Home > Food, Nutrition & Animal Feed > Botanical Extracts Market
Botanical Extracts Market size surpassed USD 6 billion in 2021 and is anticipated to witness over 7% CAGR from 2022 to 2030. Usage of novel extraction techniques to create new growth prospects throughout the forecast period.
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The surging demand for dietary supplements driven by the growing prevalence of deficiency diseases such as anaemia, scurvy, rickets, etc., is likely to bolster the demand for botanical extracts in the forthcoming years. According to the World Health Organization (WHO), Anaemia, a severe global public health issue caused by the deficiency of Vitamin B12 & A and folate, affects almost 42% children below the age of 5 years and about 40% of pregnant women globally.
A significant shift in dietary habits and the increased consumption of processed food have resulted in improper nutrition among children and adults. In order to compensate for the improper diet, there is surge in dietary supplements which is fostering product adoption. However, fluctuations in raw material prices due to variable demand and supply may act as a growth barrier. The integration of advanced extraction methods may fuel the botanical extracts industry's expansion throughout the projection period.
Report Coverage | Details |
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Base Year: | 2021 |
Market Size in 2021: | 6 Billion (USD) |
Forecast Period: | 2022 to 2030 |
Forecast Period 2022 to 2030 CAGR: | 7% |
2030 Value Projection: | 11 Billion (USD) |
Historical Data for: | 2018 to 2021 |
No. of Pages: | 247 |
Tables, Charts & Figures: | 276 |
Segments covered: | Source, Form, Application, and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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With regard to source, the botanical extracts market is fragmented into flowers, herbs, fruits, spices, tea leaves, and others. The herbs segment was worth more than USD 1 billion in 2021 and is anticipated to account for over 22.5% industry share by 2030. Herbs are enriched with antioxidants and possess anti-inflammatory, antimicrobial, and antiseptic properties, making them a preferred choice across a wide range of cosmetic applications. The accelerating shift toward organic and herbal health and beauty products may drive segmental revenues over the coming years.
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Based on form, the botanical extracts market bifurcates into powder and liquid segments. The powder segment is projected to depict a CAGR of over 7% during the forecast timeframe and record a valuation worth more than USD 7 billion by 2030. Powdered botanical extracts can foster up to ten times the bioactive phytochemical concentration of the original herb, making them ideal for use in cosmetics and personal care products. Besides, the beneficial impact on skin and hair will bolster the demand for powder botanical extracts over the assessment timeframe.
In terms of application, the industry segregates into cosmetics & skincare, pharmaceutical, food & beverage, and others. The botanical extracts market share from cosmetics & skincare applications is likely to expand at over 7% CAGR between 2022 and 2030. The incorporation of botanical extracts in the skincare regime tends to improve the skin's biological functions by providing essential nutrients. The increasing applications of botanical extracts in skincare and cosmetic products due to their richness in vitamins, essential oils, antitoxins, minerals, and other bioactive compounds.
Asia Pacific botanical extracts market is expected to be worth over USD 4 billion by 2030, accounting for more than 37% revenue share. The increasing inclination toward a healthy lifestyle and the subsequent rise in the utilization of natural organic products will aid the growth of the regional industry. In addition, the proliferating food & beverages industry, coupled with the improving economic outlook will drive product demand across the Asia Pacific.
Major shareholders partaking in the botanical extracts market include Lipoid-Kosmetik, Nektium, Ambe NS Agro Products Pvt. Ltd., Berkem, Blue Sky Botanics Ltd., Synergy Flavors, Ransom Naturals Ltd., Kalsec Inc., Synthite Industries Ltd., Döhler GmbH, Nutra Green Biotechnology Co., Ltd., Kuber Impex Ltd., Mb-Holding GmbH & Co. Kg, Bell Flavors & Fragrances, Martin Bauer Group, International Flavors & Fragrances Inc., Botanica, and Native Extracts.
The competitive dynamics are fueled by the increasing strategic associations among the market giants. These companies have been implementing several growth tactics, including acquisitions, mergers, partnerships, collaborations, and new product development, to expand their global footprint and set the stage for future growth opportunities.
The COVID-19 pandemic had a varied impact on the global market. The implementation of stringent movement and trade restrictions across major economies, in covalence with the multi-fold increase in air freight costs, disrupted the global supply chain and thus hampered the industry growth. On the flip side, the dramatic rise in demand for immunity-boosting products significantly increased the usage of botanical extracts. With the lockdown measures nearly being waived-off across several countries, the industry is set to witness unprecedented growth over the coming years.
By Source
By Form
By Application
The above information is provided on a regional and country basis for the following: