Botanical Extracts Market Worth $10 billion by 2028 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

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Botanical Extracts Market by Source (Spices, Fruits, Herbs, Flowers, Roots, Tea Leaves), Form (Powder, Semi-Solid), Application (Food {Bakery and Confectionery}, Beverages {Alcoholic Beverages}, Pharmaceutical), and Geography– Global Forecast to 2028

Redding,  California, Sept. 28, 2021 (GLOBE NEWSWIRE) -- According to the research report titled “Botanical Extracts Market by Source (Spices, Fruits, Herbs, Flowers, Roots, Tea Leaves), Form (Powder, Semi-Solid), Application (Food {Bakery and Confectionery}, Beverages {Alcoholic Beverages}, Pharmaceutical), and Geography– Global Forecast to 2028”, published by Meticulous Research®, the overall botanical extracts market is expected to reach $10 billion by 2028, at a CAGR of 9.3% during the forecast period of 2021 to 2028.

The growth of this market is mainly attributed to the increasing health & wellness trend with consumption of natural health products, growing demand for convenience food, increasing awareness regarding the benefits of herbal over synthetic products, and rising demand for botanical extracts in food & other applications. Further, the emergence of new application areas in accordance with changing consumer trends and increasing investment in emerging economies is expected to offer lucrative opportunities for players operating in this market.

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A botanical extract is directly derived from plants. Botanical extracts are created by soaking the botanicals in a liquid that can retrieve certain chemicals or beneficial parts of the plant to be used in a product. Herbs and leaves are being used since ancient times for the production of herbal medicines. However, they are now gaining immense popularity due to the changing consumer trend of using natural instead of synthetic products. This has led to the increased demand for botanical extracts in the market.

Further, there is an increase in awareness regarding the side effects caused due to the use of synthetic products among the customers. The polyester fiber used in synthetic products is responsible for increased skin rashes, redness, and itching. This has led to the increased demand for botanical extracts as a primary alternative for synthetic or allopathic medicines.

Products such as ginseng, echinacea, Ginkgo Biloba, and garlic are considered as the major selling botanical products in the U.S. Ginkgo biloba became popular in the U.S. as a natural remedy for inflammation and infections. On the other hand, Ginseng is used in a broad variety and is well known for its high content of phenolic compounds, ginsenosides, and saponins, such as carotenoids and carbohydrates. According to the U.S. Food and Drug Administration, 20% of adults commonly used botanical dietary supplements, and to a smaller extent in Europe, these products are used primarily for health maintenance.

In addition, the spread of the COVID-19 is also one of the key factors driving the demand for natural products. This is mainly due to the growing consumer awareness of natural colorant-based plant juice products since they provide better and long-lasting protection from viruses and bacteria. Natural extracts provide anti-inflation, antioxidants, and skin-nourishing benefits. Growing awareness about the long-term benefits on health is likely to boost botanical extracts market size during the forecast time frame.

Impact of COVID-19 on the Botanical Extracts Market

The COVID-19 pandamic significantly affected the botanical extracts market in 2020. The outbreak of COVID-19 has had a significant impact on public health and all stages of the supply chain and various industries. Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100 countries worldwide, with the World Health Organization declaring it a public health emergency.

The early stages of the crisis have been a roller coaster ride of interpreting and anticipating potential disruptions to the herbal supply chain, which depends significantly on China, the early epicenter of the outbreak. More recent closures of other key botanical supply regions, such as India and Europe, further complicated this. As alarm about the virus grew, so did the demand for herbal immune enhancers, wellness formulas, traditional covid-ko-medicines, and botanical ingredients ranging from echinacea (Echinacea purpurea and other species of Echinacea, Asteraceae) and elderberry (Sambucus nigra, Adoxaceae) fruit to turmeric (Curcuma longa, Zingiberaceae) root and rhizome.

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The market for spices and seasonings have witnessed a rapid uptick with the onset of the coronavirus crisis, wherein some select spices that are meant to provide immunity, such as turmeric, ginger, and garlic, has received tremendous response from consumers globally. Further, consumers have been stockpiling non-perishable food items, soaps, and health products, including herbal dietary supplements, such as herbal extracts, echinacea, olive (Olea europaea, Oleaceae) leaf, and rosemary (Rosmarinus officinalis, Lamiaceae).

However, as the U.S. government implemented stay-at-home orders and several concerns such as truck shortages, reduced deliveries, truncated air freight capacity, port congestion, roadblocks, and logistic disruptions, stricter measures restricted the demand for botanical extracts in the market during the pandemic.

Key Findings in the Botanical Extracts Market Study:

Based on source, the tea leaves segment is expected to grow at the highest CAGR during the forecast period. This can be attributed to growing consumption of premium foods; increased popularity of functional foods; innovative application of tea flavors in food products, such as bakery and confectionery products, frozen desserts, and dairy products; and increasing demand for tea extracts in the Asia-Pacific region.

Based on form, the powder segment is expected to account for the largest share of the overall botanical extracts market in 2021. The large share of this market is mainly attributed to the growing use of this form in various applications, including food, beverages, and cosmetics. In addition, these extracts are much stable over liquid forms and have more shelf life.

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Based on application, the beverages segment is expected to witness rapid growth during the forecast period 2021-2028. The clean label trend has progressively become the new standard for many soft drink creators. Additionally, there has been a significant shift of consumers trying to find the right balance between healthy and tasty drinks. As consumers are seeking reduced sugar content in beverages without compromising on taste, manufacturers are focusing on using botanical extracts for taste and aroma. Extracts are used for flavoring. Consumers are also favoring beverages with added functional ingredients such as minerals and vitamins; botanical extracts are used to improve the nutritional value of these products while not compromising or enhancing the flavor profile.

Geographically, North America is expected to account for the largest share of the overall botanical extracts market in 2021. The large share of this region is mainly attributed to increasing consumer awareness regarding the benefits of consumption of products that include natural plant-derived extracts, huge availability of aromatic medicinal plants, and government initiatives to promote technological advancements in this region.

Key Players

The report includes a competitive landscape based on an extensive assessment of the industry's key strategic developments over the past four years. The key players operating in the overall botanical extracts market are Ransom Naturals Ltd. (U.K.), International Flavors & Fragrances Inc. (U.S.), Synthite Industries Ltd. (India), Martin Bauer Group (Germany), Kalsec, Inc. (U.S.), Synergy Flavors Inc. (U.S.), Prinova Group (U.S.), PT. Indesso Aroma (Indonesia), Döhler GmbH (Germany), Bell Flavors & Fragrances (U.S.), Nutra Green Biotechnology Co., Ltd. (China), and Kuber Impex Ltd. (India), among others.

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Scope of the Report:

Botanical Extracts Market, by Source

  • Spices

  • Fruits

  • Herbs

  • Flowers

  • Roots

  • Tea Leaves

  • Others (Leaves, Seeds, Grains, Petals, Stems, and Barks)

Botanical Extracts Market, by Form

  • Liquid

  • Powder

  • Semi-solid

Botanical Extracts Market, by Application

  • Food

    • Bakery and Confectionery

    • Sauces and Dressings

    • Others

  • Beverages

    • Alcoholic Beverages

    • Non-alcoholic Beverages

      • Carbonated Soft Drinks

      • Ice Tea

      • Flavored Dairy Products

      • Sport Drinks

      • Others (Functional Juices, Energy Drinks, among others)

  • Cosmetics and Personal Care

    • Hair Care Products

    • Skin Care Products

    • Oral Care Products

    • Sun Care Products

    • Decorative Cosmetic Products

    • Body Care Products

    • Perfumery Products

    • Other Products

  • Pharmaceutical

  • Others

Botanical Extracts Market, by Geography

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • France

    • U.K.

    • Italy

    • Spain

    • Netherlands

    • Belgium

    • Rest of Europe (RoE)

  • Asia-Pacific (APAC)

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Malaysia

    • Indonesia

    • Rest of Asia-Pacific (RoAPAC)

  • Latin America

    • Brazil

    • Mexico

    • Rest of Latin America (RoLATAM)

  • Middle East & Africa

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