The global botanical ingredients market size is expected to be worth around US$ 280.9 billion by 2030, according to a new report by Vision Research Reports.
The global botanical ingredients market size was valued at US$ 146.38 billion in 2020 and is anticipated to grow at a CAGR of 7.9% during forecast period 2021 to 2030.
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Botanical Ingredients Market (By Form: Powder, Liquid; By Source: Herbs, Leaves, Spices, Flowers; By Application: Food & Beverages, Beverages, Dietary Supplements, Personal Care & Cosmetics, Pharmaceuticals) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
|Market Size||US$ 280.9 Bn by 2030|
|Growth Rate||CAGR of 7.9% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Source, form, application|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||International Flavors & Fragrance,7 Inc.; Indesso Aroma; Bell Flavors & Fragrances; Prakruti Products Pvt. Ltd.; Berje Inc.; Umalaxmi Organics Pvt. Ltd.; AmbePhytoextracts Pvt. Ltd.; Ribus Inc.; The Green Labs LLC; Rutland Biodynamics Ltd.; Lipoid Kosmetic AG; and The Herbarie at Stoney Hill Farm, Inc|
The market is witnessing growth primarily due to the rising health-conscious consumer base coupled with clean label trends in the pharmaceutical, food, and beverage industries. Consumers are increasingly shifting to healthier alternatives while adopting preventive care as a necessary tool to help them lead a better lifestyle. Thus, botanical ingredients are being increasingly utilized in the manufacturing of food & beverages as they are a rich source of bioactive compounds and render a diverse range of biological effects.
By Source Analysis
The spices segment led the market in 2020 accounting for a 28.3% share of the global revenue. The segment is expected to witness substantial gain over the forecast period due to changing lifestyles demanding healthy food that is convenient along with a popular trend of experiencing novel foods.
This can be attributed to changing lifestyles and inclination towards leading a luxurious and healthy lifestyle, which has contributed to the growth of horticulture along with the botanical flower industry.
The herbs segment is expected to witness a CAGR of 8.3% during the forecast period on account of their extensive utilization of traditional medicines. Herb-based medicinal products are gaining importance globally on account of their health benefits, such as improved metabolism &immune system, and stabilization of hormones.
By Form Analysis
The powder segment accounted for the largest market share of 61.0%, in terms of revenue, in 2020. Botanical ingredients, extracted in the form of powder, are widely utilized to enhance the palatability of food and beverages as well as preservatives.
The liquid form is more suitable for making Ready-to-Drink (RTD) beverages, cold beverages, and beverage mixes. The growing popularity of RTD beverages, owing to their ease of consumption, strong nutritional profile, and easy availability, is expected to drive the demand for liquid form in the market.
By Application Analysis
The food and beverage application segment dominated the market in 2020 with over 34% share of global revenue. Botanical ingredients are increasingly being incorporated into various food & beverage applications owing to their unique flavor and health benefits.
Beverages accounted for a significant share in the application segment in 2020 owing change in lifestyle of consumers, which have propelled the demand for RTD beverages. In addition, increasing efforts by the manufacturer to develop RTD beverages with different flavors and fortified botanical ingredients are benefitting the segment growth.
The use of botanical ingredients in pharmaceuticals is one of the upcoming trends in the current market scenario. Growing demand for plant-based medicines and rising awareness about the benefits of botanical ingredients are likely to be the major factors driving the market over the forecast period.
By Regional Analysis
North America dominated the market and accounted for more than 35% share of global revenue in 2020. The high prevalence of various lifestyle diseases in the U.S. and Mexico, due to the rising cases of obesity, is expected to support the growth of the regional market.
Asia Pacific is expected to witness the fastest CAGR during the forecast years. Factors, such as the penetration of organized and e-commerce retail, are driving the consumption of convenience food products incorporated with botanical ingredients.
- Lipoid Kosmetic AG
- The Herbarie at Stoney Hill Farm, Inc.
- International Flavors& Fragrances, Inc.
- Bell Flavors& Fragrances
- Rutland Biodynamics Ltd.
- Prakruti Products Pvt. Ltd.
- AmbePhytoextractsPvt. Ltd.
- The Green Labs LLC
- Berje, Inc.
- Umalaxmi Organics Pvt. Ltd.
- By Form
- By Source
- By Application
- Food & Beverages
- Bakery & Confectionery
- Sauces & Dressings
- Energy Drinks
- Sports Drinks
- Functional Juices
- Dietary Supplements
- Personal Care & Cosmetics
- Food & Beverages
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- South Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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