Botanical Extracts Market: by Source (Herbs, Fruits and Flowers), Form (Powder), Application (Food, Beverages, FMCG Non-Foods and Cosmetics) and Region– forecast till 2023
Pune, India -- (SBWIRE) -- 12/08/2017 -- Market Overview:
Botanical extracts are plant derived natural extracts, which comprises of essential oils and key ingredients such as phenols, terpenoids and resins. Botanical extracts are extracted from herbs, fruits, flowers, and leaves, spices and other sources. These extracts are used in the preparation of food, beverages, medicines, nutraceuticals and other food products owing to its therapeutic importance. Commonly available botanical extracts are in the form of powder, liquids, and others.
Botanical extracts are serving as a healthier alternative over the synthetic flavors which had a concern of side-effects on health associated with them. Furthermore, increasing preference for natural extracts as an ingredient in food & beverage products has boosted the demand for botanical extracts in the global market. Additionally, the demand from the functional food has strengthened the application of botanical extracts in the nutraceuticals industry.
Increasing awareness about health and wellness products among the consumers is adding fuel to the growth of the global botanical extracts market. Additionally, growing demand for natural ingredients in medicinal formulation used for treating medical illnesses such as common cold and cognitive health is expected to surge the global botanical extracts market over the assessment period. However, limited availability of herbs, spices and other natural products used in food, beverages, and pharmaceutical industry is likely to hamper the market growth over the forecast period. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 8.7% of botanical extracts market during the forecast period 2017-2023.
Major Key Players:
The major players in botanical extracts market
- Ransom Naturals Ltd. (U.K.)
- Frutarom Industries Ltd. (Israel)
- Prinova Group LLC. (U.S.)
- Blue Sky Botanics Ltd. (U.K.)
- Synergy Flavors, Inc. (U.S.)
- Kalsec Inc. (U.S.)
- BI Nutraceuticals Inc. (U.S.)
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Botanical extracts are segmented on the basis of source, which includes herbs, fruits, flowers, leaves, spices, and others. Spices are dominating the global market owing to the changing lifestyle and the tendency of exploring new foods.
On the basis of the extract form, the botanical extracts market is segmented into powder, liquid and others. In this segment, powdered form is dominating the market owing to its characteristic aroma and taste which is primarily used in dairy, meat and bakery products.
On the basis of application, botanical extracts market is segmented into food, beverages, FMCG non-foods and cosmetics, pharmaceuticals, nutraceuticals, animal feed, and others. Among all, its application in food is dominating the global market owing to high use of botanical extracts in bakery & confectionary products and salad dressing.
The global botanical extracts market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). North America is dominating the in the global botanical extracts market followed by Europe. The U.S. has been accounted for a higher consumption of botanical extracts owing to increasing awareness about the benefits of consuming green label products. Additionally, consumption natural and healthy with enhanced essence in food & beverages is considered to be the key driving factor in this region.
Furthermore, increasing consumer awareness and growing demand for organic and green label convenience food supplemented with botanical extracts in countries like the U.K., Germany and France are likely to boost the growth of the botanical extracts market over the forecast period. Additionally, ongoing R&D activities in the extraction procedure of botanical extracts is expected to uplift the growth of the botanical extracts market.
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Botanical extracts market is segmented on the basis of source, form, application, and region.
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