Botanical Extracts Market Information: by Source (Herbs, Fruits, Flowers, Leaves and Spices), Form (Powder, Liquid), Application (Food, Beverages, FMCG Non-Foods and Cosmetics, Pharmaceuticals, Nutraceuticals and Animal Feed) and Region– forecast till 2023
— Market Overview:
Botanical extracts are natural extracts which are prepared from the plant source which primarily includes herbs, fruits, flowers, leaves, spices and others. Botanical extracts are rich in essential oils and other natural ingredients such as phenols, terpenoids, resins and others which are used in preparation of food, beverages, medicines, nutraceuticals and other food products owing to its therapeutic property. For example, green tea leaves are used for beverage and medicinal purpose owing to their high polyphenolic content along with properties like antioxidant, anti-carcinogenic, and anti-inflammation. Commonly available botanical extracts are in the form of powder, liquids, and others.
Botanical Extracts Market is projected to grow at a CAGR of 8.7% over the forecast period. Increasing demand for botanical extracts and green label ingredients in food & beverages, functional food, pharmaceuticals and animal feed has surged the growth of the botanical extracts market in this region. These extracts are rich in essential oils and other natural ingredients such as phenols, terpenoids, resins and others which holds a good therapeutic property. They are non- toxic and have negligible side effects. They are available in form of powder, liquid, and others.
Europe is anticipated to show a significant growth in the botanical extracts market over the forecast period 2017-2023. The U.K and France are leading this market and are expected to be dominating players over the review period. Also, Europe accounts for a higher consumption of chilly and pepper as a key ingredient in food preparation which is considered to be the key driving factor in this region.
Furthermore, consumer shift towards natural and green label products is boosting the demand for botanical extracts in European market. However, the limited availability of herbs, spices and other natural products is likely to hamper the market growth of botanical extracts market.
European botanical extracts market is anticipated to grow at a CAGR of 8.5% during the forecast period 2017-2023.
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Major Key Players:
This report includes a study of strategies such as mergers, acquisitions, and product launches by the major botanical extracts players. It further includes product portfolios, developments of leading players, which includes
Blue Sky Botanics Ltd. (U.K)
Ransom Naturals Ltd. (U.K)
Frutarom Industries Ltd. (Israel)
Prinova Group LLC. (U.S.)
Synergy Flavors, Inc. (U.S.)
Kalsec Inc. (U.S.) and
BI Nutraceuticals Inc. (U.S.)
Botanical extracts have a massive opportunity in the global functional foods market
Regulatory authorities such as the U.S. food and drug administration (FDA) has approved the use of botanical extracts in formulation of food, beverages, pharmaceutical, and nutraceuticals products.
Botanical extracts are segmented on the basis of source, which includes herbs, fruits, flowers, leaves, spices, and others. Among all, spices hold the major market share followed by leaves. Spice extracts have shown a high growth owing to changing lifestyle and the tendency of exploring new foods. The most common spices used in food preparations include pepper, clove, cardamom, cinnamon, cumin, fennel, and coriander.
On the basis of the extract form, the botanical extracts market is segmented into powder, liquid and others. Among both, powdered form is dominating in the market. The foremost reason for the growth of powdered botanical extracts is its wide range product applicability which primarily includes dairy, meat and bakery products owing to its aroma and taste characteristics. Furthermore, powdered botanical extracts have a higher shelf life which is considered to be the key driving factor for this segment to grow.
On the basis of application, botanical extracts market is segmented into food, beverages, FMCG non-foods and cosmetics, pharmaceuticals, nutraceuticals, animal feed, and others. High use of botanical extracts in the food preparation is dominating the food segment owing to high use of botanical extracts in bakery & confectionary products and salad dressing. However, high demand for botanical extracts in beverages such as carbonated drinks, juices and other beverages is anticipated to uplift the global botanical extracts market in the review period.
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The global botanical extracts market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). North America is dominating the botanical extracts market followed by Europe. The U.S. registered for a higher consumption of botanical extracts owing to increasing awareness about the benefits of consuming natural products. Additionally, consumption natural and healthy products with enhanced essence in food & beverages is considered to be the key driving factor in this region.
Moreover, increasing demand for organic and green label convenience foods products in European countries like the U.K., Germany and France are likely to boost the growth of the botanical extracts market during the assessment period. Also, Europe accounts for a higher consumption of chilly and pepper as a key ingredient in various food preparation. Furthermore, the ongoing R&D activities in the extraction process of botanical extracts is likely to raise the growth of the botanical extracts market.
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