As per newly released data, the floral extract market is estimated at USD 2,966.9 million in 2024 and is projected to reach USD 4,832.8 million by 2034, at a CAGR of 5.0% from 2024 to 2034. The share of the floral extract market in its parent market (personal care ingredients market) is approximately ~5%-7%.
Currently, the market for floral extracts has been expanding steadily since people prefer products with natural and organic ingredients in cosmetic and personal products. This growth is attributed to an increase in clean beauty products and innovations in extraction techniques, coupled with an increase in adoption in pharmaceutical and F& B industries.
North America, Europe, and South America are however currently prominent markets but the growth in demand is estimated to be the highest in Asia-Pacific. Urbanization, increased disposable income, and awareness of the environment are some of the drivers that will lead to the growth of this market and make floral extracts an important component in various industries across the globe.
| Attribute | Details |
|---|---|
| Current Floral Extract Market Size (2023A) | USD 2,818.9 Million |
| Estimated Floral Extract Market Size (2024E) | ~USD 2,966.9 Million |
| Projected Floral Extract Market Size (2034F) | ~USD 4,832.8 Million |
| Value CAGR (2024 to 2034) | ~5.0% |
| Floral Extract Market Top Players' Share in 2023 | ~10%-15% |
Key Points Covered in Floral Extract Market Survey
According to the analysis, the market of floral extract has seen a moderate growth rate from the year 2019 to 2023, primarily due to the rising usage of natural products in the production of personal care and cosmetic products. The historic market grew at a CAGR of about 4.2%, reaching USD 2,818.9 million by 2023 end.
Further, it is predicted that the market is set to grow, with a higher CAGR of 5.0% during the forecast period. Forecasting the given market, by 2034, it is expected to amount to USD 4,832.8 million. This is on the back of higher demand in the pharmaceutical industries, food and beverages industries as well as growth in the clean beauty segment.
Moreover, an increase in the middle-aged group of people in several developing countries and a rising interest in environmental sustainability will support the demand for floral extracts. North America and Europe will remain important markets, however, Asia-Pacific is forecast to have the highest growth rate due to strong and unceasing urbanization and improving disposable income.
The growing popularity of natural products, as well as their increased use in various types of cosmetic formulations such as hair care, facial treatment, and perfumes, resulted in the growth of the market for floral extract products.
Furthermore, factors such as changing lifestyles, consumption patterns, and rising demand for organic cosmetics are a driving force. People have become increasingly environmentally conscious and it has led to an increase in the number of manufacturers using plant extracts, including flower extract ingredients. These extracts are used in cosmetic formulations such as facial creams and body lotions, which will alternatively propel the market in the coming years.
An Emergence of Socially- Conscious Consumer to Boost Market Growth
A new global trend has emerged recently, the emergence of socially conscious consumers. Consumers' purchasing criteria have shifted as the demand for natural or organic products is on a progressive trend. This might be due to the increased awareness, putting pressure on manufacturers to produce natural ingredient mixed or organic products in line with the agenda towards sustainability.
Rising health & environmental concerns also generate demands for cosmetic products which are eco-friendly. The global socially conscious consumers want to purchase products which are good for them as well as for the planet. In this way, floral extract products which are completely natural and/or organic, are healthy and do not harm society. Thus, a growing demand for natural products from the floral extract market, especially essential oils has been observed in the floral extract market.
Growing Vegan Population and Rising Focus on Organic/Natural Ingredients to Boost Floral Extract Sales
The USA is considered a lucrative market for floral extract and is expected to register a significant CAGR of 3.2%. The increased demand for floral extracts in the USA is highly influenced by the growing vegan population and rising focus of organic and natural ingredients products which transformed almost every aspect of the beauty industry.
Further, with a strong desire for cosmetics to be cruelty-free, many brands are focusing on bringing vegan perfumes and personal care products devoid of animal-based ingredients into the markets, thereby potentially raising the demand for plant-based products such as floral extract.
Expansion of Beauty & Fragrance Industry to Experience Augmented Demand for Floral Extracts
The Indian market is expected to rise at an impressive growth rate. The market is driven by the ever-expanding beauty and fragrance industry in the Indian market, on account of unprecedented urbanization, increased incomes, a rise in the number of working women, and the growing importance of men's grooming products, which will signify ample growth opportunities for the stakeholders.
Key Brands Shifting Focus Toward Natural/Organic Ingredients to Boost Product Sales
Europe is expected to remain one of the key markets. Accounting for a majority of the market share. Germany held the largest market share in 2023 in Europe. Germany offers greater opportunities for floral extract manufacturers, due to the emergence of a large number of beauty brands focusing entirely on natural and organic ingredients.
Further, as the cosmetics and personal care industry is taking to a whole new level through ‘personalized’ products, floral extract manufacturers are likely to witness a period of sustained demand.
Health and Wellness Conscious Consumer to Opt for Essential Oils
In terms of extract type, the essential oil category dominated the market with the highest revenue share of 48.7% in 2023. Essential oils have been increasingly gaining prominence in both developed and developing countries, and the result is likely to lead to increased demand for floral extracts.
In an attempt to maintain a healthy lifestyle, today’s consumers are turning to products and practices that not only enhance their physical appearance but also help improve health and wellness. On the back of these factors, the essential oil category is anticipated to dominate the target market throughout the forecast period.
Beneficial Natural Floral Extract Gaining Prominence in the Current Market Scenario
Based on the nature segment, the natural category dominated the global market with the highest revenue share of 61.1% in 2023. The natural ingredient market is growing due to its beneficial properties such as anti-wrinkle agents, lightening/whitening agents, healing agents etc.
Healthy living is considered the current trend in the natural cosmetics market that drives the demand for ingredients coming from the floral extract market, which is further propelling the category forward in the global market.
Anti-Inflammatory & Anti-Oxidant Properties of Rose Highly Preferred by Consumers
In the global floral extract market, the demand for roses is increasing in the skincare industry due to its benefits in its anti-inflammatory and antioxidant properties. Rose is high in vitamins and minerals, and its oil is excellent for treating dry skin. It also has astringent properties, making it a powerful anti-acne, anti-redness, and anti-inflammatory agent.
These are a few of the factors that have facilitated growth in the adoption of rose-based floral extract in the market.
High Efficiency & Compatibility of Distillation Method Providing Towards Market Growth
Based on the method segment, the distillation method category accounted for a significant share of 44.1% of the global market in 2023. The distillation method is the most used technique for the floral extract market across the world.
Steam distillation is widely used for essential oil extraction and is very popular in the floral extract market. However, some flowers are too delicate for the distillation process. In that case, another popular method which is known as solvent extraction is used in the floral extract industry.
Leading players operating in the global market are focusing on expansion, development, and new product launches to expand their business globally.
For Instance
| Attribute | Details |
|---|---|
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America, Latin America, Europe, East Asia, South Asia, Oceania & MEA |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, UK, France, Spain, Italy, Russia, Benelux, South Africa, Northern Africa GCC Countries, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia & New Zealand |
| Key Segments Covered | Extract Type, Nature, Source, Method, Application, Region |
| Key Companies Profiled | Carrubba Incorporated; Firmenich SA; Givaudan; Hddes Group; Herbarom; International Flavors & Fragrances Inc.; Kalishankar Export; Kancor Ingredients Limited; Katyani Exports; Lebermuth; Mane SA; Nateva Sas; Nesso-Natural & Essential Oils Pvt. Ltd.; Plantex; Robertet; Star Kay White, Inc.; Symrise; Synthite Industries Pvt. Ltd.; Takasago; Uchiya Essential Oils |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The global floral extract market reached a valuation of USD 2,818.9 million in 2023.
The global floral extract market grew at a sluggish 4.2% CAGR between 2019 and 2023.
Leading players operating in the global floral extract market are Carrubba Incorporated, Firmenich SA, Givaudan, Hddes Group, Herbarom, and International Flavors & Fragrances Inc., among others.
The North American floral extract market is projected to grow at a 3.7% CAGR over the forecast period.
Leading players in the global floral extract market are estimated to account for approximately ~10%-15% of the total market share.
The European floral extract market is anticipated to expand at 3.5% CAGR over the forecast period.
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Floral Extract Market
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