The global Perilla Extract Market is estimated to be valued at US$ 1.15 billion in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Perilla extract is derived from the Perilla frutescens plant, which is native to Asia. It is widely used in the food and beverage industry as a natural food additive and flavoring agent. Perilla extract is known for its antioxidant and anti-inflammatory properties, making it popular in the healthcare and cosmetics industries as well. The increasing demand for natural and herbal products among consumers is driving the growth of the Perilla Extract Market
1. Driver: Growing Consumer Preference for Natural and Herbal Products
Consumers are becoming more conscious about their health and are increasingly turning towards natural and herbal products. Perilla extract is considered a natural and herbal ingredient that offers various health benefits, including improved digestion, reduced inflammation, and enhanced immune function. This shift in consumer preference towards natural and herbal products is driving the demand for perilla extract.
2. Opportunity: Rising Demand for Functional Foods and Nutraceuticals
With the growing awareness of the importance of a healthy diet, there is an increasing demand for functional foods and nutraceuticals. Perilla extract is rich in essential nutrients and bioactive compounds, making it a popular ingredient in functional foods and nutraceuticals. The increasing demand for functional foods and nutraceuticals presents significant opportunities for the perilla extract market to expand its product offerings.
The perilla extract market can be segmented based on product type and application. In terms of product type, the oil segment dominates the market due to its wide range of applications in the food and cosmetics industries. The oil derived from perilla extract is rich in omega-3 fatty acids, which are known for their health benefits. In terms of application, the food and beverages segment is expected to dominate the market due to the increasing demand for natural food additives and flavoring agents.
Political: The political landscape plays a crucial role in the production and distribution of perilla extract. Government regulations and policies regarding the cultivation, extraction, and import/export of herbal products can impact the market.
Economic: The economic growth of a region directly influences the purchasing power and consumption patterns of consumers. The rising disposable incomes and changing lifestyles of consumers are driving the demand for natural and herbal products, including perilla extract.
Social: The growing health consciousness and awareness about the benefits of natural and herbal products among consumers are major social factors driving the demand for perilla extract.
Technological: Advancements in extraction technologies and scientific research are leading to the development of innovative and efficient extraction methods for perilla extract. These technological advancements are contributing to the growth of the market.
– The global perilla extract market is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period, due to increasing demand for natural and herbal products.
– Asia Pacific is the fastest-growing and dominating region in the perilla extract market, driven by the traditional use of perilla extract in Asian cuisines and the growing popularity of natural and herbal products in the region.
– Key players operating in the global perilla extract market include Shaanxi Undersun Biomedtech Co., Ltd., Tocris Bioscience (Bio-Techne Corporation), BioOrigin, Nature’s Sunshine Products, Inc., Organic Herb Inc., and others.
In conclusion, the global perilla extract market is witnessing significant growth due to the increasing demand for natural and herbal products. The market is driven by factors such as growing consumer preference for natural and herbal products and the rising demand for functional foods and nutraceuticals. The market is dominated by the oil segment and the food and beverage application segment. Asia Pacific is the fastest-growing region in the market. With advancements in extraction technologies and increasing awareness about the benefits of perilla extract, the market is expected to expand further in the coming years.