The botanical ingredients market is slated to progress at a CAGR of 7.3%. This will elevate the market size from US$ 185.91 billion to US$ 374.84 billion from 2024 to 2034. The growing healthcare, cosmetic, and food and beverage markets leverage the demand for botanical ingredients.
Changing consumer lifestyles levitate the demand for eco-friendly products. In addition, consumers demand healthy products, driving the production of botanical ingredients. Hence, this boosts the natural food ingredient market size. The strengthening and diversification of distribution networks will increase the demand for botanical ingredients. Multiple choices can become available to customers, enhancing the natural food ingredient market growth prospects.
Technological infrastructure is growing, assisting leading botanical ingredient manufacturers in producing innovative and sustainable botanical ingredients. It will generate more options for consumers, driving the plant-based ingredient market. The growing concern for sustainability will be another critical mainstream driver for the botanical ingredient market.
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Key Takeaways from the Market Study
• From 2019 to 2023, the market for botanical ingredients advanced at a 6% CAGR.
• The Indian botanical ingredient market growth will be the fastest, which projects the highest CAGR of 7.1%.
• The United States of America is the largest market by size, estimating the advancement at a CAGR of 4.4%.
• Liquid plant extract is the largest segment based on form, securing 26.5% of the market space.
“Synthetic products can be perfect substitutes for organic products, which can be a serious restraint for the botanical ingredient market,” says Nandini Roy Choudhury, Client Partner at Future Market Insights.
Competitive Landscape of the Botanical Ingredient Market
Leading botanical ingredient manufacturers occupy a large market space, hindering new entrants’ entry path. However, new entrants might enhance their market presence through effective brand positioning.
Key marketers use product launches, partnerships, collaborations, acquisitions, and alliances to maintain their competitive advantage in the market. The following key developments have changed the competitive landscape:-
• In August 2022, Archer Daniels Midland Company partnered with New Culture. The strategic move intended to uplift dairy production. Also, the organization focused on innovating products and commercializing them.
• In May 2023, International Flavors & Fragrances Inc. initiated and completed a divestiture of its Savory Solutions business unit to PAI Partners. This helped the organization eliminate its liabilities and assets, leveraging free cash flow.
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Key Companies Profiled
- Archer Daniels Midland Company
- International Flavors& Fragrances Inc.
- Koninklijke DSM NV
- Martin Bauer Group
- Bell Flavors & Fragrances
- Givaudan
- Döhler GmbH
- Koninklijke Euroma BV
- Botanical Ingredients Ltd.
- Nutrasorb LLC.
Botanical Ingredients Market by Category
By Ingredient:
- Herbs & Spices
- Vegetables & Fruits
- Flowers
- Leaves
- Seeds & Nuts
- Barks & berries
- Bulbs & Roots
- Others
By Form:
- Dried Plants
- Liquid Plant Extract
- Oleoresins
- Others
By End User:
- Commercial Chains
- Residential Uses
By Application:
- Food & Beverages
- Nutraceuticals & Dietary Supplements
- Pet Care Industry
- Pharmaceuticals
- Cosmetics and Personal Care
- Commercial HouseholdsOthers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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