Botanical Extracts Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Botanical Extracts Market grew at a CAGR of 6.7% between 2017-2021 and is estimated to be US$ 5,102.7 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 7.6% and is expected to reach a valuation of US$ 10,615.1 Mn by 2032 end.
Throughout the projected period, the market is anticipated to grow. There will likely be a rise in demand for plant extracts due to the rising prevalence of deficiency disorders, including anemia, scurvy, rickets, etc., and the resulting surge in the need for nutritional supplements.
VARIOUS HEALTH BENEFITS ASSOCIATED WITH THE PRODUCT WILL DRIVE THE MARKET FOR BOTANICAL EXTRACTS
The global plant extracts market is anticipated to experience moderate to high growth projected due to its various health advantages and capacity to function as a substitute for contemporary treatment methods. Growing appetite for ready meals, expanding knowledge about the benefits of organic goods versus synthetic products, and increasing preference for food and other uses are all expected to drive the market’s growth.
LACK OF TECHNOLOGY AND PRICE VOLATILITY HAMPER THE MARKET GROWTH
Botanical ingredients manufacturers work with raw materials such as tea leaves, ginseng roots, and others to produce extracts, concentrate, and other formulations. Raw materials are agricultural commodities, so the market for these is extensive. Raw materials prices frequently fluctuate due to demand from the different industries in which they can be used, economic conditions, and trade relationships. This disrupts the cost structure and profit margin of botanical ingredient manufacturers. The market presents challenges for these manufacturers
THE RISE IN `MEDICATION FOR CHRONICLE ILLNESS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
Due to the expanding number of chronic and lifestyle disorders, a far more innovative approach that addresses the illness while minimizing negative consequences is required. Botanical pharmaceuticals can replace allopathic drugs. These drugs are made from organic substances with medicinal or health-improving effects. As a result, growing awareness of the negative side effects of allopathic medications is another driving factor in the market. Botanical extracts have no negative side effects, unlike other chemical-based ingredients in personal care and cosmetics, pharmaceuticals, and food and beverage products.
A particularly vicious virus has recently swept the globe and severely impacted the business operations of several industries. The COVID-19 pandemic had a varied impact on the global market. The implementation of stringent movement and trade restrictions across major economies, in covalence with the multi-fold increase in air freight costs, disrupted the global supply chain and thus hampered the industry growth. On the flip side, the dramatic rise in demand for immunity-boosting products significantly increased the usage of botanical extracts. The market value might not catch up to the pre-COVID-19 value until 2027.
Market Segments Covered in Report
By Source :
By Form :
By Technology :
By Region and Country:
Which Technolgy Will hold the highest market share?
Carbon Dioxide extract is a novel and superior extraction technology. It utilizes plant components, including fruit, vegetables, herbs, and spices. This method results in greater extraction of herbal ingredients without burning the taste buds. The extract flavors soft drinks, confectionery, and dairy products. CO extracts are utilized in medicinal, nutritional, and oral care products.
Why are personal care products projected to ensure the most revenue during the forecast period?
At 32.0% of the market, personal care products had the greatest revenue share. In the personal care and cosmetics industry, botanical extracts can be used as a source of proteins and minerals. Powdered botanical extracts are often used as coloring agents, emulsifiers, preservatives, flavor enhancers, and antioxidants in food products. Powdered botanical extracts can also help increase skin hydration levels, which is beneficial for treating various skin conditions such as rosacea and hyperpigmentation.
Why is the food and beverage sector expected to expand the fastest during the forecast period?
The food and beverage sector held the largest market share in 2021 and is expected to retain its dominance throughout the projected timeline. It is expected that food producers will continue to search for ways to preserve their product quality while extending the shelf life of their products, with botanical extracts holding much potential as an ingredient. Because health concerns are often associated with additives, manufacturers have gravitated towards natural ingredients.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The market giants’ growing strategic alliances are what drive the competitive dynamics. To increase their global presence and pave the way for potential future growth prospects, these businesses have used various growth strategies, such as acquisitions, mergers, partnerships, collaborations, and the development of new products.
Some of the key developments that have taken place in the Botanical Extracts Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Source, Form, Technology, Product, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 7.6%.
The global market for nutritional supplements has expanded quickly. Some main factors driving demand for vitamin, mineral, and mineral supplements, protein and amino acids, fibers, and specialty carbs are changing lifestyles, rising medical concerns, rising medical costs, and rising popularity for a fit and healthy lifestyle.
Major global Botanical Extracts Market players are Symrise, Kancor, Synthite Industries Ltd., Ransom Naturals Ltd., India Essential Oils, A.G. Industries, Flavex Naturextrakte GmbH, Arjuna Natural Pvt. Ltd., Firmenich SA, Robertet Group, Sami Spices, doTERRA
The advancement of advanced biotechnology and optimal extraction of earth’s resources have created inefficiencies in the distribution network and volatile prices. The need to find new ways to solve this problem has spurred innovation and increased the use of intermediary services.
The Europe region is expected to account for the largest market revenue share in the Global Botanical Extracts market.
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