Plant-derived chemical demand to increase
US Demand for plant-derived chemicals is projected to advance more than 7 percent per annum to $2.9 billion in 2005, according to The Freedonia Group. The development of new plant-based pharmaceuticals and gains in the beverage department are expected to drive growth. Growing demand for bulk botanical extracts in nutraceuticals will spur further advances, although savvy consumers are increasingly discerning in their purchases of dietary supplements and enriched foods, and this will decrease demand for less efficacious extracts.
Foods and beverages, cosmetics and toiletries, pharmaceuticals and nutraceuticals constitute the largest applications. Botanical extracts are expected to register the fastest growth, nearly 11 percent annually. Other plant derivatives, especially those with pharmaceutical applications, will also register strong growth.
Source: The Freedonia Group
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