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Botanical Extracts Market: By Source, By Form, By Application and Region Forecast 2019 - 2030
Botanical Extracts Market: By Source, By Form, By Application and Region Forecast 2019 - 2030
Botanical Extracts Market size was valued at US$ 5.6 billion in 2023 and is poised to grow at a significant CAGR of 9.3% from 2024-2030. Some of the key factors influencing the market growth include a rise in awareness regarding the side-effects of synthetic flavors, an increase in the application of botanical extracts, growing awareness and health concerns among consumers, an increase in the demand for convenience food, a rise in the demand for convenience food and long shelf life of botanical extracts. However, the availability of substitutes and varying prices of herbs & spices are hampering the market growth. Many spices, nuts, fruits, herbs, and flowers, as well as certain flowers, are sold as extracts containing their fragrant constituents. certain of the most well-known examples of genuine extracts are almonds, cinnamon, cloves, ginger, lemon, nutmeg, orange, peppermint, pistachio, rose, spearmint, vanilla, violet, rum, and wintergreen.
Study Period
2024-2030Base Year
2023CAGR
9.3%Largest Market
Asia PacificFastest Growing Market
North America
Botanical extracts are progressively becoming significant flavor in food industry due to their antimicrobial and antioxidant abilities that interrupt the development of off-flavors and enhance the color stability in ready-to-eat meat products. It provides a unique opportunity to provide emotive concepts and claims and really boost the value of cleaning formulations. Also, there is a growing application of botanical extracts in the beverage industry is one of the key market trends. Botanical extracts are used in the manufacturing of wine and beer. The need for botanical extracts as functional beer additives is high due to the demand for new beer flavors. It is also found its application in sauces, bakery & confectionery, carbonated soft drinks, flavored dairy products, pharmaceutical, cosmetic & personal care and others.
Asia Pacific accounted for larger revenue share in market with considerable CAGR. The growth in this region is due to increasing concerns about healthy lifestyles, growing demand for organic processed food & beverages and shifting consumer preference towards natural products. India and China are the major contributor for the growth of the market in the region owing to rapid economic growth. North America held significant market share during estimated period as numerous key players are favoring towards natural herb products.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 5.6 billion |
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Market CAGR |
9.3% |
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By Source |
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By Form |
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By Application |
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The botanical extracts market size was valued at US$ 5.6 billion in 2023 and is poised to grow at a significant CAGR of 9.3% over 2024-2030
Frutarom Industries Ltd., Blue Sky Botanics Ltd, Indesso Aroma, Synergy Flavors, Kalsec Inc., Synthite Industries Ltd.
Asia Pacific is the fastest-growing region for botanical extracts market
Key Market Players
Author
Sravani is a proficient Business Analyst with an MBA and a background in Computer Science, with seven years of experience in the field of market research. Sravani is adept at creating competitive evaluations, precise market estimations, and market projections, emphasizing the food and beverage and information and communication technology (ICT) industries. Her areas of competence are identifying important players, projecting market trends, and assessing the potential for industry growth. She applies a strong analytical approach to provide precise market estimates and thorough industry analysis, empowering organizations to make data-driven decisions. Sravani's estimating and forecasting abilities are essential for businesses to take advantage of new opportunities and effectively manage dynamic market environments.