incidences of chronic diseases increase demand for non-traditional drug sources is driving the Botanical Extracts Market
Technavio analyzes that the Botanical Extracts Market is expected to grow at a CAGR of 9.45% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3241 million.There are various factors that contribute to the growth of the market. The incidence of chronic diseases continues to rise globally, leading to an increased demand for non-traditional drug sources. Botanical extracts, derived from plants, have gained significant attention due to their potential health benefits. These natural compounds offer a viable alternative to synthetic drugs, providing effective treatment for various conditions while minimizing side effects. The botanical extracts market is poised for growth as more research is conducted to unlock their therapeutic potential.
Botanical extracts play a significant role in the food and beverage industry, providing functional benefits to various products through their health properties and enhancing flavors. The increasing consumer preference for clean-label, transparent, and premium products, driven by disposable incomes and e-commerce retail, has led food and beverage companies to incorporate botanical extracts as key ingredients in their offerings. These extracts, derived through an extraction process, offer health benefits such as anti-inflammatory, antioxidant, and antibacterial properties. For instance, green tea, rooibos, and berry extracts are utilized to create yogurt drinks, acting as additives to improve taste and aroma while increasing antioxidant properties. Similarly, botanical extracts find applications in dietary supplements, face creams, fibers and specialty carbohydrates, and food processing, contributing to the overall economic outlook of the industry.
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Botanical Extracts Market Segmentation
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The Botanical Extracts Market is experiencing significant growth due to increasing demand for dietary supplements and functional food products in addressing deficiency diseases like anemia, scurvy, and rickets. Companies like Synergy Flavors and Fytosan are innovating with novel extraction techniques to cater to this market. The convenience food industry, including ready meals, packaged snacks, and functional beverages, also contributes to the market's growth. However, supply chain disruptions and raw material price fluctuations pose challenges. Herbal products and cosmetics are other major applications, with weight loss and blood sugar regulation being key benefits.
The global market for botanical extracts in the household and personal care industry is experiencing significant growth due to the increasing demand for advanced extraction methods and the integration of natural ingredients, such as aloe vera, bitter orange, and black tea, in various applications. These botanical extracts offer numerous health benefits, including antioxidants, anti-inflammatory, antimicrobial, and antiseptic properties, making them essential components in alternative medicine and various sectors, including bakery & confectionery, beauty products, beverages, and pharmaceuticals. The bioactive phytochemical concentration in these extracts enhances the efficacy of personal care products, catering to the growing preference for natural and organic offerings. The global personal care products market, valued at [specific value], is projected to expand due to rising disposable income, enabling consumers to invest in luxury and lifestyle-related products.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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