by The Perilla Extract Market is estimated to be valued at US$ 1.15 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Perilla extract is obtained from perilla frutescens, an annual herb belonging to the mint family. It is rich in fatty acids like alpha-linolenic acid and has immunity boosting properties. Perilla extract provides health benefits such as antiviral, anti-inflammatory, antidiabetic and antioxidant effects. It is used as a flavoring agent in various food products and also finds applications in nutraceuticals and pharmaceutical industries.
Market key trends:
Perilla extract is gaining popularity owing to its immunity boosting properties which are highly sought-after amid the COVID-19 pandemic. It contains rosmarinic acid which has anti-viral and anti-inflammatory effects. This has led to higher demand for perilla extract from the nutraceutical industry for developing supplements that support immunity. Also, growing health-consciousness among consumers has increased the demand for herbal extracts in food and beverages. Manufacturers are incorporating perilla extract in various foods as it adds flavor and provides nutritional value. Rising awareness about the health benefits of perilla extract through social media and online content is also fueling the market growth.
Porter’s Analysis:
- Threat of new entrants: Low barrier to entry due to low capital requirement however firms face challenge of establishing brand loyalty.
- Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However brand loyalty provides advantage to existing players.
- Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of alternatives.
- Threat of new substitutes: Threat from new substitutes is low as perilla extract offers unique health benefits compared to other alternatives.
- Competitive rivalry: Intense competition among existing players to gain market share.
SWOT Analysis:
- Strengths: Unique health benefits of perilla extract, Growing awareness about health benefits.
- Weaknesses: Market heavily dependent on production, availability and quality of raw material. Dependency on weather conditions.
- Opportunities: Increasing application in food and pharma industry, Growth in demand for herbal extracts based products and natural ingredients.
- Threats: Threat from artificially synthesized substitutes, stringent regulation and certification process.
Key Takeaways:
The Global Perilla Extract Market Size is expected to witness high, exhibiting CAGR of 6.9% over the forecast period, due to increasing demand for herbal extracts and natural ingredients in food and pharmaceutical industry. The Asia Pacific region dominates the perilla extract market and is expected to grow at the fastest pace during the forecast period. China accounts for the major production and consumption of perilla extract globally.
Regional analysis: The Asia Pacific region dominates the global perilla extract market with China being the major producer and consumer. The region is projected to grow at 7.2% CAGR during the forecast period. Easy availability of raw material and cost competitive manufacturing and processing are major factors driving the perilla extract market in Asia Pacific.
Key players: Key players operating in the perilla extract market are Shaanxi Undersun Biomedtech Co., Ltd., Tocris Bioscience (Bio-Techne Corporation), BioOrigin, Nature’s Sunshine Products, Inc., Organic Herb Inc., Damin Foodstuff (Zhangzhou) Co., Ltd., Nutra Green Biotechnology Co., Ltd., Xian Yuensun Biological Technology Co., Ltd., Guangxi Yiyuan Biotechnology Co., Ltd., Changsha Heking Bio-Tech Co., Ltd., Hangzhou Botanical Technology Co., Ltd., Novoherb Technologies, Jiangsu Changhai Food Additive Co., Ltd., Xian Sost Biological Science & Technology Co., Ltd., Xi’an Plant Bio-Engineering Co., Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
