The global botanical extracts market has been growing steadily in recent years, driven by increasing demand for natural and plant-based ingredients in a wide range of industries, including food and beverage, cosmetics, and pharmaceuticals. In this article, we will explore the key players, market size, and forecast for the botanical extracts market.
Key Players
The botanical extracts market is highly fragmented, with a large number of players operating in the market. Some of the key players in the market include:
- Martin Bauer Group
- Indena S.p.A.
- Naturex SA
- Frutarom Industries Ltd.
- Kalsec Inc.
- Synergy Flavors, Inc.
- Givaudan S.A.
- Sensient Technologies Corporation
- Döhler GmbH
- Blue Sky Botanics Ltd.
These companies operate in various segments of the botanical extracts market, including flavors and fragrances, nutraceuticals, and functional foods.
Market Size
The global botanical extracts market was valued at US$6.7 billion in 2020 and is expected to grow at a CAGR of 8.2% from 2021 to 2028, reaching US$12.2 billion by the end of the forecast period. The growth of the market is driven by a number of factors, including increasing demand for natural ingredients, rising health consciousness, and growing use of botanical extracts in a wide range of applications.
The food and beverage industry is the largest segment of the botanical extracts market, accounting for around 50% of the total market share. The cosmetic and personal care industry is the second-largest segment, followed by the pharmaceutical industry.
Geographically, Asia Pacific is the largest market for botanical extracts, accounting for around 40% of the total market share. North America and Europe are also significant markets for botanical extracts, driven by increasing demand for natural ingredients and plant-based products.
Forecast
The global botanical extracts market is expected to continue to grow in the coming years, driven by increasing demand for natural and plant-based ingredients. Some of the key trends and factors that are expected to shape the market in the coming years include:
- Increasing demand for organic and non-GMO botanical extracts: Consumers are increasingly seeking out organic and non-GMO products, and this trend is expected to drive demand for organic and non-GMO botanical extracts in the coming years.
- Growing interest in functional foods: Functional foods are foods that provide health benefits beyond basic nutrition. Botanical extracts are often used in functional foods, and the growing interest in functional foods is expected to drive demand for botanical extracts in this segment.
- Increasing use of botanical extracts in skincare products: Botanical extracts are valued for their natural and safe properties, and are increasingly being used in skincare products for their soothing, hydrating, and anti-aging properties.
- Growing demand for natural preservatives: Botanical extracts are often used as natural preservatives in food and beverage products, and the growing demand for natural preservatives is expected to drive demand for botanical extracts in this segment.
- Increasing investment in research and development: Companies operating in the botanical extracts market are investing heavily in research and development to develop new and innovative botanical extracts that meet consumer demand for natural and plant-based ingredients.
In conclusion, the global botanical extracts market is expected to continue to grow in the coming years, driven by increasing demand for natural and plant-based ingredients in a wide range of industries. Companies that can provide high-quality botanical extracts that meet consumer demand for natural and plant-based ingredients are well-positioned to succeed in this growing market.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.
