Press release
Botanical Extracts Market 2024-2033: Rising Trends, Global Outlook, Industry Size And Major Players
Botanical Extracts Market
The Business Research Company offers in-depth market insights through Botanical Extracts Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
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
Major Driver - Growing Demand For Convenience Foods Drives Botanical Extracts Market
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.
Competitive Landscape:
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.
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Top Trend - Strategic Partnerships Drive Sustainable Solutions In The Botanical Extracts Market
Major companies operating in the botanical extracts market are adopting a strategic partnership approach to meet the growing demand for sustainable and natural ingredients in the personal care sector. A strategic partnership is a collaborative agreement or alliance between two or more entities, such as companies, organizations, or governments, with the aim of achieving mutually beneficial objectives. For instance, in July 2023, Nordmann, a Germany-based chemical manufacturing company, partnered with Plantapharm GmbH, an Austria-based personal care company. With this partnership, these companies aim to provide high-quality plant extracts for the personal care industry, including hair care and toiletries.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Botanical Extracts Market Characteristics
3. Botanical Extracts Market Trends And Strategies
4. Botanical Extracts Market - Macro Economic Scenario
5. Botanical Extracts Market Size And Growth
…..
27. Botanical Extracts Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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