Global Botanical Extracts Market, By Source (spices, herbs, flowers, roots, fruits, leaves and seeds), By Application (Food & Beverages Industry (bakery & confectionery and sauces & dressings, alcoholic beverages, carbonated soft drinks, ice tea, and flavored dairy products), Cosmetics Industry( skin rejuvenation and regeneration products, age defying products and others)), By Form (Liquid, powder, and semi-solid), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global botanical extracts market was valued at US$ 4.5 Bn in 2020 and expected to reach at a value of US$ 8.8 Bn by 2028 with a significant CAGR of 8.8%
In the past few years there has been a swift transition from synthetic or artificial products towards more organic and natural products among the population as an increasing bunch of consumers look for products that are effective as well as safe for their well-being. This is possibly one of the major factors that is projected to give a massive breakthrough to the growth of the global botanical extracts market over the forecast period.
Primarily, Botany refers to the domain of study comprising anatomy, composition, genetic science, dissemination, and economic significance of plants. In the same manner, botanical extracts can be perceived as the natural products procured from the plants, specifically from its barks, roots, leaves, stems, flowers and fruits. To put it in simple words, botanical extracts are organic products and serve their utility in liquid, dry, or semi-solid form.
Botanical extracts are plant-based products and thus, comprises medicinal and therapeutic properties, owing to which these are employed in comprehensive applications across the pharmaceutical industry, food and beverages industry, as well as cosmetic industry. Such factors play a major role in boosting the demand of botanical extracts across the global markets, thereby the global botanical extracts market is expected to grow significantly in the forthcoming years. On top of that, along with the rising prevalence of lifestyle and chronic illnesses and emerging serious medical conditions among the masses necessitates an additional novel approach that can cure and heal the illness and further, decreases the development of side effects. As of this, botanical extracts are considered as an effective substitute to allopathic medicines as the botanical extracts are constituted of natural materials that have constituents with medicinal and health-improvement activities. Attributing to which, the global botanical extracts market is estimated to observe significant growth in the coming years.
Furthermore, the increasing awareness among the population with regard to the adverse effects of synthetic products all across the world is further escalating the growth in demand of botanical extracts globally. Therefore, the global botanical extracts market is estimated to expand rapidly over the forecast period.
MMC Study identifies some of the key participating players in the botanical extracts market globally are Frutarom Ltd., Kalsec Inc, and Döhler GmbH, Nexira, Haldin Natural, Synthite Industries, MB-Holding GmbH & Co. KG, Synergy Flavors, and Blue Sky Botanics, Fytosan, BI Nutraceuticals., among others.
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