Summary
Major players in the botanical extracts market are International Flavors & Fragrances Inc., Kalsec Inc., Dohler GmbH, Haldin Natural, Synthite Industries Ltd., MB-Holding GmbH & Co KG, Synergy Flavors, Blue Sky Botanics Ltd., Ransom Naturals Ltd., Kuber Impex Ltd., Indesso, Synergy Flavors, Frutarom Industries Ltd., Nexira, and Lipoid-Kosmetik.
The global botanical extracts market is expected to grow from $5.99 billion in 2022 to $6.54 billion in 2023 at a compound annual growth rate (CAGR) of 9.2%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The botanical extracts market is expected to reach $9.37 billion in 2027 at a CAGR of 9.4%.
The botanical extracts market consists of sales of botanical extracts products that contain potent bioactive compounds (phytochemicals) derived from petals, stems, roots, and bark.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Botanical extracts refer to plant materials with concentrated therapeutic properties.They are obtained after extracting a botanical raw material consisting of one or more botanicals properties with a solvent.
These are used as ingredients in dietary supplements.
North America was the largest region in the botanical extracts market in 2022. The regions covered in the botanical extracts report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main technologies in the market for botanical extracts are CO2 extraction, solvent extraction, steam distillation, enfleurage and others.CO2 extraction, also known as supercritical CO2 extraction, is a relatively modern technology for producing lipophilic plant extracts.
The sources are spices, herbs, flowers, leaves, and others. The forms include liquid, powder, and semi-solid, that are used in various applications such as food and beverages, pharmaceuticals and nutraceuticals and cosmetics.
The growing demand for convenience food products propels the botanical extracts market going forward.Convenience food refers to tertiary processed food, which is ready-to-eat processed food.
Plant extracts are used to enhance the colour and flavour of high-fat and ready-to-eat foods, such as meat.Botanical extracts are plant materials with concentrated medicinal characteristics utilized in the food industry to give health advantages.
Thus, due to the increased demand for convenience foods, the market for botanical extracts is expected to grow. For instance, in March 2020, according to a study published in the Current Journal of Applied Science and Technology, the majority of working women, 41.7%, spent more than 30% of their total food expenditure on convenience foods, while non-working women, 55%, spent only 10 to 20%, indicating that working women use convenience foods more than non-working women. Thus, the demand for convenience food products drives the botanical extracts market.
Product Innovation is a key trend gaining popularity in the botanical extracts market.Major companies operating in the market are developing extracts with increased bioavailability.
For instance, in September 2022, Layn Natural Ingredients, a China-based manufacturing company that provides innovative natural and functional botanical extract ingredients, launched bio+Quercitrin, which is a highly bioavailable form of Quercetin for nutraceutical use.Bio+Quercitrin is distinguished by the fact that it is a potent antioxidant flavonoid that scavenges free radicals and decreases oxidative stress.
Since it has a ribose molecule connected to it, Layn’s bio+Quercetin is six times more absorbable and permeable in the small intestine than conventional Quercetin. In addition to replacing regular Quercetin, Layn bio+Quercitrin is a stable, soluble, and bioavailable form that works well as a stand-alone supplement or in formulas for human and pet health.
In July 2020, ADM, a US-based food processing and commodities trading company, acquired Yerbalatina Phytoactives for an undisclosed amount.Through this acquisition, ADM gained Yerbalatina’s portfolio of natural botanical extracts, including organic-certified ingredients, in addition to its research and development capabilities, which add new additions to ADM’s pantry and build a leadership position in human and animal health.
Yerbalatina Phytoactives is a Brazil-based company that manufactures natural plant-based extracts and ingredients.
The countries covered in the botanical extracts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The botanical extracts market research report is one of a series of new reports that provides botanical extracts market statistics, including global market size, regional shares, competitors with a botanical extracts market share, detailed botanical extracts market segments, market trends and opportunities, and any further data you may need to thrive in the botanical extracts industry. This botanical extracts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
