Vegetable Extract market size, share & industry analysis, By Source (Brassica, Solanaceae, Leafy Vegetables, Others), By Form (Liquid, Dry), By Application (Food & Beverage Industry, Dietary Supplements) and regional Forecast, 2024-2032

Vegetables are important part of balanced diet and an adequate source of various vitamins, mineral, dietary fibers, and phytochemicals. The rising consumer awareness regarding the benefits of regular consumption of vegetables is expected to drive the global market of vegetable extracts. Producers of vegetable extracts are embarking on the launch of clean label and organic vegetable extracts to fulfill the increasing demand for transparency in the product quality.

The increasing production of vegetable crops in various emerging countries is expected to positively impact the market growth. With the increasing number of individuals failing to meet their daily dietary requirements of vegetable intake the demand for vegetable extracts for household application is predicted to increase in the forthcoming years. Furthermore, the intensifying trend of home cooking instead of dining out and easy availability of vegetable paste and sautee block that save time from-scratch cooking are forcing consumers to opt for vegetable extracts.

Vegetable extract production is an easiest way to extend the shelf life of the vegetables without losing their original flavor and taste, thus the production of vegetable extracts is expected to increase in forthcoming years as it can help to reduce post-harvest losses of vegetables. Moreover, increasing vegetable extracts demand for the production of dietary supplements is projected to boost the market growth in the forthcoming years. Doctors and healthcare experts suggest that regular consumption of vegetable extracts in the form of dietary supplements can help to maintain the overall health, which is expected to be a favorable factor for the product’s growth. For instance, regular consumption of broccoli or cereal in the form of dietary supplements can benefit more than consuming raw form as dietary supplements contain concentrated form of the vegetables, which can help to treat various health conditions such as high pressure, diabetes, and others. Furthermore, ease of accessibility to these products as they are widely available on various e-commerce platforms coupled with discounts and freebies offered by e-commerce retailers are expected to positively impact the market growth.

The fluctuating price of raw material i.e. vegetables due to their seasonal availability is predicted to act as a restraining factor for the growth of the market.

Key Players Covered:

The prominent players operating in the global vegetable market are Nikken Foods, instituto fitologico S.L., Phenobio, Anklam Extrakt GMBH, Pharmorgana GMBH, Food Ingredients USA, Sylvestre Natural Ingredients,  Inc., Ingredion, Venkatesh Naturals, The Green Lab LLC., and Others.

Increasing demand for broccoli extracts from dietary supplement manufacturers due to there several health benefits is expected to positively impact the product growth. The increasing popularity of organic tomato extracts and its wide application in the preparation of organic sauces and soups is predicted to boost the production of tomato extracts. In addition, the growing awareness about the health benefits associated with the consumption of leafy vegetables and comparatively low shelf life of these vegetables is predicted to boost the production of leafy vegetables extracts.

The increasing utilization of vegetable paste and sauté blocks from HoReCa sector and processed food industry due to their easy usage is predicted to boost the sales of liquid form of vegetable extracts. Moreover, rising consumer inclination towards consumption of vegetable juice such as tomato and spinach is predicted to positively impact the product growth. Moreover, extended shelf life of the vegetable powder and flacks and their rising application in dry sauces and soups preparation is expected to positively leverage the sales of dry vegetable extracts.

Food and beverage industry is predicted to hold considerable share in the market. With the increasing number of restaurants, rising consumer spending on dining out, and seasonal availability of some vegetables such as green peas, broccoli, the demand for vegetable extracts from food industry is projected to escalate. Rising popularity of vegetable juices is expected to further propel the segment growth.

Regional Analysis:

Asia Pacific is expected to grow at considerable pace in the global market. The production of different vegetable crops has increased tremendously in the countries such as India and China which can act as an opportunity for vegetable extract manufacturers. For instance, Agricultural & Processed Food Products Exports Development Authority of India (APEDA) stated that, India ranks second in vegetables production in the world, after China.

North America is projected to hold significant share in the global vegetable extracts market owing to rising demand for organic vegetables extracts all across North America. With increasing awareness about the importance of vegetables in the balanced diet and busy lifestyle, Americans are always looking for effective easy substitutes such as vegetable paste or powders which require less time for cooking. The increasing demand for vegetable extracts from restaurants as well as households is projected to drive the North America vegetable extracts market.

Segmentation

Key Industry Developments:

• In February 2020, Select Alimenta has announced the launch of a new vegetable extract – Morado Red Corn. The new product is available in three forms: powder, paste and liquid.


• In October 2016, Archer Daniels Midland Company have introduced a new line of fruits and vegetable extracts that can deliver a concentrated dose of the powerful antioxidant in a variety of applications