Popular extract, basically (2,7)
I believe the answer is:
in essence
'basically' is the definition.
(synonyms)
'popular extract' is the wordplay.
'popular' becomes 'in'.
'extract' becomes 'essence' (I've seen this before).
'in'+'essence'='IN ESSENCE'
(Other definitions for in essence that I've seen before include "Fundamentally" , "Substantially" , "Basically" , "at bottom" .)