The China Plant Extract Innovation Products Exhibition was held in Changsha, Hunan from January 4th to January 6th, 2024. According to data shared by the China Medical Insurance Export Chamber of Commerce, the plant extract industry's exports had decreased by 10% in 2024.
According to statistics, the global market size of plant extracts has reached 5.28 billion US dollars, the China’s market size is about 8.56 billion RMB, a year-on-year increase of 18.2%. It is expected that the compound annual growth rate of the industry will remain around 16.6% from 2024 to 2025. By 2028, the global market size is expected to exceed 100 billion dollars.
In terms of international trade, the export value of plant extracts from China reached 3.92 billion dollars in 2023, a year-on-year increase of 8.7%. In 2024, the export of plant extracts showed a significant decline, with a decrease of about 10%.
The top 10 export products in 2024 are Marigold Extract,Sweet Tea Extract,Chili Concrete ,Licorice Root Extract,Ginseng Extract,Monk Fruit Extract,Bilberry Extract/elderberry extract,Quercetin/Hesperidin,Milk Thistle Extract.
The top ten export markets in 2024 are United States, Japan, India, Hong Kong, Spain, South Korea, Germany, Mexico, Netherlands, Indonesia.
The fastest-growing product in the US market is Barberry Extract. The sales of Barberry supplements almost doubled, totaling 8.39 million dollars. The 98.3% growth is the fastest growing sales of the 40 best-selling supplements in this channel. From the 29th best-selling product in 2022 to the 15th best-selling product in 2023. Barberry supplements have been growing since 2020. It’s main functions are to lower blood sugar, lose weight, and reduce inflammation. In addition, the growth of Plantago asiatica L. in the US market has ranked first in mainstream retail sales for the second consecutive year.
Among the best-selling herbal supplements in mainstream channels in the United States in 2023, other products with a growth rate of over 30% are: wheat grass/barley grass 103%;Bacopa Monnieri 71.7%, oats 57.5%, cinnamon 57.3%.
Due to limitations in the cultivation and harvesting of raw materials, Ginkgo Biloba Extract is the only unique product in the Chinese market. However, the export prices of Ginkgo Biloba extract vary greatly in various markets around the world. The following is a comparison of prices for Ginkgo biloba in various markets
|
Country |
2023（Unit Price$） |
Price change compare last year（%） |
|
USA |
46.7 |
-10.0 |
|
South korea |
97.4 |
-6.8 |
|
Japan |
100.5 |
0.9 |
|
Germany |
115 |
-13.4 |
|
Vietnam |
18.3 |
-29.4 |
|
Russian |
82.9 |
8.1 |
|
Spain |
91 |
25.5 |
|
Poland |
75.2 |
-25.5 |
|
Australia |
81.2 |
-3.0 |
|
France |
28.3 |
-47.7 |
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