Market overview

The global botanical extracts market is anticipated to register a growing CAGR of 9.50% and will reach up to USD 10.38 billion by the forecast year 2030. But the limited supply of raw materials and the fluctuations in price can slightly hamper the growth of the global botanical extracts market. 

Botanical Extracts are the plant-based products that are used for medicinal or therapeutic purposes, flavor, and scent. It is prepared and obtained from various processes such as pressing, squeezing, extraction, fractionation, distillation, concentration, drying up and fermentation. The materials by the botanical extracts include the plant parts, cut plants, plant products, fungi, and lichens. These extracts are also used in the production for several foods and beverages, mostly functional beverages. 

The global botanical extracts market report witnesses the rise in the demand for such products for widespread application in food products such as baked goods, dairy products, confectionery, and meat products. The demand for functional beverages has increased all around the world for the past few years. The functional beverages have the additional ingredients that provide a whole lot of health benefits due to the presence of significant ingredients such as herbs, minerals, vitamins, antioxidants, amino acids, and bacteria. These products are essential for the body and help in improving the immunity rate, digestive health, and electrolyte replenishment and gut functioning. 

Regional analysis

As seen in the global report, North America will be having a dominant share in the global market. This region accounted for 32.64% of the market share in the year 2022 and is projected to grow at a surging CAGR of 5.36% in the forecast period. The excessive medical costs has also resulted in a shift towards the adoption of healthy alternatives and due to this the consumption and demand for dietary supplements have also increased majorly. The rising demand for natural ingredients has increased in the regions of Europe, Asia-Pacific, Latin America, Middle East and Africa. 

Market segmentation

The rising consumer demand and preference for organic foods and beverages is creating lucrative opportunities for the key botanical extracts market players in the overall botanical extracts market. The applications of botanical extracts are numerous, but the market can be split into:

• Beverages
• Food
• Personal care
• Pharmaceuticals and nutraceuticals 
• Others

The Pharmaceuticals and nutraceuticals market will hold a prominent share and will be valued at USD 7,766.5 million. The personal care segment will also grow at a faster rate of 5.88% from the period between the year 2023 and 2030. The botanical extracts help to maintain the protein levels in the skin and can completely inhibit collagen degradation. And owing to such properties, the global botanical extracts are being increasingly used in various skincare products.  

Industry news

Investment House LLC has bought International Flavors and Fragrances Inc., along with NVIDIA Corp, and Motorola Solutions Inc. The International Flavours and Fragrances is an American corporation that produces flavours and fragrances for cosmetics activities on a global level. It has creative sales and manufacturing facilities in 35 different countries.

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