The global botanical ingredients market is anticipated to register a CAGR of 7.0% from 2020 to 2027, according to the latest report by Grand View Research, Inc. The increasing demand for convenience consumables is anticipated to be one of the key driving factors of botanical extracts during the forecast period. Additionally, the market influenced by the changes in demand for natural food flavors instead of synthetic ingredients owing to the rising health awareness.
The emerging trend of using clean label products is incessantly becoming mandatory, worldwide. This, in turn, is compelling food producers to develop and roll out new products and formulations to cater to the surging consumer demand for healthier eatables. The emerging application of several botanical extracts such as herb and spice extracts, in combination with other ingredients to enhance the food flavor, is projected to further support the market expansion across the globe.
Covid-19 Effect:
COVID-19 has shaken consumers’ confidence in healthcare systems and government institutions, particularly regarding the provision of adequate healthcare facilities. The shift toward greater self-care has created a positive impact on the industry’s long-term opulence. The dietary supplement industry is gaining traction with the initiation of the self-care movement, thus fueling the growth of the botanical ingredients market amid the Covid-19 crisis.
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Further findings from the report suggest:
- The spice segment held the largest market revenue share of 28.5% in 2019 and is projected to demonstrate a considerable gain during the forecast period. This can be attributed to altering lifestyles, along with an increase in the trend of consuming novel foods. This has resulted in the popularity of spices
- The powder form segment dominated the market, accounting for an overall share of 61.4% in 2019 and is anticipated to witness significant traction over the coming years. The segment is driven by its extensive utilization in applications such as sauces and dressing, bakery and confectionery, meat, soy, dietary supplements, dairy, and medicines
Botanicals are fresh plants or plant parts that are combined or isolated with chemical components, extracted in ethanol, water, other oleoresins, organic solvents, essential oils, and other extracts to be used for flavoring, fragrance, medicines, and functional health benefits. It has been used over a while in a broad variety of ways, including ingredients in beverages such as energy drinks, fortified juices, and sports drinks.
The personal care and cosmetic application segment is expected to witness considerable growth on account of the growing popularity of the fair trade and organic certifications. Additionally, cosmetics producers are continuously looking for natural ingredients with functional properties, which further they can utilize in their formulations, such as plant-based extract.
The market is highly competitive in terms of increased interest in new ingredients and product innovation. There is a global trend towards the acquisition of small botanical companies by enormous personal care, pharmaceutical, food, and household product companies. Remaining small enterprises in the division tend to fill niches that might include fair trade and sustainable.
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Grand View Research has segmented the global botanical ingredients market on the basis of source, form, application, and region.
Botanical Ingredients Source Outlook (Volume, Tons; Revenue, USD Million, 2016 – 2027)
- Herbs
- Leaves
- Spices
- Flowers
- Others
Botanical Ingredients Form Outlook (Volume, Tons; Revenue, USD Million, 2016 – 2027)
- Powder
- Liquid
Botanical Ingredients Application Outlook (Volume, Tons; Revenue, USD Million, 2016 – 2027)
- Food & Beverages
- Dietary Supplements
- Cosmetic & Personal Care
- Pharmaceuticals
- Others
Major Players:
- PT. INDESSO AROMA
- New Directions Aromatics Inc.
- The Herbarie at Stoney Hill Farm, Inc.
- Lipoid Kosmetik AG
- Bell Flavors & Fragrances
- Frutarom Ltd
- Rutland Biodynamics Ltd
- Ambe Phytoextracts Pvt Ltd
- Prakruti Products Pvt. Ltd.
- Umalaxmi Organics Pvt. Ltd
- The Green Labs LLC
- BERJÉ INC.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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