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Botanical Extracts Market Size
Botanical Extracts Market size was valued at USD 6.8 billion in 2023 and is anticipated to witness over 7.2% CAGR from 2024 to 2032, driven by the growing prevalence of deficiency diseases, such as anaemia, scurvy, and rickets. As per WHO, Anaemia affects almost 42% children below the age of 5 years and about 40% of pregnant women globally.
A shift towards dietary habits and the increased consumption of processed food have resulted in improper nutrition among children and adults. To compensate for the improper diet, there is surge in dietary supplements, which is fostering product adoption. However, fluctuations in raw material prices due to variable demand and supply may act as a growth barrier. The integration of advanced extraction methods may also fuel the industry expansion.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 6.8 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 7.2% |
| 2032 Value Projection: | USD 13.1 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 247 |
| Tables, Charts & Figures: | 276 |
| Segments covered: | Source, Form, Application, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Botanical Extracts Market Trends
The strong emphasis on sustainable and ethically sourced botanical extracts is an important factor driving the product uptake. Rising consumer preference for natural and organic products is boosting the demand for botanical extracts as alternatives to synthetic ingredients. Ongoing R&D activities are also focused on identifying new botanical sources and extracting methods.
Botanical Extracts Market Analysis
Based on source, the market is fragmented into flowers, herbs, fruits, spices, tea leaves, and others. The herbs segment is anticipated to account for a significant industry share by 2032. Herbs are enriched with antioxidants and possess anti-inflammatory, antimicrobial, and antiseptic properties, making them a preferred choice across a wide range of cosmetic applications. The accelerating shift towards organic and herbal health and beauty products may drive the segmental revenue.
Based on form, the botanical extracts market is bifurcated into powder and liquid segments. The powder segment is projected to depict over 7% CAGR during the forecast timeframe and record a valuation worth more than USD 7 billion by 2032. Powdered botanical extracts boost the bioactive phytochemical concentration of the original herb, making them ideal for use in cosmetics and personal care products. Besides, the beneficial impacts on skin and hair will bolster the product demand.
In terms of application, the market share from cosmetics & skincare applications is likely to expand at over 7% CAGR between 2024 and 2032 due to rising consumer preference for natural and plant-based ingredients in beauty products. Consumers are increasingly seeking safer, chemical-free options that offer benefits like anti-aging, hydration, and skin brightening, driving the demand for botanical extracts like aloe vera, chamomile, and green teas.
Asia Pacific botanical extracts market is expected to be worth over USD 4 billion by 2032, owing to the increasing inclination towards a healthy lifestyle and the subsequent rise in the utilization of natural organic products. Also, the proliferating food & beverages industry, coupled with the improving economic outlook will drive product demand across the region.
Botanical Extracts Market Share
The companies have been implementing several strategies, including acquisitions, mergers, partnerships, collaborations, and new product developments, to expand their global footprint and set the stage for future growth opportunities.
Botanical Extracts Market Companies
Major shareholders partaking in the botanical extracts industry include
- Lipoid-Kosmetik
- Synthite Industries Ltd.
- Bell Flavors & Fragrances
- Nektium
- Nutra Green Biotechnology Co., Ltd.
- Ambe NS Agro Products Pvt. Ltd.
- Berkem
- Botanica
- Blue Sky Botanics Ltd.
- Synergy Flavors
- Ransom Naturals Ltd.
- Kalsec Inc.
- Döhler GmbH
- Kuber Impex Ltd.
- Native Extracts
- International Flavors & Fragrances Inc.
- Mb-Holding GmbH & Co. Kg
- Martin Bauer Group
Botanical Extract Industry News
- In April 2024, Nektium introduced its new Vanizem botanical extract for stress and mood support at Vitafoods Europe.
The botanical extracts market research report includes in-depth coverage of the industry, with estimates and forecasts in terms of revenue (USD Million) and volume (Kilo Tons) from 2021 to 2032, for the following segments:
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Market, By Source
- Flowers
- Herbs
- Fruits
- Spices
- Tea Leaves
- Others
Market, By Form
- Powder
- Liquid
Market, By Application
- Cosmetics & Skincare
- Pharmaceutical
- Food & Beverage
- Others
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- MEA
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
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