Botanical Extracts Market Size to Grow by $ 2.19 Billion During 2021-2025
Technavio has been monitoring the botanical extracts market and it is expected to grow by $ 2.19 billion, accelerating at a CAGR of almost 8% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking.
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Market Driver: Rise in demand for natural beauty products to drive growth
Synthetic makeup contains preservatives and harsh chemicals, which may cause side effects such as acne, hair loss, skin irritations, dark spots, and skin allergies. This has led to an increase in demand for natural beauty products, encouraging manufacturers to use botanical extracts from flowers, leaves, fruits, water, herbs, and minerals to produce natural cosmetics. Natural beauty products have antimicrobial properties, tyrosinase inhibitors, and antioxidants. Natural beauty products are also eco-friendly and protect the skin from harsh, free radical damage. These benefits are driving the demand for botanical extracts from the cosmetics industry, resulting in botanical extracts market growth.
Key Emerging Trend: Application of botanical extracts in the beverage industry
The growing application of botanical extracts in the beverage industry is one of the key market trends. Botanical extracts are used in the manufacture of wine and beer. The need for botanical extracts as functional beer additives is high due to the demand for new flavors of beer. Botanical extracts such as seaweed, herbs, and spices and grape seed extracts are also used in green tea and soft drinks. The trend is expected to grow substantially in the coming years with the growing inclination towards natural ingredients and products in the F&B industry.
Botanical Extracts Market: North America to lead market growth during the forecast period
Botanical Extracts Market: Key Competitors
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Bell Flavors and Fragrances Inc., BI Nutraceuticals, Dohler GmbH, International Flavors and Fragrances Inc., Kerry Group Plc, MB Holding GmbH and Co. KG, Prinova Group LLC, PT Indesso Aroma, Synergy Flavors Inc., and Synthite Industries Pvt. Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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Botanical Extracts Market: Key Highlights of the Report for 2021-2025
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Technavio has been monitoring the global botanical extracts market and it is expected to grow by $ 2.19 billion, accelerating at a CAGR of over 8% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking.
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Market Driver: Rise in demand for natural beauty products to drive growth
Synthetic makeup contains preservatives and harsh chemicals, which may cause side effects such as acne, hair loss, skin irritations, dark spots, and skin allergies. This has led to an increase in demand for natural beauty products, encouraging manufacturers to use botanical extracts from flowers, leaves, fruits, water, herbs, and minerals to produce natural cosmetics. Natural beauty products have antimicrobial properties, tyrosinase inhibitors, and antioxidants. Natural beauty products are also eco-friendly and protect the skin from harsh, free radical damage. These benefits are driving the demand for botanical extracts from the cosmetics industry, resulting in botanical extracts market growth.
Leading Application Segment: F and B, nutraceuticals, and cosmetics
Botanical extracts are also being used in the F and B industry to add functional benefits to various food and beverages such as alcoholic and non-alcoholic beverages, dairy products, meat products, bakery, and confectionery. High demand for clean label, transparent, and premium products that are fresh and minimally-processed encourage F and B companies to adopt botanical extracts as key ingredients to their products. These extracts are used for their health effects, such as for anti-inflammatory, antioxidant, and antibacterial properties. The growth of the market segment is expected to be significant during the forecast period
Key Emerging Trend: Application of botanical extracts in the beverage industry
The growing application of botanical extracts in the beverage industry is one of the key market trends. Botanical extracts are used in the manufacture of wine and beer. The need for botanical extracts as functional beer additives is high due to the demand for new flavors of beer. Botanical extracts such as seaweed, herbs, and spices and grape seed extracts are also used in green tea and soft drinks. The trend is expected to grow substantially in the coming years with the growing inclination towards natural ingredients and products in the F&B industry.
Botanical Extracts Market: Vendor Analysis
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