Extracting Nature's Secrets: Botanical Extracts Market Analysis 2024

The botanical extracts market size has grown strongly in recent years. It will grow from $6.51 billion in 2023 to $7.13 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to traditional remedies, cultural and traditional use, exploration and trade routes, favorable government regulations.

The botanical extracts market size is expected to see rapid growth in the next few years. It will grow to $10.48 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to rising health awareness, growing demand for functional foods and beverages, growing demand for plant-based products, growing popularity of herbal supplements, rising disposable income. Major trends in the forecast period include research and development, innovative products, mergers and acquisitions, government initiatives.

Market Overview -
Botanical extracts refer to plant materials with concentrated therapeutic properties. They are obtained after extracting a botanical raw material consisting of one or more botanicals properties with a solvent. These are used as ingredients in dietary supplements.

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Growing Demand For Convenience Foods Drives Botanical Extracts Market
The growing demand for convenience food products propels the botanical extracts market going forward. Convenience food refers to tertiary processed food, which is ready-to-eat processed food. Plant extracts are used to enhance the color and flavor of high-fat and ready-to-eat foods, such as meat. Botanical extracts are plant materials with concentrated medicinal characteristics utilized in the food industry to give health advantages. Thus, due to the increased demand for convenience foods, the market for botanical extracts is expected to grow. For instance, in 2022, according to the Economic Research Service of U.S. Department Of Agriculture, a US-based government agency, the U.S. consumers spent an average of 11.3% of their total food expenditures on food away from home. Thus, the demand for convenience food products drives the botanical extracts market.

Competitive Landscape -
Major companies operating in the botanical extracts market report are International Flavors & Fragrances Inc., Himalaya Herbal Healthcare, Blue Sky Botanics Ltd., Naturex, Synthite Industries Ltd., Nexira, Layn Natural Ingredients Corp., Indesso, Dohler GmbH, Hunan Nutramax Inc., Haldin Natural, Nutra Green Biotechnology Co. Ltd., Kalsec Inc., Arjuna Natural Pvt. Ltd., Shaanxi Jiahe Phytochem Co. Ltd., Tianjin Jianfeng Natural Products Co. Ltd., Bio-Botanica Inc., Nature's Power Nutraceuticals Corp., Synergy Flavors, Martin Bauer Group, Lipoid-Kosmetik, Phytochem India, Plant Extracts International Inc., Kuber Impex Ltd., Ransom Naturals Ltd., MB-Holding GmbH & Co KG, Frutarom Industries Ltd., Biomax Life Sciences Ltd., Organic Herb Inc., Xi'an Sgonek Biological Technology Co. Ltd.

Product Innovation Drives Advancements In The Botanical Extracts Market
Product Innovation is a key trend gaining popularity in the botanical extracts market. Major companies operating in the market are developing extracts with increased bioavailability. For instance, in September 2022, Layn Natural Ingredients, a China-based manufacturing company that provides innovative natural and functional botanical extract ingredients, launched bio Quercitrin, which is a highly bioavailable form of Quercetin for nutraceutical use. Bio+Quercitrin is distinguished by the fact that it is a potent antioxidant flavonoid that scavenges free radicals and decreases oxidative stress. Since it has a ribose molecule connected to it, Layn's bio Quercetin is six times more absorbable and permeable in the small intestine than conventional Quercetin. In addition to replacing regular Quercetin, Layn bio+Quercitrin is a stable, soluble, and bioavailable form that works well as a stand-alone supplement or in formulas for human and pet health.

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Key Segments -

The botanical extracts market covered in this report is segmented -

1) By Technology: CO2 Extraction, Solvent Extraction, Steam Distillation, Enfleurage, Other Technologies
2) By Source: Spices, Herbs, Flowers, Leaves, Other Sources
3) By Form: Liquid, Powder, Semi-Solid
4) By Application: Food and Beverages, Pharmaceutical and Nutraceutical, Cosmetics

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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