The botanical ingredients market is valued at USD 164.1 Billion in 2022 and is projected to grow at a CAGR of 5.5% during the forecast period, to reach a value of USD 331.9 Billion by 2032. Newly released data from Future Market Insights analysis shows that global demand for botanical ingredients is projected to grow at a year-on-year (Y-o-Y) growth of 7.3% by 2032.
The botanical ingredients manufacturers offer a plethora of opportunities for businesses. Due to the new clean label and sustainable product trends, it is an excellent position for both brands and formulators to advertise products based on botanical ingredients as a unique and innovative created item.
Demand for botanical extract is expected to grow significantly over the forecast period, owing to their numerous health benefits and potential to function as an alternative to contemporary medication.
Increased awareness of the advantages of herbal goods versus synthetic products, and rising demand from food and other uses, are all expected to improve botanical ingredients sales. Brands like Botanical Ingredients Ltd. are supplying products to the Australian food industry with 100% pure and organic botanical ingredients sourced from Australia and the EU.
Botanical ingredients brands, such as Euroma, work on tasty concepts while manufacturing premium botanical ingredients using the best herbs and spices, from a complex seasoning to the most suitable pepper, or even a ready-to-use consumer product.
In the United States, a new generation of science-based and standardized functional botanical ingredients are developing from edible plants for use in cosmetics and dietary supplements.
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Key Takeaways from Market Study
The botanical ingredients market sales are worth US$ 164.1 Bn in 2022.
The botanical ingredients market is expected to expand at a CAGR of 7.3% through 2032.
Global botanical ingredients demand is projected to grow year-on-year (Y-o-Y) growth of 7.0% in 2022.
The botanical ingredients market is growing, with a notable boost towards the production to reach USD 331.9 Bn by 2032.
Organic and natural raw materials, sustainable product sourcing, and improved cleaner label products are the influencing factors among consumers, which is driving sales of botanical ingredients across global markets.
Demand for botanical ingredients grew at 6.6% CAGR between 2017 and 2021.
Herbs & spices segment, liquid plant extract segment, and commercial chain segment of botanical ingredients are in heavy demand from the food and beverages industry, carrying a notable botanical ingredients market share.
“Botanical ingredients can be a benefit to any food, beverages, cosmetics, or pharmaceutical formulation depending on the product application, as manufacturers now have a huge opportunity to meet consumer demand, highlighting botanical ingredients and using plant-based options, while brands need to pair exotic botanical ingredients with familiar formulations to create reassuring yet unique products that consumers will surely want to try,” says a Future Market Insights analyst.
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Competitive Landscape
Key Botanical Ingredients Brands are focusing on sustainable and organic product developments, while extending the product portfolio with extensive research procedures and several modifications to capture more botanical ingredients market share in the global arena and to further boost the industry growth.
Archer Daniels Midland Company, International Flavors & Fragrances, Inc, Koninklijke DSM NV, Martin Bauer Group, and Bell Flavors & Fragrances are expected to be the top players in the botanical ingredients market.
Kerry, an Ireland-based ingredients company, announced the debut of a new line of ingredients called Botanicals Collection ZERO,’ which includes a broad selection of alcohol-free botanical extracts specifically intended for no- or low-alcohol beverages. There are 50 goods in total in the product portfolio, including origins such as rosebud, juniper, chocolate, elderflower, cinnamon, turmeric, and more.
Layn Natural Ingredients announced an increase in botanical extracts in August 2021, including citrus, apple, ginger, GallaChinensis, green coffee bean, magnolia bark, green tea, pu’erh tea, pomegranate, Sophora japonica, and rosemary, all of which are non-GMO project certified. The entire line is centered on polyphenol-rich botanical extracts that provide extraordinary functional benefits in sports nutrition, nutritional supplements, and the food and beverage industry.
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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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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