Botanical Extracts Market Highlights
The Botanical Extracts Market 2023 across the review period till 2030. By 2030, the botanical extracts market can surge at 9.50% CAGR. On the conclusion of review period, the global botanical extracts market can value at USD 10.38 Bn. The increase in demand for dietary supplements and surge in rising popularity of botanical extracts as natural personal care products can promote expansion of the worldwide market.
COVID 19 analysis of the botanical extracts market
The botanical extracts market outlook is studied for public health emergency and long-term effects of the pandemic on the industry growth in the review period. The easy availability of botanical extracts in powder and liquid form, and their increasing application in food and beverage processing can benefit the market. The rise of the botanical extracts market can be driven by rise in personal care applications and increase in awareness about other health benefits. On the other hand, the limited availability of different botanical extracts can hamper the market rise. However, the growing demand for organic ingredients can hold lucrative opportunities in the years to come.
Key Players
Ransom Naturals Ltd (UK), Synthite Industries Limited (India), Prinova Group LLC (US), Martin Bauer Group (Germany), Synergy Flavors Inc. (US), Kalsec Inc. (US), and International Flavors & Fragrances Inc. (US) are some prominent names in the worldwide Global Botanical Extracts Market that are profiled by MRFR.
Segmental Analysis
The segment study of the Botanical Extracts Market insights is based on Application, Form, and Source.
The form-based segments of the global botanical extracts market are liquid and powder. The powder segment can surge at 5.57% CAGR in the review period. The powder segment can retain its prominence by 2030. The liquid segment can rise at 5.12% CAGR through the analysis period. The increase in demand for herbs that are used for botanical extraction, such as; mint, turmeric, rosemary, basil, bay leaf, chives, sage, and thyme can support expansion of the market in the near future. The growing demand for these herbs across pharmaceutical and food and beverages sectors can support market rise in the review period.
The source-based segments of the market are fruits, and herbs & spices among others. The herbs and spices segment can secure the maximum market share by 2030. The fruits segment can surge at 6.44% CAGR across the review period. The herbs segment comprises mint, turmeric, rosemary, basil, bay leaf, chives, sage, and thyme. The spices segment comprises cumin, ginger, garlic, coriander, and cloves. The rise in demand for spices can cause the market to surge in the near future.
The application-based segments of the global botanical extracts market are pharmaceuticals & nutraceuticals, food, beverages, and personal care among others. The pharmaceuticals and nutraceuticals segment can rise at about 5.00% CAGR in the analysis period. The Pharmaceuticals & nutraceuticals segment can hold the largest market share in the years to come.
Regional Analysis
North America botanical extracts market can surge with decent pace through the review period. Europe botanical extracts market can secure substantial share of the overall market by 2030. Asia Pacific can rise at 5.73% CAGR during the forecast period. North America can secure a dominant share of the worldwide botanical extracts market due to rapid rise in their demand as dietary supplements. The US is observed to hold lucrative share of the global markets in the region. The increase in demand for herbal medicinal products can also boost the botanical extracts sales count, thus can support the regional market rise.
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