The global botanicals market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is due to increased health consciousness among people, preference for natural flavors in food rather than synthetic chemicals. The growing trend for clean label products is propelling the market for botanical extracts and food manufacturers are in process to develop new formulations and products to meet increased customer demand for healthier food products.
Botanicals are substances produced or derived from plants extracts that are extensively used in skin care and hair care products. Along with that, these products are considered to be medicinal agents, which are included in the preparation of various drugs and medicines. Botanicals are available in a variety of forms in the market including oils, tablets, herbs, and powders that are widely used by almost all population groups including children, youth, and adults. These products are used for a variety of diseases treatment and other applications ranging from dietary supplements to chronic pain and injury treatment.
In May 2020, Lipoid Kosmetik AG expanded its line of dermal messenger peptides with the launch of PhytoCodine. It was an anti-aging product containing natural matrikine-like peptides, which collects extracellular matrix components that give skin a more youthful appearance. In May 2020, Firmenich SA opened its third fragrance atelier, villa botanica, in Grasse, with the goal to expand its leadership in natural and ecological product offerings.
Key Players Covered in the Report
Dabur; Ricola; Herbalife; Himalaya; Omega Protein Corp.; Amway; Bayer AG; Naturalife Asia Co.; Himalaya Drug Company NBTY Inc.; and Bio-Botanica Inc.
Market Segment Insights
On the basis of sources, the botanicals market is segregated into herbs, spices, flowers, and others. The spice segment dominated the market in 2019 and is expected to grow at a robust pace in the coming years owing to the increasing demand for spice due to change in people's taste and the growing tendency of trying new food products. Spice extract manufacturers are constantly engaged in the development of new and different flavors to match the changing consumer preferences. Spices are the most often utilized botanical extracts among the other sources.
Based on applications, the market is segregated into food & beverages, dietary supplements, animal feeds, and others. The food & beverages segment is projected to expand at high CAGR during the forecast period owing to rising expansion of the bakery & confectionery segment and the alcoholic beverages. With the rise of the on-the-go eating trend, demand for bakery products is rising. The market for botanical extracts in the food & beverages industry is very much on large scale owing to rising demand for bread and confectionery items and an increase in consumer preferences for natural flavoring agents. This is due to the properties botanical extracts holds such as fully natural, “clean label” which allows consumers who are gradually leaning toward natural, healthy, and organic products
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On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Europe is anticipated to dominate the market during the forecast period owing to rising import of spices and herbs to meet the demand for the botanical products, used for various applications in the region. Germany has emerged as the region's most important market. Rapid changing in consumers’ taste and preferences for organic and natural food products, which are driving the botanical extract market in the region. Furthermore, the rising popularity of Asia-based cuisines such as Chinese, Continental, and Japanese among Europe-based customers is expected to lead the demand for organic spices and herbs.
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