In the last few years, the demand for natural ingredient-based personal care and cosmetics products seemed to grow among consumers all over the world. Therefore, there is an increasing need for botanical extracts-based products because they have antimicrobial and anti-inflammatory properties that seem beneficial for skin. As a result, the botanical extracts market is expected to grow during the forecast period.
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Data Bridge Market Research analyses that the Botanical Extracts Market is expected to reach USD 10.56 billion by 2029 from USD 6.10 billion in 2021, growing with a CAGR of 7.10% in the forecast period of 2022 to 2029. Increasing consumer demand for dietary supplements will provide potential market growth opportunities in the forecast period.
Increasing usage of botanical extracts in food and beverages industries is expected to drive the market's growth rate
The demand for botanical extracts in food and beverages industries is increasing rapidly. Botanical extracts are widely used as essential natural ingredients in beverage manufacturing and food processing industries. Botanical extracts are used in numerous food applications in the food sector, such as processed meat, chocolate and confectionery, dairy-based products, bakery products, and others to increase the taste and nutritional value of food products. Moreover, the young generation, such as baby boomers and millennials, is progressively focused on "health products" that increase significant nutritional value. Millennials are highly concerned about their health and hence choose sustainable, environmentally friendly and non-genetically modified product formats. As a result of all these factors, the demand for the botanical extract is increasing in food and beverages, which is expected to drive market growth.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to –2014 - 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Spice Extracts, Herb Extracts, Flower Extracts, Botanical Extracts, Fruit Extracts, and Marine Plant Extracts), Form (Powder, Liquid, and Leaf Extracts), Product type (Organic and Conventional), Application (Food Products, Sports Nutrition, Beverages, Pharmaceutical, Nutraceutical, Personal Care and Cosmetics, Aromatherapy, Animal Feed, and Others)
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Countries Covered
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U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
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Market Players Covered
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Ransom Naturals Ltd. (U.K.), International Flavors & Fragrances Inc. (U.S.), Synthite Industries Ltd. (India), Martin Bauer Group (Germany), Kalsec, Inc. (U.S.), Synergy Flavors Inc. (U.S.), Prinova Group (U.S.), PT. Indesso Aroma (Indonesia), Döhler GmbH (Germany), Bell Flavors & Fragrances (U.S.), Nutra Green Biotechnology Co., Ltd. (China), Kuber Impex Ltd. (India)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The botanical extracts market is segmented on the basis of type, form, product type and application.
- On the basis of type, the botanical extracts market is segmented into spice extracts, herb extracts, flower extracts, fruit extracts, tea extracts, marine plant extracts.
The herb extracts segment of type segment is anticipated to dominate the botanical extracts market
Herb extracts are expected to dominate the global botanical extracts market with a 28.66% market share owing to augmented awareness regarding the nutritional benefits of the herbal extracts.
- On the basis of form, the botanical extracts market is segmented into powder, liquid, leaf extracts. The powder segment is expected to dominate the market with a 62.3% market share because powder botanical extract is extensively used in the various end-user industries.
- On the basis of product type, the botanical extracts market is segmented into organic and conventional.
The conventional segment of product type segment is anticipated to dominate the botanical extracts market.
The conventional segment is expected to dominate the market with a 65.30% market share owing to the augmented production of botanical extracts by using chemical solvents
- On the basis of application, the botanical extracts market is segmented into food products, sports nutrition, beverages, pharmaceutical, nutraceutical, personal care & cosmetics, aromatherapy, animal feed and others. The nutraceuticals segment is expected to dominate the market in with a 24.48% market share because of increasing health consciousness among consumers.
Major Players
Data Bridge Market Research recognizes the following companies as the major botanical extracts market players in botanical extracts market Ransom Naturals Ltd. (U.K.), International Flavors & Fragrances Inc. (U.S.), Synthite Industries Ltd. (India), Martin Bauer Group (Germany), Kalsec, Inc. (U.S.), Synergy Flavors Inc. (U.S.), Prinova Group (U.S.), PT. Indesso Aroma (Indonesia).
Market Development
- In 2021, Lotus herbals launched lotus botanicals, a plant-based clean beauty brand formulated using plant botanical extracts. The new product range of lotus botanicals contains Vitamin C and first time in India, Ginger and Red Onion range for hair care products and Baking Soda for skincare. These products are very suitable for every hair and skin type as well.
- In 2020, Herbalife nutrition has introduced a Tulsi flavor fresh energy drink mix which contains green tea extracts, orange pekoe extracts, and others to increase the immunity of consumers. The energy-boosting drink is also available in various other flavors such as peach, orange, cinnamon and others.
- In 2020, Martin Bauer group announced their acquisition with core botanical, a leading producer of customized leaf products. This acquisition helped the company to increase its sales and revenue and expand its product portfolio.
Regional Analysis
Geographically, the countries covered in the botanical extracts market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
As per Data Bridge Market Research analysis:
North America is the dominant region in botanical extracts market during the forecast period 2022-2029
North America dominates the botanical extracts market owing to the growing awareness of fruits extracts among this region's consumers. Furthermore, increasing usage of fruit extract for nutraceutical and cosmeceutical purposes is another major factor which will further boost the growth of the botanical extracts market.
Asia-pacific is estimated to be the fastest-growing region in botanical extracts market the forecast period 2022-2029
Asia-pacific is expected to grow during the forecast period of 2022-2029 owing to the presence of large number of botanical extract suppliers in Japan. Furthermore, increasing demand for organic materials and growing demand for ready-to-drink beverages among consumers are expected to propel the market's growth rate in this region.
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