Plant extracts contain therapeutic agents, which are widely used in the pharmaceutical segment across the globe. Increasing costs of conventional allopathic medicines and associated side effects such as nausea, vomiting, and diarrhea due to pain killers are driving growth of the market for herbal medicines. Moreover, rising adoption of preventative medicines and increasing awareness towards health benefits associated with herbal medicines are fueling growth of the market. According to the World Health Organization, the demand for herbal medicines from plant extracts is expected to reach US$ 5 trillion by 2050. Growing trend of self-medication and increasing adoption of herbal products in self-care medication is expected to drive growth of the plant extracts market.
Market Dynamics
Europe is projected to hold a dominant position in the global plant extracts market, followed by Asia Pacific and North America over the forecast period. The growth of the market in Europe is driven by the increasing demand for plant-based ingredients in cosmetics coupled with the rising trend of natural cosmetics.
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