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Learn - Tuesday 25, 2020
Global herbal extracts market has been growing at a continuous pace because of its various health benefits and increasing awareness about side effects from using chemical based products. Even at the times of recession the demand of herbal products is not much affected as people desire to maintain their health when the treatments are costlier. The extraction process requires obtaining active ingredients, using cost effective and appropriate solvents to increase the yield and its quality. There are various extraction processes each varying in cost efficiency, limitations and time consumption.
Goldstein Research analyst forecast the herbal extracts market size is set to reach USD 18 billion by 2024, growing at a CAGR of 7.09% over the forecast years. As per the trends it has been noted that 80% of the world’s population use herbal products in primary healthcare. Such market trends are leading the market to keep growing.
On the basis of application, pharmaceuticals have the highest market share in the application of the herbal extracts followed by food segment due to increased health awareness and increasing use of herbal food and drinks. Herbal pharmaceuticals market has market size of USD 129.87 billion in 2016, owing to the lower cost than allopathic products and fewer side effects.
According to our global market study on the basis of extensive primary and secondary research, “The rising trend is the widespread acceptance of natural food and drinks in diet, using herbal medicines as an alternative to other medicines and the chemical based cosmetic products. To ascertain these trends new developments are coming up in the extraction process to make the extracts cost efficient and increase the yield.”
According to the report, major driving factor for the growth of herbal extracts market is the availability of the herbs as per its application. The affordable equipment for extraction process, easy availability of the herbs and being cost efficient compared to the chemical based products are the major advantages while extracting the active ingredients from the herbs.
Further, the major challenge for the extraction is the standardization and quality control. The extraction is either single herb based or multiple herbs based. In multiple herbs extraction it is difficult to have the quality and quantity control. Standardization includes batch to batch consistency, correct amount of extract per unit. Standardization is difficult with the herbal extraction compared to the chemical compositions.
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