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Plant extracts is a substance or certain components with beneficial properties that is extracted from the tissues of a plant typically treated with solvent to be used for a specific purpose. The extracted content may be in solid or liquid form andissolubilised and treated with fluid solvent. Nowadays, the term "extract" is often misused. Actually, only solid/liquid extraction is capable of processing and producing it, but often basic crushed plant powders are sold as "extracts." Plant extracts are used in various industries as raw material for manufacturing their products. Commonly, plant extracts are widely used in pharmaceutical companies, food and beverages industry, pet food industry, dietary supplements and cosmetics.
The COVID-19 outbreak has caused a decline in the growth of the global industries creating a mass disruption for buyers as well as sellers. Markets and production units have been shutdown globally which has stopped the production, sale, and marketing of the product. This has also offered an opportunity for the companies to look after their supply chain relationship and business models for the future.
Owing to the increase in awareness about several benefits offered by herbal products, consumers have increased the demand for phytomedicines and herbal extracts, herbal cosmetics, and other food products made from herbal ingredients. As people are coming to know about ill effects on health by using synthetic products they are switching to herbal and plant extract based products.
The wide usage of plant extracts in pharmaceutical industry due to its beneficial properties is supporting the market to remain profitable. Antibacterial effect of plant extracts, especially for the treatment of age-related disorders such as memory loss, immune disorders and osteoporosis, are contributing to the growth in demand of plant extract for medicine manufacturing. Furthermore, the rising introduction of regulatory requirements for the use of plant extracts as phytomedicine is expected to provide lucrative market opportunities for the growth of the segment of phytomedicines and herbal extracts, which, in effect, is expected to boost the demand for plant extracts during the projected period.
The technological advancements and upgradation in plant extraction process increases the production capability of the companies and helps them extract various components from plants efficiently with low cost and effort which in turn resulting in new entrants in the market and expansion of product line of existing market players. For instance, in 2019, there have been new technological enhancements in the production methods of cannabis extraction. The introduction of high-tech manufacturing equipment and chemical apparatus enables the cannabis industry to break away from the extraction techniques of the past and experiment with new and innovative approaches. This has enabled new types of cannabis extract, such as oral tinctures, wax concentrates and vape oils to enter the market.
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