What are the best practices for efficiently extracting specific values from a string in PHP?

When extracting specific values from a string in PHP, one of the best practices is to use regular expressions to match the desired pattern within the string. Regular expressions provide a flexible and powerful way to search for and extract specific data from a string. By defining a pattern that matches the desired value, you can efficiently extract the required information.

$string = "The price of the product is $50.00";
$pattern = '/\$([0-9]+\.[0-9]{2})/';
if (preg_match($pattern, $string, $matches)) {
    $price = $matches[1];
    echo "The price is: $price";
} else {
    echo "Price not found in the string.";
}