Increasing demand of botanical extracts from various end use industries including food & beverage sector is acting as key growth factor for global botanical extracts market.
According to TechSci Research report, “Global Botanical Extracts Market By Application (Bakery & Confectionery, Sauces and Dressings, Alcoholic Beverages, Carbonated Soft Drinks, Iced Teas, Flavored Dairy Products and Others), By Form (Powder and Liquid), By Source (Spices, Herbs, Tea leaves and Flowers), By Region, Forecast & Opportunities, 2025”, the market is expected to undergo a rapid growth during the forecast period on account of growing consumer awareness towards health and wellness products and increasing demand for botanical extracts by various end users such as food & beverage and beauty industry. Moreover, the growing preference of consumers for products containing natural formulations is also acting as a major growth driver for global botanical extracts market. The hazardous health effects of artificial flavors, scents and colors in food products is another factor which is pushing consumers to switch to botanical extract containing food & beverages. Also, entry of new market players and growing penetration of innovative and different variety of products is anticipated to foster the growth of global botanical extracts market through 2025.
Additionally, rising health conscious population and increasing emphasis on fitness is creating increasing demand for botanical extracts. The strict regulations regarding inclusion of synthetic flavors are also fueling the growth of global botanical extract market. Apart from that, botanical extracts are finding wide application in herbal medicines and convenience food. This is likely to further propel the market growth in coming years. However, availability of substitute of botanical extracts are posing as major challenge before manufacturers. Moreover, stringent regulations in various economies are likely to hamper the growth of global botanical extract market.
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Global botanical extracts market is segmented based on application, by form, by source and region. Based on application, the market can be categorized into bakery & confectionery, sauces and dressings, alcoholic beverages, carbonated soft drinks, iced teas, flavored dairy products and others. Among them, the iced teas segment is likely to undergo high growth during the forecast period owing to growing intake of tea among global consumers. The increasing preference for herb based tea is also making the segment a leading one among the other applications.
Based on source, global botanical extracts market can be segmented into spices, herbs, tea leaves and flowers. Among them, the herb segment is anticipated to witness significant CAGR during the forecast period on account of increasing application in food & beverage industry. Furthermore, herbal botanical extracts are also gaining high traction from beauty and healthcare industry.
Major players operating in the global botanical extracts market are Frutarom Industries Ltd., Kalsec Inc., BASF SE, Döhler GmbH, Synergy Flavors, Blue Sky Botanics Ltd., MB-Holding GmbH & Co. KG, Nexira SAS, Haldin Pacific Semesta and Synthite Industries Private Ltd. Leading companies are involved in increasing their product portfolio in order to increase their market reach. Some of them are also undergoing mergers & acquisitions and partnerships to strengthen their position in global botanical extracts market.
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“The growing popularity of organic food products is providing lucrative growth opportunities for botanical extract manufactures. Among the five regions, North America is likely to appear as the biggest market for botanical extracts as the region is witnessing rising population of fitness enthusiast consumers. The high per capita disposable income and high standard of living enables consumers to opt for high end botanical extract containing food & beverages. Also, the increasing consumption of dietary supplements in countries like United States and Cananda is another factor augmenting the growth of global botanical extracts market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Botanical Extracts Market By Application (Bakery & Confectionery, Sauces and Dressings, Alcoholic Beverages, Carbonated Soft Drinks, Iced Teas, Flavored Dairy Products and Others), By Form (Powder and Liquid), By Source (Spices, Herbs, Tea leaves and Flowers), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of botanical extracts market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global botanical extracts market.
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