Covid-19 Impact on Medicinal Plant Extracts Market Cost Structure Analysis 2020
Medicinal Plant Extracts Market is growing due to increasing demand for herbal medicines and ayurveda & homeopathic products because of changes in consumer behavior thus influencing the growth of this market. Increasing acceptance of medicinal plant extracts based products due to rising awareness as well as health concerns is also one of the key factor driving the growth of the global medicinal plant extract market. Also, increasing demand for natural skincare products containing medicinal plant extracts is also a major factor in the growth of this market. Major market dispersion has led to the introduction of new products based out of the medicinal plant extracts and their retail across various regions.
The market players are responding to these new opportunities by expanding their service offerings/product lines, which has fuelled up the share of medicinal plant extracts in the global market. Additionally, the augmentation of the product development together with research advancements are other significant reasons for the increasing growth of the medicinal plant extracts market. Hence, along with changing consumer preferences, the growth of global plant extract market is significantly increasing during the forecast period of 2017-2023.
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Some of the Key Players in the Global Medicinal Plant Extracts Market are
Sigma-Aldrich Co. LLC (U.S.)
Plant Extracts International Inc. (U.S.)
- Organic Herb Inc. (China)
- Arjuna Natural Extracts LTD (India)
- Indfrag (India)
- KANCOR (India)
The demand for Medicinal Plant Extracts has pushed manufacturers to innovate and develop new product lines, which provide better quality and offers various health benefits.
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Downstream Market Analysis
Changing consumer preferences is the key factor for the growth of this market. Furthermore, the admiration of medicinal plant extracts and its involvement in medicines and cosmetics is increasing the growth of this market. Rising awareness towards health and natural skincare products as well increasing demand for dietary supplements is expected to play a significant role in the growth of this market during the forecast period. Additionally, the augmentation of the product development together with research advancements are other significant reasons for the increasing growth of the medicinal plant extracts market during the forecast period 2017-2023.
Global Medicinal Plant Extracts Market is regionally segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Asia Pacific has developed as the dominant region followed by North America for the medicinal plant extracts market. Growing health benefits coupled with rise in demand for personal care products has strengthened the growth of global medicinal plant extract market and hence is expected to significantly expand the revenue contribution of the market during the forecast period. In Asia Pacific, owing to ancient history of herbal and natural remedies for diseases, will drive the growth of this market in this region. However, in the Asia Pacific region, significant growth is expected in China and India due to increasing health concerns as well as wide ranging medical uses, over the forecast period 2017-2023.