Botanical Extracts Market Worth 5,833.4 Million USD By 2022
The Global Botanical Extracts Market is
poised to grow at a CAGR of 8.8% from 2017 to 2022 to reach USD 5,833.4 million
by 2022, driven by growing awareness of health and wellness and trend towards
the natural health products, strict regulations regarding inclusion of
synthetic flavours, growing population in developing countries discovering the
health benefits of botanicals, increase in demand for convenience food, and
growing demand of botanical extracts in herbal medicinal products. Moreover,
increasing investments in emerging economies, and the emergence of new
application areas with changing consumption trends provides significant
opportunities within the food and beverage markets. However, the availability
of substitutes such as synthetic flavour is expected to hinder the growth of
this market to some extent. In addition, a limited supply of raw materials and
fluctuating price of extracts is further challenging the growth of botanical
extracts market.
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The global botanical
extracts market is mainly segmented by source (spices, fruits, herbs, flowers,
and tea leaves), by form (powder and liquid), by application (food, beverages,
cosmetics, and pharmaceuticals), and by geography (North America, Europe,
Asia-Pacific, Latin America, and Middle East & Africa).
North America holds the
major share in the global botanical extracts market, followed by Europe, and
Asia-Pacific. The large share of this region is primarily attributed to the
increased consumption of functional food, growing desire to live a healthy
lifestyle, and growing health & wellness trend in the region. However,
Asia-Pacific region possesses lucrative growth potential for the botanical
extracts market during the forecast period. This is mainly attributed to the
rapid urbanization, increasing disposable income, increasing prevalence of
diabetes, growing functional and organic food industry, and expanding use of
botanical extracts in the cosmetics industry.
The leading companies
have employed various strategies to expand their product and application
offerings, global footprint, and augment their market share. The key strategies
followed by most companies in the global botanical extracts market were new
product developments, acquisitions, and expansions. The key players in the
global botanical extracts market are Frutarom Industries Ltd., Blue Sky
Botanics Ltd., Ransom Naturals Ltd., Prinova Group LLC., Pt. Indesso Aroma,
Synergy Flavors, Inc., Haldin Pacific Semesta, PT, Kalsec Inc., Synthite
Industries Ltd., Döhler GmbH, BI Nutraceuticals, Nutra Green Biotechnology Co. Ltd.,
Kuber Impex Ltd., and Mb-Holding GmbH & Co. Kg.
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