Industry

Botanical Extracts Market Growth Trajectory Through 2024-2033|International Flavors & Fragrances Inc., Himalaya Herbal Healthcare, Blue Sky Botanics Ltd., Naturex, Synthite Industries Ltd., Nexira

The Botanical Extracts Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Botanical Extracts Global Market Report 2024, The botanical extracts market size has grown strongly in recent years. It will grow from $6.51 billion in 2023 to $7.13 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to traditional remedies, cultural and traditional use, exploration and trade routes, favorable government regulations.

The botanical extracts market size is expected to see rapid growth in the next few years. It will grow to $10.48 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to rising health awareness, growing demand for functional foods and beverages, growing demand for plant-based products, growing popularity of herbal supplements, rising disposable income. Major trends in the forecast period include research and development, innovative products, mergers and acquisitions, government initiatives.

The growing demand for convenience food products propels the botanical extracts market going forward. Convenience food refers to tertiary processed food, which is ready-to-eat processed food. Plant extracts are used to enhance the color and flavor of high-fat and ready-to-eat foods, such as meat. Botanical extracts are plant materials with concentrated medicinal characteristics utilized in the food industry to give health advantages. Thus, due to the increased demand for convenience foods, the market for botanical extracts is expected to grow. For instance, in 2022, according to the Economic Research Service of U.S. Department Of Agriculture, a US-based government agency, the U.S. consumers spent an average of 11.3% of their total food expenditures on food away from home. Thus, the demand for convenience food products drives the botanical extracts market.

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The botanical extracts market covered in this report is segmented –

1) By Technology: CO2 Extraction, Solvent Extraction, Steam Distillation, Enfleurage, Other Technologies
2) By Source: Spices, Herbs, Flowers, Leaves, Other Sources
3) By Form: Liquid, Powder, Semi-Solid
4) By Application: Food and Beverages, Pharmaceutical and Nutraceutical, Cosmetics

Major companies operating in the botanical extracts market are adopting a strategic partnership approach to meet the growing demand for sustainable and natural ingredients in the personal care sector. A strategic partnership is a collaborative agreement or alliance between two or more entities, such as companies, organizations, or governments, with the aim of achieving mutually beneficial objectives. For instance, in July 2023, Nordmann, a Germany-based chemical manufacturing company, partnered with Plantapharm GmbH, an Austria-based personal care company. With this partnership, these companies aim to provide high-quality plant extracts for the personal care industry, including hair care and toiletries.

The botanical extracts market report table of contents includes: