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Botanical Extracts Market Size to Surpass $10.48 billion with a Growing CAGR of 10.1% by 2028, Share, Trends, Growth And Competitive Analysis Report 2024-2033
Botanical Extracts Market Report
The Business Research Company presents an extensive market research report on the Botanical Extracts Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The botanical extracts market size has grown strongly in recent years. It will grow from $6.51 billion in 2023 to $7.13 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to traditional remedies, cultural and traditional use, exploration and trade routes, favorable government regulations.
The botanical extracts market size is expected to see rapid growth in the next few years. It will grow to $10.48 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to rising health awareness, growing demand for functional foods and beverages, growing demand for plant-based products, growing popularity of herbal supplements, rising disposable income. Major trends in the forecast period include research and development, innovative products, mergers and acquisitions, government initiatives.
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Key Market Players:
Major companies operating in the botanical extracts market report are International Flavors & Fragrances Inc., Himalaya Herbal Healthcare, Blue Sky Botanics Ltd., Naturex, Synthite Industries Ltd., Nexira, Layn Natural Ingredients Corp., Indesso, Dohler GmbH, Hunan Nutramax Inc., Haldin Natural, Nutra Green Biotechnology Co. Ltd., Kalsec Inc., Arjuna Natural Pvt. Ltd., Shaanxi Jiahe Phytochem Co. Ltd., Tianjin Jianfeng Natural Products Co. Ltd., Bio-Botanica Inc., Nature's Power Nutraceuticals Corp., Synergy Flavors, Martin Bauer Group, Lipoid-Kosmetik, Phytochem India, Plant Extracts International Inc., Kuber Impex Ltd., Ransom Naturals Ltd., MB-Holding GmbH & Co KG, Frutarom Industries Ltd., Biomax Life Sciences Ltd., Organic Herb Inc., Xi'an Sgonek Biological Technology Co. Ltd.
Market Drivers:
The growing demand for convenience food products propels the botanical extracts market going forward. Convenience food refers to tertiary processed food, which is ready-to-eat processed food. Plant extracts are used to enhance the color and flavor of high-fat and ready-to-eat foods, such as meat. Botanical extracts are plant materials with concentrated medicinal characteristics utilized in the food industry to give health advantages. Thus, due to the increased demand for convenience foods, the market for botanical extracts is expected to grow. For instance, in 2022, according to the Economic Research Service of U.S. Department Of Agriculture, a US-based government agency, the U.S. consumers spent an average of 11.3% of their total food expenditures on food away from home. Thus, the demand for convenience food products drives the botanical extracts market.
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https://www.thebusinessresearchcompany.com/report/botanical-extracts-global-market-report
The botanical extracts market covered in this report is segmented -
1) By Technology: CO2 Extraction, Solvent Extraction, Steam Distillation, Enfleurage, Other Technologies
2) By Source: Spices, Herbs, Flowers, Leaves, Other Sources
3) By Form: Liquid, Powder, Semi-Solid
4) By Application: Food and Beverages, Pharmaceutical and Nutraceutical, Cosmetics
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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