London, June 15, 2021 (GLOBE NEWSWIRE) — According to a new market research report titled “Botanical Extracts Market by Source (Spices, Fruits, Herbs, Flowers, Roots, Tea Leaves), Form (Powder, Semi-Solid), Application (Food Bakery and Confectionery, Beverages Alcoholic Beverages, Pharmaceutical), and Geography– Global Forecast to 2028”, published by Meticulous Research®, the botanical extracts market is expected to grow at a CAGR of 9.2% from 2021 to 2028 to reach $10.06 billion by 2028.
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Since ancient times, herbs and leaves are being used for the production of herbal medicines. However, they are now gaining immense popularity due to the changing consumer trend of using natural products instead of synthetic products. This has led to the increased demand for botanical extracts in the market. Further, there is an increase in awareness regarding the side effects caused due to the use of synthetic products. The polyester fiber used in synthetic products is a bad conductor of sweat and heat. It is responsible for increased skin rashes, redness, and itching. The medical fraternity needs a more novel approach to heal the diseases and reduce the side effects caused by the medications. This has led to the increased demand for botanical extracts as a primary alternative for synthetic or allopathic medicines.
Moreover, the major benefits of botanical products are driving their demand for various applications in the market. For instance, products such as ginseng, echinacea, Ginkgo Biloba, and garlic are considered major selling botanical products in the U.S. Ginkgo biloba became popular in the U.S. as a natural remedy for inflammation and infections. On the other hand, Ginseng is used in a broad variety and is well known for its high phenolic compounds, ginsenosides, and saponins, such as carotenoids and carbohydrates. According to the U.S. Food and Drug Administration, in the U.S., 20% of adults commonly used botanical dietary supplements, and to a smaller extent in Europe, these products are used primarily for health maintenance.
In addition, the spread of the COVID pandemic is also one of the key factors driving the demand for natural products. This is mainly because the consumers have become more careful and aware of the utilization of synthetic chemical-based food and skincare products and moving towards natural colorant-based plant juice products since they provide better and long-lasting protection from viruses and bacteria. Natural extracts provide anti-inflation, antioxidants, and skin-nourishing benefits, boosting pharmaceutical, cosmetics, and personal care applications. Growing awareness about the long-term benefits on health is likely to boost botanical extracts market during the next few years.
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The growth of the overall botanical extracts market is mainly driven by the increasing health and wellness trend with consumption of natural health products, growing demand for convenience food, increasing awareness regarding the benefits of herbal products over synthetic products, and rising demand for botanical extracts in the food and other applications. Further, the emergence of new application areas in accordance with changing consumer trends and increasing investment in emerging economies is expected to offer lucrative opportunities in the next few years.
The botanical extracts market is mainly segmented based on source, form, application, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Impact of COVID-19 on the Botanical Extracts market
The outbreak of COVID-19 has had a significant impact on public health and all stages of the supply chain and various industries.
The market for spices and seasonings have witnessed a rapid uptick with the onset of the COVID-19 crisis, wherein some select spices that are meant to provide immunity, such as turmeric, ginger, and garlic, have received tremendous response from consumers globally. Further, consumers have stockpiled non-perishable food items, soaps, and health products, including herbal dietary supplements. This has surged the demand for herbal extracts typically used in immune-enhancing supplements, including extracts of echinacea, olive (Olea europaea, Oleaceae) leaf, and rosemary (Rosmarinus officinalis, Lamiaceae). Thus, the growing demand for extracts in the coronavirus crisis is expected to fuel the demand in the market.
However, several concerns such as truck shortages, reduced deliveries, truncated air freight capacity, port congestion, roadblocks, and logistic disruptions are some of the factors that restricted the demand for botanical extracts in the market.
Key Findings in the Botanical Extracts Market Study:
Based on source, the spices segment is expected to account for the largest share of the overall botanical extracts market in 2021. The large share of this market is mainly attributed to the growing consumption of convenience, processed, and ready-to-eat dishes; increasing popularity of ethnic cuisines and healthy foods in various countries; rising awareness of the medicinal properties of spice extracts coupled with their use in novel food recipes; and potential growth for ginger, dried capsicum/pimenta, pepper, Curcuma, cinnamon, and cloves extract in the European market.
Based on form, the powder segment is estimated to witness a rapid growth in the overall botanical extracts market during the forecast period of 2021—2028. The fast growth of this market is mainly attributed to the growing use of powder in various applications, including sports drinks, meat, dairy, bakery & confectionery, and high health benefits over the other forms. In addition, these extracts are much stable over liquid form and have more shelf life. Owing to these benefits, the powdered segment is expected to boost its demand in the forecast period.
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Based on application, the food segment is expected to account for the largest share of the overall botanical extracts market in 2021. The large share of this market is mainly attributed to the rise in the need for bakery and confectionery products, along with the rising preferences for organic flavoring agents, rising consumer demands for natural food ingredients, increasing demand for convenience food, and growing popularity of international cuisine in various countries.
Geographically, Asia-Pacific region is estimated to witness a rapid growth in the global botanical extracts market during the forecast period of 2021—2028. The fast growth of this market is mainly attributed to the growing consumer awareness in line with the advantages of intake of products that involve natural plant-derived extracts; rapid economic growth in the country, especially in China, India, and Southeast Asia pushing high demand for natural ingredients; and increasing concerns about healthy lifestyles. In addition, the growing demand for organic processed food & beverages is expected to drive the demand for botanical extracts in the Asia-Pacific.
The key players operating in the global botanical extracts market are Ransom Naturals Ltd. (U.K.), International Flavors & Fragrances Inc. (U.S.), Synthite Industries Ltd. (India), Martin Bauer Group (Germany), Kalsec, Inc. (U.S.), Synergy Flavors Inc. (U.S.), Prinova Group (U.S.), PT. Indesso Aroma (Indonesia), Döhler GmbH (Germany), Bell Flavors & Fragrances (U.S.), Nutra Green Biotechnology Co., Ltd. (China), and Kuber Impex Ltd. (India), among others.
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Scope of the Report:
Botanical Extracts Market, by Source
- Tea Leaves
- Others (Leaves, Seeds, Grains, Petals, Stems, and Bark)
Botanical Extracts Market, by Form
Botanical Extracts Market, by Technology
- Water Extraction
- Cold Pressing
- Steam Distillation
- Supercritical CO2 Extraction
- Ultrasound-Assisted Extraction
Botanical Extracts Market, by Application
- Bakery and Confectionery
- Sauces and Dressings
- Alcoholic Beverages
- Non-Alcoholic Beverages
- Carbonated Soft Drinks
- Ice Tea
- Flavored Dairy Products
- Sport Drinks
- Others (Functional Juices, Energy Drinks, among others)
- Cosmetics and Personal Care
- Hair Care Products
- Skin Care Products
- Oral Care Products
- Sun Care Products
- Decorative Cosmetic Products
- Body Care Products
- Perfumery Products
- Other Products
Botanical Extracts Market, by Geography
- North America
- The Netherlands
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- South Korea
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Rest of Latin America (RoLATAM)
- Middle East and Africa
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