Natural Extracts Market Size, Share, Growth Analysis, By Source(Plants, Animals, and Minerals), By Type(Phytochemicals, Essential oils, Flavors and Fragrances, and Others), By Application(Food and Beverages, Pharmaceuticals, Personal Care and Cosmetics, and Nutraceuticals), By Region - Industry Forecast 2024-2031

Natural extracts Market was valued at USD 11.1 Billion in 2022 and is expected to grow from USD 12.09 Billion in 2023 to reach USD 23.91 Billion by 2031, at a CAGR of 8.9% during the forecast period (2024-2031)

The natural extracts market is highly competitive, with numerous players operating in the market. Some of the key players in the market include Archer Daniels Midland Company, Symrise AG, Givaudan SA, Kerry Group, and International Flavors & Fragrances Inc. These companies are engaged in various growth strategies, such as mergers and acquisitions, product launches, and partnerships, to gain a competitive edge in the market. Additionally, companies are investing in research and development to develop new and innovative natural extracts with enhanced functionality and improved properties. The increasing demand for natural and organic products is expected to further intensify competition in the natural extracts market in the coming years. 'Symrise AG', 'Givaudan SA', 'International Flavors & Fragrances Inc.', 'Firmenich SA', 'Takasago International Corporation', 'Kerry Group plc', 'Sensient Technologies Corporation', 'Archer Daniels Midland Company', 'Robertet SA', 'Döhler GmbH', 'Nexira SAS', 'Naturex SA', 'Kalsec Inc.', 'Frutarom Industries Ltd.', 'Vidya Herbs Pvt. Ltd.', 'Synthite Industries Ltd.', 'Biolandes SAS', 'PT Indesso Aroma', 'Plant Extracts International Inc.', 'Martin Bauer Group', 'Kalsec, Inc. announced the introduction of a new range of natural extracts in June 2023. The new line, which is intended for use in a variety of food and beverage applications, contains extracts of ginger, turmeric, and black pepper. ', 'Naturex stated in May 2023 that it would be increasing its natural extract production capacity. It is anticipated that the expansion will cater to the increasing need for natural extracts in the beverage, food, and cosmetics sectors. ', 'In March 2023, Chr. Hansen, a producer of natural ingredients, announced the launch of a new range of natural extracts called Fermentech™. These extracts are produced using a fermentation process and are intended for use in the food and beverage industry. ', 'In  November 2023  L’Oréal Groupe announced an exclusive, industry-first partnership with Cosmo International Fragrances to bring a Green Sciences-based extraction process to revolutionize the art of fine fragrance creation.  '

Growing consumer awareness about the harmful effects of synthetic chemicals and the increasing preference for natural and organic products is a major driver of the natural extracts market. Consumers are becoming more health-conscious and are looking for products that are free from synthetic chemicals and additives. Natural extracts are perceived as safe and healthy alternatives to synthetic chemicals, which is driving their demand in various application segments such as food and beverages, pharmaceuticals, personal care and cosmetics, and nutraceuticals. The trend towards clean-label products and increasing demand for sustainable and environmentally friendly products is also contributing to the growth of the natural extracts market.

One of the key market trends in the natural extract market is the growing demand for plant-based extracts. Consumers are increasingly seeking natural and plant-based products, and this trend is driving the demand for plant-based extracts. Manufacturers are also focusing on producing plant-based extracts to cater to this growing demand. In addition, there is a growing trend of using natural extracts in functional food and beverage products, such as energy drinks and health supplements, which is driving the growth of the market. Furthermore, there is an increasing focus on sustainable and ethical sourcing of raw materials, which is driving innovation and growth in the natural extract market.

North America is one of the dominating regions in the natural extracts market. The region is witnessing increasing demand for natural extracts from the food and beverage, pharmaceutical, and cosmetic industries. The high demand for natural and organic products and the presence of major players in the region are driving the growth of the market. The United States is the largest market for natural extracts in North America. The country has a well-established food and beverage industry and is witnessing an increasing demand for natural extracts in this industry. The pharmaceutical industry in the US is also driving the growth of the natural extracts market. The country is home to many major pharmaceutical companies that use natural extracts in their products. Canada is also a significant market for natural extracts in North America. The country has a well-developed food and beverage industry and is witnessing increasing demand for natural extracts in this industry. The cosmetics industry in Canada is also driving the growth of the natural extracts market. The country has a large cosmetics industry, and many companies are shifting towards using natural and organic ingredients in their products. Mexico is another emerging market for natural extracts in North America. The country has a growing food and beverage industry, and there is an increasing demand for natural extracts in this industry. The cosmetics industry in Mexico is also driving the growth of the natural extracts market. The country has a large cosmetics industry, and many companies are shifting towards using natural and organic ingredients in their products. The natural extracts market in North America is dominated by major players such as Archer Daniels Midland Company, Cargill, Incorporated, and DuPont de Nemours, Inc. These companies are investing heavily in research and development activities to come up with new and innovative natural extracts that can cater to the growing demand from various industries.