Botanical Extracts Market - Forecast up to 2028

Botanical extracts are referred to as the plant-based extracts which are used for its medicinal or therapeutic properties, flavors and fragrance. Botanical materials used comprises of whole, or cut plants, parts of plant, plant products such as fluids, algae, fungi and lichens. All preparations are taken from plants by many procedures such as pressing, squeezing, concentration, extraction, fractionation, heating, drying up and fermentation. There was a rising consumer preference for natural and plant-based ingredients due to increasing awareness of health and wellness. Botanical extracts offered a viable alternative to synthetic ingredients, leading to higher demand in various consumer products and market growth. In contrary, the availability of alternatives such as synthetic flavors are likely to limit the growth of the botanical extracts market. The Botanical Extracts Market is expected to grow at the rate of 9.1% CAGR by 2028.

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Botanical Extracts Market on the bases of Source:

• Spices
• Herbs
• Flowers
• Tea leaves

Botanical Extracts Market on the bases of Form:

• Powder
• Liquid

Botanical Extracts Market on the bases of Application:

• Food 1. Bakery & confectionery2. Sauces and?dressings
• Beverages1. Alcoholic?beverages2. Carbonated?soft drinks3. Ice tea4. Flavored dairy products

Botanical Extracts Market on the bases of Geography:

• North America
• Europe
• Asia Pacific
• Rest of the World

Based on source, the market is divided into spices, herbs, flowers, and tea leaves. The spice segment expected to have the highest share in the market. This is due to shift in lifestyles and increasing inclination towards knowing and experiencing various foods has resulted in the growth of the demand for spices. Emerging new and various flavors in respect to the shifting consumer preferences are prominent for the spice extract producers. Spices are mostly used extracts among the other sources of botanical extracts.

On the bases of form, the market has been bifurcated into powder and liquid. The powder of botanical extracts is mostly used in various applications which include bakeries & confectionaries, meat and sauces, & dressing among others to make out the required aroma and taste and offer health benefits. These extracts are much stable over liquid form and have more shelf life. Owing to the benefits of this form, powdered segment is holding a major share in the market and is anticipated to remain dominant in the forecasted years.

As per the application, the botanical extracts are majorly applicable in food. Since, the demand for bakery products is been rising with the increase in the trend of convenient food consumption. With the increase in the demand for bakery and confectionery products, along with the rising preferences for organic flavoring agents, the market for botanical extracts in this sector is prominent. Since botanical extracts are absolutely organic, their “clean label” enables high preference by consumers who are moderately inclining towards natural products.

According to the geographical analysis, the North America region is occupying the maximum botanical extracts market share. Owing to the primary factor propelling the growth of the market is the growing consumption of dietary supplements is in this region. The surging costs of medical services has led to the change in consumers preference such as intake of healthy alternatives in their daily routine, and the consumption of dietary supplements have increased rapidly.

Furthermore, the global shift towards healthier lifestyles and dietary habits encouraged the consumption of products enriched with botanical extracts. These extracts are often associated with various health benefits, including antioxidant, anti-inflammatory, and immune-boosting properties. Thus, the global health and wellness trends are fueling the global market.

The key competitors profiled in the botanical extracts market are?All Season Herbs Pvt. Ltd., Bell Flavors and Fragrances GmbH, BI Nutraceuticals, Bio Botanica Inc., Botanical Extracts EPZ Ltd., Carrubba Inc., Dohler GmbH, Grupo Natac S.L.U., Indesso and International Flavors and Fragrances Inc.

As a result, number the manufacturers are emphasizing on providing the natural products of various industries. Since, majority of the consumers prefer natural and healthy products owing to the benefits and health supplements such as essential vitamins and minerals.