PUBLISHER: The Business Research Company | PRODUCT CODE: 1435717
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435717
Botanical extracts are concentrated compounds derived from plants through the extraction of their therapeutic properties using solvents. These extracts serve as key components in dietary supplements.
Primary technologies utilized for botanical extract production encompass CO2 extraction, solvent extraction, steam distillation, enfleurage, and additional methods. CO2 extraction, recognized as supercritical CO2 extraction, represents a contemporary approach particularly adept at crafting lipophilic plant extracts. Derived from diverse sources such as spices, herbs, flowers, and leaves, these extracts manifest in liquid, powder, or semi-solid forms. Widely applicable across multiple sectors, they serve diverse purposes spanning food and beverages, pharmaceuticals, nutraceuticals, and cosmetics.
The botanical extracts market research report is one of a series of new reports from The Business Research Company that provides botanical extracts market statistics, including global market size, regional shares, competitors with a botanical extracts market share, detailed botanical extracts market segments, market trends and opportunities, and any further data you may need to thrive in the botanical extracts industry. This botanical extracts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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%. Historical growth stemmed from traditional remedies' utilization, cultural and customary practices, exploration via trade routes, and supportive governmental 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%. Anticipated growth in the upcoming period can be linked to heightened health consciousness, increasing demand for functional foods and beverages, a surge in interest for plant-based products, and the rising popularity of herbal supplements, all propelled by an increase in disposable income. Key trends expected in this forecast period encompass intensified research and development, innovation in product offerings, mergers and acquisitions within the industry, and the influence of government initiatives.
The rising inclination towards convenience food items among consumers is fueling the growth trajectory of the botanical extracts market. These extracts, extracted from various plants, are instrumental in elevating the taste and visual appeal of high-fat and ready-to-eat food selections, such as meat products. Leveraging the concentrated medicinal properties inherent in botanical extracts, the food industry capitalizes on their capacity to enhance health attributes. With the persistent surge in demand for convenience foods, the botanical extracts market is poised for significant expansion. Notably, in 2022, data from the Economic Research Service of the U.S. Department Of Agriculture indicated that American consumers allocated an average of 11.3% of their total food expenditure towards dining out, highlighting the driving force behind the heightened demand for convenience food products.
The expansion of the botanical extracts market is anticipated to be propelled by the burgeoning utilization of cosmetics. Cosmetics encompass a wide array of products applied to enhance or modify the appearance of the body, face, hair, or nails. Within the cosmetics sector, botanical extracts find substantial application owing to their inherent natural and advantageous properties. They cater to consumer preferences for sustainable and plant-derived ingredients, enriching skincare and beauty merchandise with nourishing, antioxidant, and revitalizing attributes. Notably, in 2021, the annual organic beauty and wellbeing report by the Soil Association, a UK-based charity organization, highlighted a remarkable 15% increase in sales of Soil Association-certified organic and natural beauty and wellbeing products in the UK, amounting to approximately $170 million. Consequently, the escalating utilization of cosmetics stands as a driving force behind the growth trajectory of the botanical extracts market.
A prominent trend gaining traction within the botanical extracts market is product innovation, notably focused on enhancing bioavailability. Key industry players are actively developing extracts with increased bioavailability to meet evolving consumer demands. An illustrative example occurred in September 2022 when Layn Natural Ingredients, a China-based manufacturer specializing in innovative natural botanical extract ingredients, introduced bio+Quercitrin, an advanced form of Quercetin tailored for nutraceutical applications. This distinctive formulation stands out as a potent antioxidant flavonoid adept at scavenging free radicals and reducing oxidative stress. Notably, bio+Quercitrin differentiates itself by incorporating a ribose molecule, rendering it six times more absorbable and permeable in the small intestine compared to conventional Quercetin. Beyond merely substituting regular Quercetin, Layn's bio+Quercitrin offers stability, solubility, and heightened bioavailability, serving effectively as a standalone supplement or as part of formulations catering to both human and pet health needs.
Leading entities in the botanical extracts market are embracing a strategic partnership model to cater to the escalating need for sustainable and natural ingredients in the personal care domain. Strategic partnerships represent collaborative agreements or alliances between multiple entities-such as companies, organizations, or governments-with the overarching goal of achieving mutually advantageous objectives. An exemplar of this strategy unfolded in July 2023 when Nordmann, a prominent chemical manufacturing company based in Germany, entered into a partnership with Plantapharm GmbH, a personal care company based in Austria. This collaborative endeavor aims to furnish the personal care industry, encompassing sectors such as hair care and toiletries, with premium-grade plant extracts, emphasizing high-quality offerings in the market.
In April 2022, Kerry Group PLC, an esteemed Ireland-based food company, completed the acquisition of Natreon Inc., marking a significant move within its strategic expansion endeavors. This acquisition, valued at an undisclosed amount, serves as a pivotal step in Kerry's objective to broaden its ProActive Health portfolio, which encompasses scientifically validated and branded ingredients, while concurrently fostering technological advancement. Natreon Inc., a US-based enterprise specializing in botanical extract ingredients, has been incorporated into Kerry's portfolio, amplifying the company's capabilities in this specialized domain.
Major companies operating in the botanical extracts market report are International Flavors & Fragrances Inc., Himalaya Herbal Healthcare, Blue Sky Botanics Ltd., Naturex, Synthite Industries Ltd., Nexira, Layn Natural Ingredients Corp., Indesso, Dohler GmbH, Hunan Nutramax Inc., Haldin Natural, Nutra Green Biotechnology Co. Ltd., Kalsec Inc., Arjuna Natural Pvt. Ltd., Shaanxi Jiahe Phytochem Co. Ltd., Tianjin Jianfeng Natural Products Co. Ltd., Bio-Botanica Inc., Nature's Power Nutraceuticals Corp., Synergy Flavors, Martin Bauer Group, Lipoid-Kosmetik, Phytochem India, Plant Extracts International Inc., Kuber Impex Ltd., Ransom Naturals Ltd., MB-Holding GmbH & Co KG, Frutarom Industries Ltd., Biomax Life Sciences Ltd., Organic Herb Inc., Xi'an Sgonek Biological Technology Co. Ltd.
North America was the largest region in the botanical extracts market share in 2023. The regions covered in the botanical extracts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the botanical extracts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The botanical extracts market consists of sales of botanical extracts products that contain potent bioactive compounds (phytochemicals) derived from petals, stems, roots, and bark. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Botanical Extracts Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on botanical extracts market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for botanical extracts ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The botanical extracts market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.