New York, US, June 23, 2022 (GLOBE NEWSWIRE) -- Botanical Extracts Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), "Botanical Extracts Market Information by Form, Application, and Region - Forecast till 2030”, the market will capture a CAGR of 9.5% between 2020 and 2030, touching a valuation of USD 10.20 Billion by 2030.
Market Synopsis
Botanical extracts are types of ingredients used in the food & beverage sector to modify the aroma, nutritive quality, or flavor. These also offer properties like improved flavor and longer shelf life while bringing down microbial spoilage. These extracts are sourced from plant tissue, typically by treating using a solvent such as water or alcohol.
The heightened preference for clean-label drinks and foods with clean, organic, and clean ingredients can be accredited to the rising consciousness among consumers with regard to the products they consume. Clean label is the latest trend that has accelerated innovations across every consumer-packaged good segment. The surge in clean-label item launches owing to the escalating consumer preference for clean-label food products and the mounting concerns regarding health issues associated with synthetic food additives will favor the worldwide market.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 10.20 Billion |
| CAGR | 9.5% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Form, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing awareness of health |
| Increasing Demand in Health and Superfoods. |
Market Competitive Landscape:
The important companies in the botanical extracts industry are
- Ransom Naturals Limited - UK
- International Flavors and Fragrances Inc - USA
- Synthite Industries Limited - India
- Martin Bauer Group - Germany
- Prinova Group LLC - USA
- Synergy Flavors Inc - USA
- Kalsec Inc – USA
Market USP Covered:
Market Drivers:
The usage of botanical extracts is not prevalent only in the healthcare industry. These are one of the most significant components in the food and beverage space. Botanical extracts are increasingly found in a surging number of items being launched across every major segment, from baked goods to dairy products and even beverages or savory sections like sauces, snacks and soups. A highly influential segment for extracts includes non-alcoholic beverages. Products like flavored water, infused water or water are shifting from high sugar content to less sweet and more natural options with the use of a variety of botanicals. This should create several opportunities for the herbal segment that comprises combinations of tea leaves, mint, floral notes and mild spices. Likewise, these extracts have an important role in meat alternatives and plant-based dairy, offering sensory value as well as transparency with regard to product labeling.
In May 2020, the EFSA/European Food Safety Authority approved botanical extracts for use in the food application. Therefore, the surging opportunities for botanical extracts within the food and beverage sector and the rising approval from regulatory authorities like EFSA should bolster market demand.
Herbalism is the oldest traditional practice in the medical space which is based on the utilization of plants as well as plant extracts. Over the years, a burgeoning population worldwide has been opting for herbal products or medicines to enhance their health. The World Health Organization reveals that 80% of the global population consumers herbs for various healthcare needs.
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Market Restraints:
A major restraint can be the declining supply of chief raw materials required to develop products that have botanical extracts. Another key restrain is the fluctuating prices of these raw materials, making it tough for the food and beverage manufacturers to focus on production.
COVID 19 Analysis
The botanical extracts market has been substantially impacted by the COVID-19 outbreak. Given the pandemic scenario, numerous countries had to go under a lockdown, to control the rising cases. Owing to this, the demand and supply chain has been disrupted, which has affected the worldwide market. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.
The volatile costs of raw materials coupled with the COVID-19 pandemic have restricted the growth rate of the market. On the bright side, the situation is getting back to normal, which means that the market in the future will see better growth.
Market Segmentation
By Form:
Liquid and powder are the major forms in which botanical extracts are generally available in the market. The powdered form has a wide variety of use-cases that include dairy, bakery & confectionery and meat, helping achieve the desired taste and aroma while providing health benefits. These forms are more stable compared to the liquid forms of botanical extracts with a higher shelf life.
By Source:
Herbs & Spices, and Fruits are the key sources covered in the MRFR study. The spice segment should take the lead in the worldwide market, given the evolving lifestyles of the consumers and the rising interest in exploring new food products.
By Application
Pharmaceuticals & Nutraceuticals, Food, Personal Care, and Beverages are the top applications of botanical extracts. The food section dominates the global industry, as the application of botanical extracts in the food sector has been rising substantially worldwide. The use of these extracts in the food industry is largely in the bakery & confectionery segment.
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Regional Insights
North America accounts for the biggest share in the worldwide market, thanks to the escalating consumer awareness of the advantages of products containing plant-derived extracts. The surging availability of a variety of aromatic medicinal plants, the intensifying need for natural resources, and the consumers’ rising interest in maintaining a healthier lifestyle will further favor the North American market. The government’s mounting efforts to encourage technological innovations will push the market demand in the region as well.
Asia Pacific could achieve the fastest development rate in the following years, on account of the rising consumer inclination toward organic/natural products along with the surging focus on healthy lifestyles. The renowned brands in the Asia Pacific market are Haldin Natural (Indonesia) and P.T. Indesso Aroma (Indonesia).
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