Global Botanical Extracts Market is projected to be valued at USD 25,151.7 Million by 2025, expanding at a CAGR of 5.45% during the forecast period. Botanical extracts are available in powder and liquid form, and their use is increasing in food and beverage processing, especially functional beverages. The growth of the global botanical extracts market is driven by increasing use in personal care applications along with health benefits offered by botanical extracts. However, the limited availability of botanical extracts is hampering the growth of the market. The increasing demand for organic ingredients is expected to offer lucrative opportunities to market players in the coming years.
North America constituted a dominant share of the botanical extracts market in 2018, owing to the increasing demand for dietary supplements. The US, followed by Canada, are lucrative markets for manufacturers in the region. The rising demand for herbal medicinal products and supplements has further boosted the sales of botanical extracts in North America. The market in Asia-Pacific is anticipated to exhibit the highest CAGR during the review period. China is a major botanical extract market in the region due to the increasing adoption of dietary supplements. Other factors, such as increasing demand for natural food ingredients and additives among consumers is expected to drive the growth of the botanical extracts market in the region. The increasing awareness and availability of these supplements in Asia-Pacific are expected to provide lucrative opportunities to botanical extract manufacturers in the coming years.
Segmental Analysis
The Global Botanical Extracts Market has been segmented based on Form, Source, Application, and Region.
By form, the global market has been divided into powder and liquid. The powder segment accounted for the maximum market share in 2018, whereas the same segment is expected to register the highest CAGR of 5.57% during the forecast period. The herbs primarily used for botanical extraction are turmeric, rosemary, mint, basil, chives, sage, bay leaf, and thyme. The demand for such herbs is increasing at a high pace due to its wider application in food and beverages and pharmaceutical products across the globe.
By source, the global market has been divided into herbs & spices, fruits, and others. The herbs & spices segment accounted for the maximum market share in 2018. The herbs primarily used for botanical extraction are turmeric, rosemary, mint, basil, chives, sage, bay leaf, and thyme. The demand for such herbs is increasing at a high pace due to its broader application in food & beverages and pharmaceutical products across the globe. Apart from that, the use of spices is not restricted to culinary purposes, and they are used for food & beverages, pharmaceuticals, nutraceuticals, personal care, pet food, and other applications. The widely used spices are ginger, garlic, cumin, cloves, and coriander. The demand for spices is surging at a high pace owing to its widespread use in convenience food and nutraceuticals.
Regional Analysis
Geographically, the Global Botanical Extracts Market has been categorized into North America, Europe, Asia-Pacific, and the rest of the world. As per MRFR analysis, North America dominated the market, accounting for the largest share in 2018. Europe botanical extracts market accounted for the second-largest market share in 2018. Asia-Pacific is projected to register the highest CAGR of 5.73% during the forecast period.
Key Findings of the Study
The global botanical extracts market is projected to register a growth rate of 5.45% from 2019 to 2025. The increasing demand for dietary supplements, followed by the rising popularity of natural personal care products are projected to propel the growth of the global botanical extracts market.
The powder segment is estimated to retain its prominent share by 2025. The liquid segment is anticipated to register a growth rate of 5.12% during the forecast period.
The herbs & spices segment is estimated to retain its prominent share by 2025. The fruits segment is anticipated to register the highest growth rate of 6.44% during the forecast period.
The pharmaceuticals & nutraceuticals segment accounted for the largest market share in 2018 and is expected to grow at a rate of 5.00% during the forecast period.
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