Botanical Ingredients Market Growth & Trends
The global botanical ingredients market size is expected to reach USD 246.59 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.9% over the forecast period. The market is expected to be driven by the increasing demand for convenience and functional food products coupled with the advent of clean and natural botanical supplements by key market participants. The food and beverages industry has been one of the biggest application areas for botanical ingredients. They are widely used in various foods & beverages, such as bakery&dairy products, energy drinks, and confectionery products, owing to their unique flavor and health benefits.
Health-conscious consumers prefer food products with high nutritive content. The outbreak of COVID-19 has also shifted customer focus towards preventive healthcare with an emphasis on natural and clean products. Thus, food & beverage manufacturers are focusing on fortifying food products with flavorful and nutritive plant-based ingredients, such as tea extracts. Botanical ingredients are sourced from herbs, leaves, spices, flowers, etc. Spices accounted for the highest revenue share in 2020. The increasing trend of experiencing novel food, high usage as a natural ingredient in cosmetic products, and increasing awareness about health benefits associated with it are major factors contributing towards the high market share.
The rising demand for health beneficial products and the introduction of novel food products by the processed food companies to expand product range and differentiate from competitors are factors expected to boost the market growth. The powder form accounted for the largest market share in 2020. This is due to its high amounts of active ingredients, longer shelf life compared to liquid form, and extensive utilization in various applications, such as bakery, confectionery, sauces, dressings, meat, soy, dairy, dietary supplements, and medicines. Moreover, powder form is less likely to be contaminated owing to its concentrated nature.
Asia Pacific has been experiencing a high growth over the past few years and the trend is expected to continue over the forecast period. In the Asia Pacific region, developing countries, such as China and India, have witnessed an exponential growth in the consumption of functional foods and dietary supplements in the last 10 years. The nutraceuticals industry in developed economies, such as Japan, Australia, and South Korea, has shown an upward growth trajectory in the recent past. As a result, Asia Pacific has emerged as a budding market for botanical ingredients, supported by health and wellness trends across various countries.
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Botanical Ingredients Market Report Highlights
- The spice source segment accounted for the largest volume as well as the revenue share of the global market in 2020
- It is expected to witness substantial gains over the forecast period due to the high demand for health beneficial ingredients and manufacturers effort in offering novel products
- North America dominated the market in 2020, in terms of revenue, due to the well-established dietary supplements market
- Favorable economic policies for advancements in the healthcare industry and consistent demand for novel products are expected to drive the regional market
- The food & beverage application segment held the largest value share in 2020 and is expected to witness steady growth in the coming years
- This growth is mainly due to the growing consumption of packaged foods as a result of rapid urbanization and changing lifestyles
- Key players are increasingly consolidating their position in the market mainly by acquiring small-sized firms
- Companies are also focusing on offering tailored products wherein the content or composition of extracts and concentrate is customized
Access Press Release@ https://www.grandviewresearch.com/press-release/global-botanical-ingredients-market
Botanical Ingredients Market Segmentation
Grand View Research has segmented the global botanical ingredients market on the basis of source, form, application, and region:
Botanical Ingredients Source Outlook (Volume, Kilo Tons; Revenue, USD Thousand, 2017 - 2028)
- Herbs
- Leaves
- Spices
- Flowers
- Others
Botanical Ingredients Form Outlook (Volume, Kilo Tons; Revenue, USD Thousand, 2017 - 2028)
- Powder
- Liquid
Botanical Ingredients Application Outlook (Volume, Kilo Tons; Revenue, USD Thousand, 2017 - 2028)
- Food & Beverages
- Food
- Bakery & Confectionery
- Sauces & Dressings
- Others
- Beverages
- Energy Drinks
- Sports Drinks
- Functional Juices
- Others
- Dietary Supplements
- Personal Care& Cosmetics
- Pharmaceuticals
- Others
- Food
Botanical Ingredients Regional Outlook (Volume, Kilo Tons; Revenue, USD Thousand, 2017 - 2028)
- North America
- US.
- Canada
- Mexico
- Europe
- Germany
- UK.
- France
- Spain
- Asia Pacific
- China
- India
- Japan
- Australia
- Central & South America
- Brazil
- Argentina
- Middle East & Africa
- South Africa
List of Key Players of Botanical Ingredients Market
- Indesso
- Lipoid Kosmetic AG
- The Herbarie at Stoney Hill Farm, Inc.
- International Flavors& Fragrances, Inc.
- Bell Flavors& Fragrances
- Rutland Biodynamics Ltd.
- Prakruti Products Pvt. Ltd.
- Ltd.
- The Green Labs LLC
- Berje, Inc.
- Umalaxmi Organics Pvt. Ltd.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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