by Botanicals refer to ingredients extracted from plants which are used in industries like pharmaceuticals, skincare, hair care, food and beverages, etc. They are rich in antioxidants, vitamins, minerals and other nutrients that benefit human health and wellness. Some common botanicals include herbs, spices, essential oils, plant extracts, etc. The growing demand for natural, organic and sustainable ingredients in personal care and food products has accelerated the use of botanicals in various industries.
The Botanicals Market is estimated to be valued at US$ 112.31 billion in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Botanicals Market are DSM, AmbePhytoextracts, Berje, Indesso and Lipoid Kosmetic. These players are focusing on developing innovative botanical formulations, acquisitions and expansion of production facilities globally to strengthen their market position.
The key opportunities in the Botanicals Market include rising opportunities in natural personal care space, increasing investments in botanical drug development and growing demand from Asia Pacific and Latin America region. Countries like China, India, Brazil, Mexico are emerging as high growth markets for botanical ingredients.
Globally, the Botanicals Market is expanding at a rapid pace owing to rising health awareness and sustainability trends. Regions like North America and Western Europe have shown early adoption while other regions are catching up in terms of using botanicals. Companies are investing heavily in developing innovative extraction technologies and building global supply chains to tap into new growth markets.
Market Drivers
The increasing demand for natural, herbal and organic products from personal care, food and supplement industries is a key factor driving the growth of the Botanicals Market. Consumers today are more inclined towards ingredients that have lower chemical content and greater naturally-derived compositions. This has prompted brands to explore and leverage the benefits of botanicals in their formulations.
Another major driver is the ability of botanicals to offer diverse therapeutic effects for indications like anti-ageing, skin lightening, hair growth, immunity, heart health, etc. Continuous R&D is helping discover new applications of botanical extracts in healthcare and related sectors which is boosting the market growth. Strong efforts by governments globally to promote the use of botanicals in agriculture based industries also supports the expansion of this market.
PEST Analysis
Political: The Botanicals Market is influenced by regulations related to the use of natural ingredients in food and beverages. Various agencies regulate the ingredients that can be used.
Economic: Changes in disposable income influence consumer spending on premium food and beverage products containing botanical extracts. Economic growth supports increased expenditure.
Social: Rising health awareness is driving demand for plant-based ingredients and natural products. Customers prefer botanicals due to perceived wellness benefits.
Technological: New extraction technologies allow for the creation of innovative product forms from botanicals. Supercritical extraction yields higher potency extracts while conserving natural compounds.
The geographical regions where the Botanicals Market is concentrated in terms of value are North America and Europe. These developed markets have highly health-conscious populations willing to pay premium prices for natural ingredients. In North America, the United States accounts for the largest share due to widespread consumption of botanical-infused beverages, supplements and foods. Several European countries including Germany, United Kingdom and France also have sizable botanicals industries supported by strong demographics and consumer interest in herbal remedies.
The fastest growing regional market for botanicals is Asia Pacific. Rising incomes, growing health awareness and shifting lifestyle patterns are propelling demand across the region. China in particular stands out due to its huge population and traditional acceptance of botanical formulations in areas like Traditional Chinese Medicine. Other emerging Asian countries with rapidly expanding middle classes like India and Indonesia also present substantial opportunities over the coming years.
What Are The Key Data Covered In This Botanicals Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Botanicals Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Botanicals Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Botanicals Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Botanicals Market vendors
FAQ’s
Q.1 What are the main factors influencing the Botanicals Market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Botanicals Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Botanicals Market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
