The global Plant Extracts Market is expected to experience a surge of 6.0% over the forecast period. This is because of the growing number of health conscious people and the increasing drift towards vegan culture. Plant extracts are increasingly used in healthcare industry because of its remarkable healing features.
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Plant Extracts Market Dynamics
Plant extracts are increasingly used in a wide variety of applications such as medicines, essential oil, flavours, skin care products, and the production of simulant drinks, which is accounted to be the stand alone force supplementing the growth of the global plant extracts market. Also, the surging health awareness among people and the rising consumption of plant-based food items will supplement the market growth. The augmenting application of plant extracts for establishment of drugs in Ayurveda and Homeopathy is likely to contribute to the Plant Extracts Market size.
Besides this, the consumption of food and beverages with artificial ingredients has several side effects which have raised the agitation towards food security and potential health issues will elevate the market growth. For example, the US Food and Drug Administration (FDA), in 2018, prohibited seven synthetic flavourings that are concerned with cancer and proclaimed to use the naturally extricated supplement to flavour foods.
However, the global Plant Extracts Market report envisages that the unstable prices of raw materials because of the continual availability and the huge storage costs required to maintain stock throughout the year has restrained the market growth. Moreover, as projected by the global Plant Extracts Market analysis, the sudden spread of the coronavirus pandemic and the rigorous lockdown norms enforced all over the world have disturbed the supply chain, mass production, and the prices of raw materials of plant extracts, which may further obstruct the market growth.
Application Segment Drivers
Based on the application, the cosmetics segment is anticipated to experience a robust growth over the coming years. This is primarily because of the aggravating adoption of herbal products and demand for organic beauty products among individuals. In addition, as per the Plant Extracts Market analysis, botanical products offers an abundant amount of antioxidants, vitamins, essential oils and oils, proteins, which effect the biological properties of the skin, and offer the nutrients for healthy skin, which is likely to strengthen the market growth.
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