Authored By: Sarah
11 Jul 2024

 Botanicals Market Size to grow by USD 7852.7 million between 2024-2028

According to a research report “ Botanicals Market” by Source (Herbs, Spices, Flowers, Others) Geography (Europe, North America, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 7852.7 million, at a CAGR of  15.22% during the forecast period. In response to the escalating consumer preference for natural and health-conscious food and beverage options, market leaders are investing heavily in research and development to introduce botanical-based products. The surge in demand for items free from gluten, artificial flavors, colors, and preservatives has been fueled by growing consumer awareness regarding the potential health risks associated with synthetic chemicals. Furthermore, regulatory bodies such as global health organizations and food safety associations have imposed stringent regulations to restrict the use of artificial flavorings and promote the adoption of naturally sourced alternatives, including botanical ingredients, such as herbs, spices, and flowers.

Browse market data tables, figures, and in-depth TOC on “Botanicals Market” by Source (Herbs, Spices, Flowers, Others) Geography (Europe, North America, Asia, Rest of World (ROW)) Global Forecast to 2028. Download Free Sample

 

By Source, the Herbs segment is projected to dominate the market size in 2024

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By Geography, Europe  segment is expected to hold the largest market size for the year 2024

The Botanicals Market encompasses a diverse range of natural products derived from plants. These offerings cater to various industries, including pharmaceuticals, cosmetics, and food and beverage. Key players in this sector prioritize research and development to ensure product efficacy and adherence to regulatory standards. Market growth is driven by increasing consumer awareness and demand for natural, plant-based alternatives.

Europe is forecasted to hold the largest market size by region in 2024

The Botanicals Market encompasses a wide range of natural products derived from plants. These offerings cater to various industries, including health and wellness, food and beverage, and cosmetics. Key players in this sector prioritize sustainable sourcing and innovative product development to meet evolving consumer demands for natural, plant-based solutions. The market's growth is driven by increasing consumer awareness and preference for natural alternatives, as well as regulatory support for botanical ingredients.

The Botanicals Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • AmbePhytoextracts Pvt. Ltd.
  • Bell Flavors and Fragrances GmbH
  • Berje Inc.
  • BI Nutraceuticals
  • Blue Sky Botanics Ltd.
  • Dohler GmbH
  • Indesso
  • International Flavors and Fragrances Inc.
  • Kalsec Inc.
  • Kuber Impex Ltd.
  • Lipoid Kosmetic AG
  • Nutra Green Biotechnology Co. Ltd.
  • Prakruti Products Pvt. Ltd.
  • Prinova Group LLC
  • Ransom Naturals Ltd.
  • Rutland Biodynamics Ltd.
  • Synergy Flavors Inc.
  • Synthite Industries Pvt. Ltd.
  • The Herbarie at Stoney Hill Farm Inc.
  • Umalaxmi Organics Pvt. Ltd.
.

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Research Analysis Overview

The Botanicals Market has witnessed a significant surge in popularity in recent years, with more and more adults opting for natural products over synthetic ones. This trend is driven by sustainability-minded consumers who are increasingly wary of chemical-sounding ingredients in their food and beverages. The IFIC (International Food Information Council) reports that label-reading consumers are seeking out healthier food products with natural ingredients, including botanicals, for their wellness benefits. Beverage makers and functional food brands are capitalizing on this trend by offering premium products made with natural botanical ingredients. Essential oils, botanical drugs, and botanical preparations are all in demand, as consumers recognize the medicinal value and health benefits of these natural compounds. However, the popularity of botanicals does not come without challenges. Some consumers may be concerned about the cost and safety of these natural products, especially when compared to conventional pharmaceuticals. Adverse effects are also a potential concern, as with any substance that affects the body. Despite these challenges, the botanicals market is expected to continue its growth trajectory, as more research is conducted on the medical properties of plants and their potential applications in the wellness field. The future of botanicals looks bright, as consumers continue to seek out natural alternatives to synthetic products for their health and wellbeing.

Market Research Overview

The botanicals market is experiencing significant expansion as consumers show increasing interest in business offerings that align with their health and wellness goals. Product innovation is a key growth strategy for companies in this space, with a focus on developing innovative products using natural ingredients. Givaudan, Martin Bauer Group, Firmenich SA, Bell Flavors, and International Flavors are among the major players in the market, leveraging their production capacities to meet the demand for botanical formulations. The fragmentation of the market is driven by the popularity of clean ingredients and the growing preference for natural products over synthetic ones. Adults are particularly interested in healthier food products and functional beverages, while sustainability-minded consumers are seeking out botanical ingredients with medicinal value and preventive healthcare benefits. The wellness trends of clean eating and natural ingredients have led to the development of premium product offerings in the confectionery, dairy, bakery, and beverage industries. Essential oils derived from plants like rose petal and sage leaf are in high demand, as are botanical drugs and preparations for their health benefits. However, the botanicals market faces challenges such as the cost and safety concerns associated with conventional pharmaceutical alternatives, as well as the adverse effects of some synthetic products. As a result, companies are focusing on sustainable ingredients and transparency in labeling to meet the demands of label-reading consumers. The rising health consciousness and botanical health popularity make this an exciting and dynamic market to watch.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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