Luton, Bedfordshire, United Kingdom, Jan. 10, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Botanical extracts market.
Botanical extracts are concentrated plant materials with therapeutic properties. They are available in powdered or liquid form and can be extracted using steam distillation, cold pressing, or oil infusions. Botanical extracts market value was USD 4.49 billion in 2020 and is expected to reach USD 9.91 billion by 2029, growing at a CAGR of 9.2% between 2022 and 2029.
Botanical extracts can be found in a variety of skin, hair, and dental products, as well as in concentrated forms for medicinal purposes. People have used them in traditional medicine for thousands of years, and as research advances, companies will be able to harness the benefits of these extracts.
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| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 9.2 % |
| 2029 Value Projection | USD 9.91 Billion |
| Base Year | 2021 |
| Botanical Extracts Market Size in 2020 | USD 4.49 Billion |
| Historical Data for | 2018-2020 |
| Segments covered | By Source, By Application, By Region |
| Growth Drivers | Increasing Demand for Convenience Products |
| Increasing Demand in Health and Superfoods | |
| Botanical Extracts are being used by an increasing number of food and beverage companies |
The demand for botanical extract is expected to rise significantly over the forecast period due to its numerous health benefits and ability to function as an alternative to modern medicine. Growing demand for convenience foods, raising awareness of the advantages of herbal products over synthetic products, and rising demand for food and other applications are all expected to drive product demand.
The growing desire for convenience foods has raised awareness of the benefits of herbal goods over synthetic products, and rising demand for food and other applications is expected to boost product demand. Functional beverages are becoming increasingly popular among the world's middle classes due to their many beneficial Botanical Extracts.
The global market was impacted differently by the COVID-19 pandemic. The implementation of strict movement and trade restrictions across major economies, combined with a multi-fold increase in air freight costs, disrupted the global supply chain and slowed industry growth.
Drivers
- Increasing Demand for Convenience Products
For the past several years, global demand for convenience food products such as bakery & confectionery, sauces & dressings, ready meals, ready-to-drink (RTD) beverages, and sports & energy beverages has been rapidly increasing. This growth can be attributed primarily to changing consumer lifestyles, an increasing population of working women, the introduction of food products in appealing packaging by food processing companies, increased penetration of brick & mortar and online retail networks, and an increase in disposable incomes, particularly in emerging markets such as India, China, and Brazil.
- Expanding Supplements Industry
The global dietary supplement industry has grown rapidly over the last few years,. Changing lifestyles, rising health concerns, rising healthcare costs, and a growing preference for a fit and active lifestyle are some of the key factors driving demand for vitamins, minerals, multivitamins, protein & amino acids, fibers & specialty carbohydrates.
- Increasing Demand in Health and Superfoods
- Increasing Awareness of Health
Restraints
- Fluctuations of Raw Material Prices
Botanical ingredient manufacturers obtain raw materials such as tea leaves, ginseng roots, turmeric, and others in order to produce extracts and concentrates. Raw materials are grown all over the world because different agricultural products require different climatic conditions. This disrupts the cost structure and profit margins of botanical ingredient manufacturers, posing market challenges.
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Opportunities
Botanical Extracts are being used by an increasing number of food and beverage companies. Part of the reason for this is that they genuinely care about the health of their customers. However, the main reason for this is that the Botanical Extracts Market is currently very lucrative and growing at a rapid pace. These two variables do not appear to be slowing down or disappearing anytime soon!
Challenges
A key challenge that the entire Botanical Extracts Market faces in the long term, and especially in the short term, is obtaining raw materials from consistent, reliable, and affordable sources.
Key Segmentation
Based On Source: Leaves Sector to hold Significant Botanical Extracts Market Share
- Spices
- Herbs
- Flowers
- Leaves
- Others
Leaves are expected to hold a sizable market share over the forecast period,. A leaf is any flattened green outgrowth from a vascular plant's stem.
Herbs are the leafy parts of plants that are used in a variety of applications including dietary supplements, food and beverage, cosmetics, and pharmaceuticals. Because of their widespread use in traditional medicines, herbs are expected to drive the growth of this market.
Based on Technology: CO2 Extraction Sector to hold Largest Market Share
- CO2 Extraction
- Solvent Extraction
- Steam Distillation
- Enfleurage
- Others
Carbon Dioxide extracts, also known as cryogenic CO extracts, are extremely pure plant extracts derived from a novel and more effective extraction method. Superior herbal extracts obtained through the CO extraction technique are widely used in botanical medicine to flavor a wide range of products including soft drinks, confectionery, and dairy products.
Based On Application: Food and Beverage Sector to hold Largest Market Share
- Food & Beverages
- Pharmaceutical and Nutraceutical
- Cosmetics
- Flavored Dairy products
- Dietary Supplements
Botanical extracts are increasingly being used in a variety of food and beverage applications, including bakery, dairy, energy drinks, and confectionery products, due to their distinct flavor and health benefits. Polyphenols, which are found in botanical ingredients, are important in the prevention of cardiovascular and neoplastic diseases. Health-conscious consumers are gravitating toward foods with high nutritional content.
Based on Form
- Powder
- Liquid
- Leaf Extracts
Based on Product
- Organic
- Conventional
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Regional Insights
The global botanical extracts market by region includes North America, Asia-Pacific (APAC), Europe, South America, and Middle East & Africa (MEA).
- North America: includes the US, Canada, Mexico
- Asia Pacific: includes China, Japan, South Korea, India, Australia, ASEAN and the Rest of APAC
- Europe: includes the UK, Germany, France, Italy, Spain, Russia, and the Rest of Europe
- South America: includes Brazil, Argentina, and the Rest of South America
- Middle East & Africa: includes Turkey, UAE, Saudi Arabia, South Africa, and the Rest of MEA
The European botanical extracts market is expected to grow at an 8.3% CAGR during the forecast period. This is due to rising beverage product demand and rising demand for ready-to-drink (RTD) beverages among the region's population.
Asia Pacific is expected to have the highest value growth in the global botanical ingredients market from 2022 to 2028. Consumption of convenience food products, such as ready meals, RTD beverages, packaged snacks, and other products containing botanical ingredients to impart flavor, fragrance, and functional properties, is being driven by factors such as the penetration of organized and e-commerce retail.
North America, followed by Europe, is expected to be the most profitable market for botanical extracts. Many businesses are gravitating toward natural herb and botanical extract products, which are in high demand across the food and beverage industries.
Competitive Landscape
Major companies operating in the botanical extract market are Frutarom Industries Ltd, Blue Sky Botanics Ltd, Ransom Naturals Ltd., Prinova Group LLC, PT. Indesso Aroma, Synergy Flavors, Inc, Haldin Pacific Semesta, PT, Kalsec, Inc, Synthite Industries Ltd, Kalsec, International Flavors & Fragrances (New York, U.S.), Dohler GmbH, Nexira, Haldin Natural, MB-Holding GmbH & Co. KG, Fytosan
- Sep 02, 2021:Ransom Naturals Ltd. has announced its strategic commercial partnership with SK Chemtrade for the exclusive distribution of our pharmaceutical, nutraceutical, and food and beverage botanical extracts in South Africa.
- April 12, 2022: Layn Natural Ingredients Launches Free Interactive Botanical Ingredient Library
- February 2021: Nexira, a global supplier of botanical extracts and natural ingredients, acquired Unipektin Ingredients AG, a specialist in natural hydrocolloids and premium ingredients. Unipektin manufactures locust bean gum, used for its stabilizing thickening properties. Its product portfolio also includes specialty ingredients such as specific hydrolyzed guar gum and beet fiber grades.
FAQS
- How much is the botanical extracts market worth?
- Which are the key factors driving the market?
- Who are the leading players in the market?
- Which region held the highest share of the market?
- Which is the leading application in the market?
- How do various market factors such as a driver, restraints, and opportunities impact the market?
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