The Global Plant-based API Market size is expected to reach $42.6 billion by 2030, rising at a market growth of 5.8% CAGR during the forecast period.
The Plant-based API are majorly utilized in Pharmaceuticals to make a variety of medications and to provide a wide range of health advantages, therefore, the pharmaceutical sector registered $ 17,322.1 million revenue in the market in 2022. As chronic conditions like cancer, heart disease, and diabetes become more prevalent, there is an increasing demand for innovative and efficient therapies. The major causes of death in the United States, according to the CDC in 2022, were chronic diseases like diabetes, cancer, and heart disease. The country's $4.1 trillion in average healthcare costs per year are also largely attributable to them.
Similarly, according to the Australian Government, in 2020–21, one or more chronic illnesses were predicted to affect nearly half of Australians (11.6 million people or 47%). Therefore, the increasing chronic disease burden will aid in expanding the market. Some of the factors impacting the market are growing demand for sustainable and natural medicines, rise in healthcare industry investment levels, and issues like quality control, standardization, and sustainability of plant-based API.
Due to the rising consumer desire for sustainable and natural products, the demand for plant-based APIs is increasing. The environmental impact of what people use is becoming a growing concern for many customers, who are increasingly turning to sustainable and natural alternatives. As a result, numerous plant-based medications have been developed. One of the key factors boosting the market's growth is the increasing number and size of investments made in the healthcare industry by governments of different countries.
More emerging nations are anticipated to have expanded access to quality healthcare as a result of their explosive economic growth and rising healthcare costs. The market is growing as a result of rising healthcare industry spending. Many producers of APIs were returning to their pre-COVID initiatives, notably in the supply chain for vital medicines. Leading pharmaceutical companies are embracing new business models and providing solutions based on KPIs or key performance indicators per nation. Increased R&D in many nations resulted in the innovation of new APIs like plant-based. Therefore, the pandemic had a slightly positive impact on the market.
However, the regulatory environment surrounding plant-based APIs is unpredictable. A significant gap in fulfilling regulatory requirements for herbal medication research exacerbates the issue of herbal drug regulation. To establish the efficacy and safety of herbal medicines, there is inadequate scientific evidence. Hence, all these elements are hampering the growth of the market.
Based on molecule type, the market is characterized into alkaloids, anthocyanin, flavonoids, phenolic acids, terpenoids, lignin & stilbenes, and others. The terpenoids segment procured a considerable growth rate in the market in 2022. The chemotherapeutic as well as therapeutic benefits of terpenoids are thought to be responsible for the segment's expansion. Terpenoids have been proven to have properties that make them beneficial in the prevention and treatment of a wide range of illnesses, including cancer. These properties include those that are antibacterial, antifungal, antiparasitic, antiallergenic, antiviral, immunomodulatory, antispasmodic, anti-inflammatory, and antihyperglycemic.
On the basis of end-use, the market is classified into pharmaceuticals, nutraceuticals, herbal based industries, and others. The pharmaceuticals segment recorded the largest revenue share in the market in 2022. The growth of the segment may be due to the rising incidence of chronic diseases and the market's growing need for cutting-edge treatments. The use of genetically engineered crops to produce drugs and vaccines, which helps provide medications at a reduced cost, is one of the significant advancements. As important stakeholders in the supply & distribution of such pharmaceuticals place a greater emphasis on them, the potential for plant-based pharmaceuticals to give patients speedier access to drugs is also expected to grow.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 27.2 Billion |
| Market size forecast in 2030 | USD 42.6 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 5.8% from 2023 to 2030 |
| Number of Pages | 174 |
| Number of Table | 300 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Molecule Type, End-use, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment garnered the maximum revenue share in the market in 2022. The increase in the geriatric population and the increased health consciousness among the populace are both credited with the market expansion in this region. According to the United States Census Bureau, in 2020, there were 55.8 million people over the age of one in the United States or 16.8% of the total population. Due to the widespread belief that nutraceuticals can prevent chronic diseases, the region exhibits strong adoption and consumption rates. Slowing down the aging process helps to promote health and prevent chronic diseases.
Free Valuable Insights: Global Plant-based API Market size to reach USD 42.6 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include BASF SE, Evonik Industries AG (RAG-Stiftung), Cargill, Incorporated, Roquette Freres SA, Arboris, LLC, Centroflora Group, Kothari Phytochemicals & Industries Ltd., Brains Bioceutical Corp., Indo Phytochem Pharmaceuticals and HimPharm.
By End-use
By Molecule Type
By Geography
This Market size is expected to reach $42.6 billion by 2030.
Growing demand for sustainable and natural medicines are driving the Market in coming years, however, Issues like quality control, standardization, and sustainability of plant-based API restraints the growth of the Market.
BASF SE, Evonik Industries AG (RAG-Stiftung), Cargill, Incorporated, Roquette Freres SA, Arboris, LLC, Centroflora Group, Kothari Phytochemicals & Industries Ltd., Brains Bioceutical Corp., Indo Phytochem Pharmaceuticals and HimPharm.
The expected CAGR of this Market is 5.8% from 2023 to 2030.
The Alkaloids segment acquired maximum revenue share in the Global Plant-based API Market by Molecule Type in 2022 thereby, achieving a market value of $9.5 billion by 2030.
The North America market dominated the Global Plant-based API Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $14 billion by 2030.
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