Growth opportunities and latent adjacency in Botanical Extracts Market | Key Players are Frutarom Ltd, Kalsec Inc., Blue Sky Botanics, Ransom Naturals, Prinova Group LLC, Synergy Flavors

The botanical extracts market was valued at USD 3.06 billion in 2016 and is projected to grow at a CAGR of 9.0% from 2017, to reach a value of 6.03 billion by 2022. Botanical extracts are widely used as ingredients in food & beverage applications, owing to their functional properties. Also, the growing demand for natural & nutritious products has increased the demand for botanical extracts in the food & beverage industry.

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Rising demand for natural flavors in food applications to drive the global botanical extracts market size to USD 6032.5 million by 2022

Botanical extracts are used as ingredients in the food & beverage industry to modify flavor, aroma, or nutritive quality. Botanical extracts also impart properties such as enhanced flavor and extended shelf life and also reduce microbial spoilage. They are extracted from the tissue of a plant, usually by treating with a solvent such as alcohol or water. The global market was valued at USD 3.60 billion in 2016 and is projected to reach USD 6.0 million by 2022, at a CAGR of 9.0% during the forecast period.

The growth in demand for convenience foods is projected to be one of the major drivers of botanical extracts such as spice extracts during the forecast period. This market is greatly influenced by the changes in consumption patterns of consumers who are seeking natural flavors in their food instead of synthetic ingredients due to the rising health awareness. The growing trend toward clean label products, which are slowly becoming mandatory across the globe, is also driving the market growth for botanical extracts and in turn compelling food manufacturers to develop new formulations and products to cater to the rising consumer demand for healthier food products. The increasing application of various botanical extracts such as spice & herb extracts, in combination with other ingredients, in various food products to enhance the flavor, is another factor expected to drive the botanical extracts market growth across the globe.

Availability of substitute products is the major restraint for the market

The availability of substitute products in the form of synthetic flavors is the main restraint for the market; this is largely due to the advantages associated with synthetic flavors such as lower prices compared to spices & herbs, uniform & consistent quality, and ease of use in contrast to natural products.

The North American market is primarily driven by the US which accounted for a share of about 35.3% in 2016. The US market is mainly driven by the growth in consumer awareness regarding the benefits of consumption of food & beverages that include botanical extracts, without compromising on the flavor of the products.

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Botanical extracts in food: Demand is increasing due to healthy life choices

Botanical extracts are used as flavoring substances in fats, oils, and food emulsions. They produce a synergizing effect when added along with other natural food preservatives. This helps control the microbial growth, even if their antimicrobial effect is limited. The process used to derive such extracts is referred to as the food-grade liquid extraction process. Botanical extracts are standardized as water-soluble & oil-soluble liquids and powders with different strengths. Urbanization, high disposable income, and growing demand for healthy nutritional foods are key factors driving the natural extracts market.

This report includes a study of marketing and developmental strategies, along with the product portfolios of leading companies. It includes the profiles of leading companies such as Frutarom Ltd (Israel), D?hler GmbH (Germany), and Kalsec Inc. (U.S.). Other players include Blue Sky Botanics (U.K.), Ransom Naturals (U.K.), Prinova Group LLC (U.S.), Synergy Flavors (U.S.), and Haldin International (Indonesia).

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