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Botanical Extracts Market size was USD 35.9 billion in 2023 and is expected to reach USD 61.5 billion by 2031< and is growing at a CAGR of 12.4% during the forecast period< 2024 to 2031.The plant extracts market encompasses the sourcing, processing, and commercialisation of bioactive compounds derived from various plant species. These extracts play a vital role in numerous industries such as pharmaceuticals, cosmetics, food & beverages, and nutraceuticals. With consumer preference shifting towards natural and organic products, the demand for plant extracts has surged, fuelling innovation and investment in the sector. The market is characterised by a wide range of applications, with extracts being utilised for their therapeutic properties, flavouring agents, and functional ingredients that enhance the efficacy of products.

January 4-5, 2025, Hunan Plant Extracts Association 2024 Annual Meeting and the 15th Phytoextracts Forum and the 4th Plant Extracts Innovative Products Exhibition was held in Hunan International Convention and Exhibition Centre - Hunan St. Jennifer's Hotel.

In recent years, as public health awareness has increased, more and more consumers have paid attention to food ingredient information. This year, a number of issues caused by ingredient lists have attracted attention to some companies. Some people believe that the shorter the ingredient list and the fewer ingredients, the better the food, but this concept is not entirely accurate and may even mislead consumers.

Plant extract refers to the use of plants as raw materials, in accordance with the needs of the final product, after physical and chemical extraction and separation process, directed to obtain or concentrate one or more components of plants, without changing the structure of its active ingredients and the formation of the product; according to the needs of excipients can also be made into a powder or granule with good mobility, moisture attraction, and there are a small number of liquid or oily form of the product. Application scenarios include natural colors, natural sweeteners, functional plant extracts, traditional Chinese medicine extracts, essential oils, probiotics and so on.

At the recent 2024 China Health Ingredients Conference and International Sourcing Information Exchange held in Xi'an, Shaanxi Province, a variety of plant extract companies enthusiastically presented their core products to exhibitors. These included Centella asiatica extract, light glycyrrhizin and arbutin with whitening effects, as well as stevia extract, a low-calorie natural sweetener launched by Rhein Biologics, and ergothioneine, a fungal extract with Alzheimer's prevention effects. China is home to about 30,000 species of plants, making it one of the richest countries in the world in terms of plant resources and systems, and these plant extracts are widely used in food, traditional Chinese medicine, health food and cosmetics. 

In recent years, the global recognition of plant extracts has been increasing, driving the rapid growth of the industry scale. Especially in developed countries and regions such as Europe and the United States, the demand for plant extracts has been growing steadily, injecting a strong impetus for the development of the industry. According to the latest research report, the global plant extracts market will reach a size of $64.6 billion in 2028, while the market size of China's plant extracts industry is expected to increase to $60.2 billion in 2025.

Strength of the Herbal Medicines Segment
The herbal segment dominated the global market with the largest revenue share in 2023. Herbal extracts have long been used for their flavour, odour, and medicinal qualities and the demand for these has been rising significantly. Herbs like thyme have been used since ancient times for their aromatic properties and various health benefits including their ability to act as preservatives.