The global market for botanical extracts was estimated at USD 5.56 billion in 2021, and is projected to reach USD 10.16 billion by 2028, growing at a CAGR of 9% over the analysis period.
Botanical extracts are used as an ingredient in the food beverages industry to amend flavor, aroma, or nutritive quality. Botanical extracts also enhances properties like shelf life, and flavour and they help in reducing microbial spoilage. They are extracted from the plant tissue, generally by treating with a solvent such as water or alcohol.
Surging adoption of natural flavors across a range of food applications as a significant factor propelling the demand for botanical extracts over the coming years. The usage of natural and organic food products has grown exponentially in recent years, attributed to emerging health concerns and changing dietary preferences. The increasing number of people transitioning toward chemical-free nutritional food products has encouraged enterprises to develop products based on natural ingredients having positive effects on health.
Top Key Players Covered In Botanical Extracts Market
- Frutarom Ltd. (Israel)
- Kalsec Inc (U.S.)
- Döhler GmbH (Germany)
- Nexira (France)
- Haldin Natural (Indonesia)
- Synergy Flavors (U.S.)
- Bell Flavors Fragrances (U.S.)
- Nutra Green Biotechnology Co.Ltd. (China)
- Blue Sky Botanics (U.K.)
- Fytosan (France)
- BI Nutraceuticals (U.S.)
- Ransom Naturals Limited (UK)
- International Flavors and Fragrances Inc (USA)
- Synthite Industries Limited (India)
- Martin Bauer Group (Germany) and other major players.
The rising awareness among consumers about the harmful and toxic effects of chemical-added beauty and skin products and the increase in the usage of botanical extracts in the processing and manufacturing of sports nutrition and beverages is expected to boost the development of the market during the analysis period. Increasing demand for botanical extracts in the cosmetic and pharmaceutical sectors is one of the prominent factors contributing to the growth of the botanical extracts market. The growing usage of personal care and cosmetic products has stimulated the usage of plant extracts in cosmetics industry.
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Market Segmentation:
By Form
- Powder
- Liquid
By Application
- Beverage
- Personal care
- Pharmaceutical
- Nutraceuticals
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Covid-19 Impact Analysis On Botanical Extracts Market
Owing to the Coronavirus pandemic, the Botanical extracts market faced a bump in its growth. The market was negatively affected by COVID-19. Due to the sudden COVID-19 pandemic, there have been various supply chain disruptions in the market. Since the COVID-19 virus outbreak in December 2019, the disease had spread to almost 100 countries around the globe with the World Health Organization declaring it a public health emergency. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition. A decline in business for at least three months during 2020 coupled with lower demand from a few major markets has put pressure on the profitability of Botanical extracts manufacturers and vendors. However, the negative impact of COVID-19 is expected on Botanical extracts to be compensated over the medium to long term future.
Key Industry Development In The Botanical Extracts Market
- In March, 2022, Bell Flavors Fragrances released the 2022 Spark Trend Toolkit to recognize innovations within the fragrance and flavor industries. This toolkit has been reconceived, including both micro and macro trends that are applied to a fragrance or flavor category to pick out what’s next.
- In February, 2022, International Flavors and Fragrances Inc announced that it has agreed to acquire Health Wright Products, LLC (HWP), a leader in capsule manufacturing and formulation for the dietary supplement industry.
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