Worldwide Botanical Extracts Market Expected to Grow at CAGR of 8.7% by Forecast to 2023

“Worldwide Botanical Extracts Market”
Botanical Extracts Market Information: by Source (Herbs, Fruits, Flowers, Leaves and Spices), Form (Powder, Liquid), Application (Food, Beverages, FMCG Non-Foods and Cosmetics, Pharmaceuticals, Nutraceuticals, Animal Feed) and Region– forecast till 2023

Market Overview:

Wide application of botanical extracts in various industries is a driving factor for the growth of the market.

Botanical extracts have grabbed the attention of consumers owing to the nutritive and therapeutic effects they exhibit. They are natural plant sourced extracts obtained from herbs, fruits, flowers, leaves, spices and others. Botanical extracts hold numerous health benefits being rich in essential oils and other natural ingredients such as phenols, terpenoids, resins and others. Due to these properties it is used in preparation of food, beverages, medicines, nutraceuticals and other food products. Botanical extracts are mainly available in the form of powder, liquids, and others.

Inclination towards natural products and rise in ill-effects of allopathic medicine consumption is boosting the growth of the market. Moreover, growing demand for functional foods and increasing health conscious population concerned for preventive healthcare measures will surge the market growth of botanical extracts. Also, owing to the rise in disposable income and consumer’s willingness towards purchase of quality products is uplifting the demand for botanical extracts.

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Market players are focusing on their level of investment in research and improving product functionality to capture major share and create brand recognition in botanical extracts market. Constant involvement of the manufacturers in the R&D activities has led to product development and innovations leading to unique offering of the product in various forms. However, government regulations, and high production  cost can hamper the growth of the Botanical Extracts market.

Latest Industry Updates:

August 2017, Bell Flavors & Fragrances (U.S.) has invested to introduce a new line of food grade botanical extracts. With botanicals ranging from absinthe, curry, ginger, and more, Bell reported great success in applications such as bakery, beverage, confections, dairy, and savory.

April 2017, BOTANIEX, introduced a patented cost-effective technology for extracting L-Theanine from green tea, which provides an affordable natural ingredient to the beverage and supplement industry

Competitive Analysis:

Botanical extracts industry is a competitive market and the demand for botanical extracts as a potential ingredient in various industries is witnessing a surge at the global level. Companies are aiming to target a considerable share of the market segment. Strategic product launch and innovations in the existing product line is among the key strategies followed by the botanical extracts manufacturers. Also, huge investments in R&D is adding fuel to this market. Government certification also plays a significant role to mark their significance on a global level.

The key players profiled in botanical extracts report are Blue Sky Botanics Ltd. (U.K.), Ransom Naturals Ltd. (U.K.), Frutarom Industries Ltd. (Israel), Prinova Group LLC. (U.S.), Synergy Flavors, Inc. (U.S.), Kalsec Inc. (U.S.), and BI Nutraceuticals Inc. (U.S.) among many others.

Market Segments:

The global Botanical Extracts market has been divided into source, form, application, and region.

On The Basis Of Source: Herbs, Fruits, Spices, and Others

On The Basis Of Form: Powder, Liquid, and Others

On The Basis Of Application: Foods, Beverages, Cosmetics, Pharmaceuticals, Nutraceuticals, Animal feed, and Others

On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.

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Regional Analysis:

Based on the region, the global botanical extracts market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Global botanical extracts market is projected to be dominated by North America owing to high demand for functional foods and nutraceuticals in that region. Europe also holds a substantial share in the global market after North America. Growing trend of organic and green label convenience food products in European countries is likely to boost the growth of the botanical extracts market during the noticed period.

In North America, the U.S. accounted for the major consumption of the market owing to increasing awareness about the benefits of consuming natural products. Additionally, consumption of natural and healthy products with enhanced essence in food & beverages is the driving factor in this region. Asia-Pacific is the fastest growing region for botanical extracts based on the change in consumer’s food consumption preferences and increasing health consciousness.

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