Botanical Extracts Market Size to Hit Around USD 12.6 BN by 2030

Ottawa, Dec. 13, 2022 (GLOBE NEWSWIRE) -- The global botanical extracts market size was estimated at USD 7.56 billion in 2022. Botanical extracts are used in fields other than medicine. Botanical extracts are indeed a crucial element in the food and beverage industry. Botanical extracts are being used in an increasing number of new product lines across all primary types, from drinks to baked goods and dairy foods, as well as savoury classes including soups, sauces, and snacks. Non-alcoholic drinks are among the most prominent extract areas.

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Water, flavoured water, and enriched water target consumer segments turning away from sugary drinks and toward more natural, less sweet choices by including a variety of botanicals into their formulations. This opens up new possibilities for herbal variants with a more bitter flavour, as well as pairings with mint, tea leaves, mild spices, or floral overtones. Similarly, they are becoming increasingly important in plant-based dairy and meat replacements, giving gastronomic value as well as accuracy in product labelling.

Report Highlights

• In 2021, the spice category captured 32% market share. Changing lifestyle and the growing tendency of experimenting and tasting new dishes have expanded the market for spices. Spice extract makers must constantly develop new and different tastes to meet changing consumer tastes.
• The food and beverage industry sector held the largest market share in 2021, contributing for around 47% of total sales, and is expected to retain its dominance throughout the projected timeline.
• Asia Pacific is expected to reach largest growth from 2022 to 2030.
• The Europe region was surpassed at around US$ 1.5 billion in 2021 and is projected to grow at a CAGR of 8.5% from 2022 to 2030.

Regional Snapshot

During the projected timeframe, Asia Pacific is anticipated to be the fastest market for botanical extracts. The Asia-Pacific botanical extracts industry is being pushed by a shift in market demand toward natural goods as well as growing concerns about healthy lifestyles. P.T. Indesso Aroma (Indonesia) and Haldin Natural are two prominent market participants in the Asia-Pacific region (Indonesia).

The region's solid economic expansion is likely to drive growing support for such ingredients, particularly in China, India, and Southeast Asian countries. In 2016, India was the greatest share in terms of revenue to the Asia-Pacific market. Because of the favourable climatic circumstances, the region has a high variety of small farmers engaging in the selling of spice and herb extracts.

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Global Botanical Extract Market Revenue, 2022-2030 (US$ Mn)

Source Insights

Spices can change the taste of explicit cuisines and connect with the flavors of various regions. Due to COVID-19, the demand for some spices such as turmeric, garlic, ginger, etc., increased as it was considered an immune-boosting supplement. Asia Pacific is one of the leading manufacturers and exporters of spices. The area has the biggest populace in the world and has been seeing amazing development in the interest in flavours. A large portion of the flavors and spices are filled in nations, like India, Vietnam, China, and Thailand, hence making the district a significant exporter in the world. Consumption in the region is also growing at a rapid pace with increasing marketing and promotional activities, increasing consumer income, and the growth of domestic brands.

Botanical Extract Market Revenue, By Source, 2021-2030 (US$ Mn)

HERBS

Herbs are a leaf group of plants that are consumed for micronutrients. They are utilized in different applications including dietary supplements, food, and beverage, cosmetics, and pharmaceuticals. Types of herbs incorporate mint, rosemary, thyme, basil, dill, lavender, and others. Herb-based medicinal products are gaining importance due to their health benefits such as stabilizing hormones, metabolism, strengthening the immune system, and others. In recent years, there is an increase in the number of people who are choosing herbal medicines or products to improve their health conditions. According to the World Health Organization, 75% of the total populace involves herbs for basic healthcare needs. Consumers are replacing synthetic additives with food and beverages containing natural herbs due to growing awareness about the harmful impact of synthetic additives. Due to the developing demand for natural food ingredients, the utilization of plant-based food ingredients is increasing as compared to microbial & fermented ingredients. The eagerness of consumers to pay a premium price for a more natural product has changed the dynamics of various markets and is anticipated to increase the demand for natural herbs. Moreover, they are often used in various personal care products, for instance, skincare, hair care, face care, oil, and others which is also driving its demand.

Market Dynamics

Driver

Expanding Supplements Industry

In the last few years, the worldwide nutritional supplements business has grown quickly. Changing lifestyles, increased medical concerns, increasing medical expenditures, and a rising popularity for a fit and healthy lifestyle have been some of the primary reasons driving demand for vitamin, mineral, mineral supplements, protein & amino acids, fibres & specialised carbs. Extracts of many botanicals, such as aloe vera, mandarin orange, tea, black tea, ginseng, and turmeric, are used to make dietary supplements for aromatherapy, cognitive energy, nervous system, joint health, obesity, anxiety, and bloodstream. As a result, the growing nutraceuticals business is likely to drive demand for botanical components.

Restraint

Fluctuations of Raw Material Prices

Botanical ingredient producers obtain raw ingredients such as tea leaves, ginseng roots, turmeric, and many others in order to generate extracts and concentrates. Raw ingredients are grown all over the world because various agricultural commodities require different climatic conditions. Furthermore, because ingredients are an agricultural product, they are widely used in other businesses such as food and drinks, animal feed, and others. As a result, raw material costs fluctuate regularly due to climatic circumstances, varying demand from other application sectors, economic situations, and trade ties. This disrupts the operating costs and profit margins of botanical ingredient makers, posing market issues.

Opportunity

Emergence of New Application Areas Following Changing Consumption Trends

Increasing investments in emerging economies provide with new area of exploration. Companies of botanical extract such oleoresins, herbal extracts, natural colours, and dried crops invest in R&D activities to provide clients with new and improved goods. Companies form alliances with other producers in order to produce future goods that satisfy the unique needs of their consumers.

Challenge

Availability and season

Botanical extract makers encounter obstacles such as insufficient or insufficient supplies and variable costs for herbs and spices. Several spices and herbs are only accessible during certain seasons and are picked once a year. One of the primary issues confronting the botanical extract business is a lack of consistency in raw material sourcing. Furthermore, the pricing of herbs and spices might fluctuate; factors such as the availability and season.

Market Segmentation

By Source

• Spices
• Herbs
• Flowers
• Fruits
  • Mangoes
  • Pomegranate
  • Grapes
  • Others
• Leaves
  • Roots
  • Beetroot
  • Others
• Others
  
  

By Technology

• CO2 Extraction
• Solvent Extraction
• Steam Distillation
• Enfleurage
• Others
  
  

By Form

• Powder
• Liquid
• Leaf Extracts
  
  

By Product

• Organic
• Conventional

By Application

• Food
  • Bakery and Confectionery
  • Sauces and Dressings
  • Others
• Beverages
  • Alcoholic Beverages
  • Non-Alcoholic Beverages
    • Carbonated Soft Drinks
    • Ice Tea
    • Flavored Dairy Products
    • Sport Drinks
    • Others (Functional Juices, Energy Drinks, among others)
• Pharmaceutical and Nutraceutical
• 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

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

FAQs

• How was the market prior to the COVID-19 pandemic?
• How different social distancing norms and emerging work culture is impacting the botanical extracts market?
• What are the major business models employed by companies in the global botanical extracts market?
• What are the emerging areas of application in the field of botanical extracts?
• What is the degree of readiness for different regions in terms of their digital infrastructure?
• What are the major opportunities market participants see in the botanical extracts market in a post COVID-19 scenario?
• How will the global botanical extracts market evolve in a post COVID-19 scenario?
• What is the current market size?
• How is the market expected to evolve in terms of revenue during the forecast period?
• What are the ways through which companies can ensure working with insurance companies, to ensure an increased reach among masses?
• What are the major drivers and restraints for the market?
• What are the key developmental strategies which are implemented by the key players to sustain in the competitive market?
• Who are the suppliers and buyers in the botanical extracts market?
• What is the growth potential of botanical extracts in the LAMEA region?

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