With improving living standards, people now focus on disease prevention and personal healthcare, rather than just disease treatment. This has led to the rise of plant extracts with dietary health benefits in the big health industry.
In recent years, the plant extract industry has experienced a golden period of development. Currently, over 80% of plant extract businesses in China, accounting for almost 50% of enterprises, primarily export their products to Southeast Asia, Europe, and North America.
The global market for plant extract products is valued at approximately $6.5 billion. Developed countries like Europe and America drive the demand for plant extracts. However, China has become the largest supplier of raw materials due to its advantageous resources and processing costs.
Several future trends can be observed in the plant extract market:
Trend 1: The vegetable extraction industry will grow against the trend due to the impact of the pandemic. In the early stages of the COVID-19 outbreak, there was heightened interest in immune-enhancing and anti-inflammatory products, as well as elderberry, echinacea, and vitamins C and D. This led to increased sales of these products in the United States.
Trend 2: The industry's growth rate is projected to reach 16.5% in the coming years. Over the past decade, the average growth rate of the global plant extract market has been around 5%. It is expected to reach 59.4 billion yuan by 2025, with a compound annual growth rate of 16.5%.
Trend 3: CBD and elderberry are becoming mainstream food supplement products. The global dietary supplement market was valued at $147.8 billion in 2019 and is estimated to reach $228.19 billion by 2027, with a compound annual growth rate of 5.5%. By 2024, the dietary supplement market in the United States is expected to reach $56.7 billion.
Trend 4: China is emerging as the second-largest market for vitamins and health supplements. In 2019, China's per capita expenditure on vitamins and health supplements was only $18, compared to $148 in the United States. With the ongoing development of the COVID-19 pandemic and the robust growth of the big health industry, China's consumer market is experiencing rapid growth and has significant potential for further development.
Trend 5: The pandemic has reinvigorated various plant-based raw materials. Consumers are familiar with vitamin minerals, probiotics, and prebiotics, and their demand is expected to reach $8.1 billion by 2027, with a compound annual growth rate of 6.1%. Additionally, certain raw materials with immune-enhancing properties, such as elderberry β-Dextran, fungal extract, berberine, and sulforaphane, are gaining attention in the market.
Trend 6: The plant-based meat industry is experiencing sustained development. The COVID-19 pandemic has greatly accelerated the growth of the vegetable meat market, which increased from $3.6 billion in 2020 to $4.2 billion in 2021, with a compound annual growth rate of 17.0%. To ensure continued growth, the industry needs to address the challenge of rising raw material prices.
Post time: Oct-06-2023