Botanical Extracts Market is segmented by Source (Spices, Fruits, Herbs, Flowers, Roots, Tea Leaves), Form (Powder, Semi-Solid), Application (Food [Bakery and Confectionery], Beverages [Alcoholic Beverages], Pharmaceutical), and Geography.
The Botanical Extracts Market is projected to reach $10.06 billion by 2028, at a CAGR of 9.2% during the forecast period of 2021 to 2028.
Botanical Extracts comes from the soaking and extracting of the botanical liquid from a plant whose properties or certain chemicals present on a specific plant, can provide numerous health, cosmetic, or industrial benefits.
COVID-19 Impact on the Botanical Extracts Market
Many industries will have to adapt and adopt the changes that will be imposed upon them by their governments. A major pull back on the growth of the botanical extracts market is the disruption of supply chain since manufacturing and distribution of key players or companies are being limited, if not, controlled by governments by imposing lock downs and halting travels across borders.
The botanical extracts market is challenged by the disruption in raw material supply because it is negatively affecting manufacturers because travel, transport of raw materials, facility operations, and non-essential trade has been put off in many countries. This in turn affected production, causing fewer volume of product sales. Another backlash is the anticipation of the possible holdup of herbal supply chain this is due to the affected individuals providing workforce. Millions of people are inflicted with the COVID-19 virus, thus making them vulnerable and unable to provide labor support in the botanical and herbal products industry.
COVID-19 Positive Impact
With all of the negative effects in the market, there are still opportunities that opened in favor of this market. For instance, there are now high demands with regard to consumption and sales of some selected spices that can provide immunity from getting infected by the virus. Spices such as turmeric, ginger, and garlic have received overwhelming sales and positive demands from consumers worldwide. This caused the tremendous increase in he demand for herbal products and extracts used for immune building and supplements.
Key Findings in the Botanical Extracts Market
In terms of source, tea leaves segment s projected to have the fastest growth in the market during the forecast period. The rapid growth of this segment is majorly caused by the increasing consumption of high quality and functional foods, unique ways in incorporating tea flavors in different food products, rise in the demand for tea extracts in cosmetic products especially in Asia Pacific region as well as the significant rise in growth opportunities in the market.
In terms of form, the powder form segment in 2021 is projected to have the largest share accounted for globally in the botanical extracts market.the cause for this large share is due to the growing use of powder applications especially in food, beverages, cosmetics, industrial and medical uses also considering that it has higher health benefits that the other forms.
Beverages segment on the other hand, is projected to witness a fast growth in the market. This is mainly due to factors like, increasing demand for authentic-tasting drink flavor options, health awareness is increasing because consumers prefer safe, convenient, refreshing yet healthy beverages. Another growth driver of this segment is the growing demand of botanical extracts in sports drinks.
Regional Market Analysis
In terms of region segment, botanical extracts market is further classified into: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America however is projected to have the largest share in the market in 2021. This exponential growth in the region is due to the increasing consumer awareness of the benefits or natural plant-extracted products, availability of medicinal plants, an increase in natural resources competition which made the consumer focus on a better, healthy lifestyle as well as government initiatives to support and promote technological progress in this region.
Share and Competition of Market Key Players
These are the leading market participants which contributed to the growth of the Botanical Extracts Market: 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), Kuber Impex Ltd. (India).
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• Estimation/projections/forecast for revenue and unit sales (2021 – 2028)
• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Source Analysis (Revenue, USD Million, 2021 - 2028)
• Tea Leaves
• Others (Leaves, Seeds, Grains, Petals, Stems, and Bark)
Form Analysis (Revenue, USD Million, 2021 - 2028)
Application Analysis (Revenue, USD Million, 2021 - 2028)
• 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
Region Analysis (Revenue, USD Million, 2020 – 2028)
• United States
• United Kingdom
• South Korea
• Saudi Arabia
• Rest of World
• United States Botanical Extracts Industry Research Report
• Europe Botanical Extracts Industry Research Report
• Asia Pacific Botanical Extracts Industry Research Report
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