Project report for Herbal extraction

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Introduction

It is estimated that nearly 960 plant species are used by the Indian herbal industry, and the turnover of the industry is more than Rs 80 billion. Herbal exports include medicines of AYUSH (Ayurveda, Unani, Siddha, and homoeopathy) products, which occupy a share of 3% of total Indian pharmaceutical export. Herbal extract is a liquid solution of herbs and alcohol. The dried or fresh herbs are combined with alcohol, then the solid matter is removed leaving only the oils of the herbs mixed with the alcohol. Most commercially sold extracts have herb to alcohol ratio printed on the label. This is not the same as an ingredients list which is also present on most commercial extracts. Herbal extracts are sold as dietary supplements and alternative medicine and commonly used for flavoring in baking and other cooking much like vanilla extract. Herbal extracts are often referred to as tinctures by herbalists and alternative medicine practitioners. With the changing consumer perceptions related to plant-based food products, some of the key food & beverages manufacturers strategize on including plant ingredients into their marquee final products. This, in turn, triggers the demand for plant extract products among manufacturers. Herbal extracts, Essential Oils, and flavors are the key types of plant extracts that are gaining a higher level of traction in the Indianmarket. 

Market potential & Strategy

The global plant extracts market is estimated at INR 228, 500 Crores in 2021 and is projected to reach INR 410, 300 Crores by 2026, at a CAGR of 6.0% from 2021 to 2026. The increase in number of health - conscious people and the rising vegan trends are the major factors driving the plant extracts market. The India Herbal Extract Market by End Users (Pharmaceuticals & Nutraceutical, Cosmetics and Food & Beverage Industries), by Extract type (Carotenoids, Aloe Vera, Ginger, Capsicum, Turmeric, Shilajit, Marigold, Shatavari and Others), Oleoresins and Essential Oil Plant or herbal extracts are natural products which have gained immense importance over the past few years. There is a rapid growth in India Herbal Extracts Market, majorly driven by the growing preference of people for natural and herbal products over the already existing chemical-based products. Such products are used as raw materials or ingredients by the companies operating in pharmaceuticals, cosmetics, and food and beverages industries across the world. Asia Pacific is amongst the fastest growing geographies owing to the demand and supply of herbal extracts from China and India. India herbal extracts market has recorded phenomenal growth over the years with rising awareness among the people about the health benefits of consuming herbal products. The global vegan population accounted for approximately 79 million. This huge number is attributable to the rise in awareness related to the health benefits associated with the consumption of plant-based food products among the target consumers.

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