April 18, 2024
Cosmetic Botanical Extracts Market

The Cosmetic Botanical Extracts Market is driven by growing consciousness towards natural ingredients

The demand for botanical extracts in cosmetics is growing owing to their therapeutic properties and nourishing benefits for skin. Botanical extracts are rich in antioxidants, vitamins, and minerals that help improve skin health and appearance. They have anti-aging properties and also provide UV protection. Cosmetic manufacturers are increasingly employing extracts from plants such as aloe vera, ginseng, green tea, and fruit extracts in anti-aging creams, facial cleansers, and sun protection lotions. The ability of botanical extracts to hydrate skin, mitigate dark spots and wrinkles, and impart a radiant complexion is augmenting their usage in facial care, lip care, and eye treatment products.

The global Cosmetic Botanical Extracts Market is estimated to be valued at US$ 2.36 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The growing consumer demand for green cosmetics formulated with natural, organic, and sustainably sourced ingredients is driving market players to develop more innovative product ranges with botanical extracts. Plant-based extracts offer multifunctional advantages and are key elements in natural formulations certified by labels like COSMOS, NOP and Ecocert. Furthermore, the rising trend of DIY beauty regime and availability of customized botanical extracts online is broadening the functional applications of these extracts in home-made cosmetic recipes. Advances in analytical testing techniques are also enabling thorough characterization of botanical extracts, thus facilitating product development aligned with current quality standards.

Porter’s Analysis
Threat of new entrants: Cosmetic botanical extracts require high R&D investments and regulations from agencies like the FDA make it difficult for new players to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many established players offering a variety of extracts.
Bargaining power of suppliers: Suppliers have high bargaining power due to the specialized nature of extracts and formulations required by cosmetic companies.
Threat of new substitutes: Few substitutes exist for botanical extracts due to their unique functional and aesthetic benefits in cosmetic products.
Competitive rivalry: The market is competitive with major players globally offering a wide range of natural extracts.

Key Takeaways
The Global Cosmetic Botanical Extracts Market Size is expected to witness high growth.

Regional analysis:

The Asia Pacific region is projected to be the fastest growing market for cosmetic botanical extracts during the forecast period. Countries like China, India and South Korea are witnessing increasing demand for natural and plant-based cosmetic products. North America and Europe currently dominate the market owing to large cosmetic industries and awareness about organic ingredients.

Key players:

Key players operating in the cosmetic botanical extracts market are MTI America, VPT (Virtual Physical Therapists), Conversa Health, MindStreet, Inc., MEDRISK, Global Outreach TeleRehabilitation Services, Inc., Empatha, GestureTek Inc., Neuro Rehab Vr, American Well, LiteGait, Doctor On Demand, Inc., Hinge Health, Inc., Care Innovations LLC., and Jintronix. Extracts from plants like aloe, soy, chamomile, and green tea are widely used in anti-aging serums, moisturizers and cleansing products by these companies.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it