value of time and rising income.
As consumer perceptions of ready-to-eat/packaged food products have changed, vegetable extracts such as dehydrated vegetables are becoming increasingly popular around the world. Their increasing adoption in fast food chains and expansion in the convenience food industry are expected to propel the expansion of the herbal extracts market.
Increasing vegetable production in developing countries to provide opportunities for growth
Companies are setting up new production plants in developing countries to reduce costs. Plant extracts are produced in almost all developed countries. Despite the high production of vegetables in many developed countries, the prices of vegetable extracts are high due to their processing costs. High labor costs, high raw vegetable prices, and expensive electricity add more value to the finished product. The production of dehydrated vegetables in developing countries, which are also large vegetable producers, can be helpful in reducing costs due to the availability of cheap labor, cheap vegetable costs and cheap electricity.
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Countries like India and China offer a wide variety of vegetables at affordable prices. Manufacturing in these countries can reduce the prices of herbal extracts and, in turn, increase the size of the market.
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