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Botanical Extracts Market Worth 5,833.4 Million USD By 2022
Botanical Extracts Market
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However, the availability of substitutes such as synthetic flavour is expected to hinder the growth of this market to some extent. In addition, a limited supply of raw materials and fluctuating price of extracts is further challenging the growth of botanical extracts market.
The global botanical extracts market is mainly segmented by source (spices, fruits, herbs, flowers, and tea leaves), by form (powder and liquid), by application (food, beverages, cosmetics, and pharmaceuticals), and by geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
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Botanical Extracts Market
North America holds the major share in the global botanical extracts market, followed by Europe, and Asia-Pacific. The large share of this region is primarily attributed to the increased consumption of functional food, growing desire to live a healthy lifestyle, and growing health & wellness trend in the region. However, Asia-Pacific region possesses lucrative growth potential for the botanical extracts market during the forecast period. This is mainly attributed to the rapid urbanization, increasing disposable income, increasing prevalence of diabetes, growing functional and organic food industry, and expanding use of botanical extracts in the cosmetics industry.
The leading companies have employed various strategies to expand their product and application offerings, global footprint, and augment their market share. The key strategies followed by most companies in the global botanical extracts market were new product developments, acquisitions, and expansions. The key players in the global botanical extracts market are Frutarom Industries Ltd., Blue Sky Botanics Ltd., Ransom Naturals Ltd., Prinova Group LLC., Pt. Indesso Aroma, Synergy Flavors, Inc., Haldin Pacific Semesta, PT, Kalsec Inc., Synthite Industries Ltd., Döhler GmbH, BI Nutraceuticals, Nutra Green Biotechnology Co. Ltd., Kuber Impex Ltd., and Mb-Holding GmbH & Co. Kg.
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Meticulous Research® is founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
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