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.
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).
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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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