New York, March 13, 2023 (GLOBE NEWSWIRE) -- According to Market.us, the global botanicals market was valued at around USD 107.2 billion in 2022 and is expected to reach approximately USD 207.3 billion in 2032, growing at a CAGR of slightly above 7.0% between 2023 and 2032. Botanical ingredients are an excellent source of bioactive chemicals as they have a broad range of biological effects. They are becoming more popular in the production and use of food and beverage.
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Key Takeaway:
- By source, the spices segment dominated the botanicals market in 2022.
- By application, the food & beverages segment held the largest market share in 2022.
- Europe accounted for the highest market share, with 31% in 2022.
- Asia Pacific is expected to have the highest CAGR during the forecast period.
This botanicals market is driven primarily by a more health-conscious customer base with clean trademark trends in the food, beverage, and pharmaceutical industries. Consumers are increasingly switching to healthier options and embracing prevention as a key tool for a better life.
Factors affecting the growth of the botanical industry?
Several factors can affect the growth of the botanicals market. Some of these factors include:
- Expansion of the supplements industry: The rapid growth of the dietary supplements industry due to rising healthcare costs, changing lifestyles, and growing health concerns, is aiding the market progress.
- Increasing demand for convenience products: The demand for food products, such as bakery products, energy drinks, etc., is helping the market growth as these products often have aroma and flavor created with botanical products.
- Extensive product offerings: There is a variety of sectors that use botanicals, from skincare ingredients to the spices industry. This versatility is one of the reasons for the market's expansion.
- Raw material prices: The fluctuating raw material prices affect the market growth negatively.
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Top Trends in Global Botanicals Market
The increasing vegan population heavily influences the growing demand for herbal ingredients in America, along with the increased focus on organic & natural food ingredients and the presence of large manufacturers with extensive distribution channels. The market is expected to see an increase in demand for nutraceuticals, which will benefit the market. Clear labels reduce data clutter and give customers more control over their health. As a result, these products are becoming more popular in the pharmaceutical, food, and dietary supplement industries.
Market Growth
The dietary supplement industry has grown rapidly over the last few years due to changing lifestyles and rising healthcare costs. Several dietary supplements are available, including vitamins, multivitamins and amino acids, protein, special carbohydrates, fibers, and minerals. The preparation of dietary supplements associated with cognition, immunity, joint health, anxiety, and obesity is made from extracts of different botanicals such as bitter orange, ginseng & black tea, and aloe vera. The future growth of the dietary market is expected to increase demand for botanical products. The future market will also benefit from product innovation.
Regional Analysis
Europe saw a significant increase in revenue in 2022. This made it a major region in the global botanicals market. The market offered a great opportunity for growth for manufacturers. Europe held 31% of the market share in 2022. The European market is seeing a growing middle class, diet-conscious individuals, and rising disposable income. This is due to the region's high levels of ready-to-drink (RTD) beverages and increasing beverage product growth. In addition, as consumers shift from carbonated beverages to healthier ones, such as matcha and kombucha, the beverage industry is experiencing a boom.
Asia Pacific would have the highest revenue growth in the global market of botanical ingredients between 2023-2032. Variables, such as the rise of e-commerce, influence how consumers consume ready-to-eat and ready-to-drink beverages, packaged snacks, and other products that use botanical ingredients to enhance Flavor, Aroma, and Helpful qualities. The expansion of health drinks makes beverages a promising application area for botanical extracts in North America. This is because of a growing awareness of the health benefits of bio-based drugs for controlling blood sugar and weight.
Competitive Landscape
Market leaders are experimenting with different marketing strategies to attract and retain buyers, such as geographic expansion, new product launches, partnerships, collaborations, mergers, and acquisitions. These key factors create a competitive landscape among the top market players.
Key Market Players
- Archer Daniels Midland Company
- Koninklijke DSM NV
- Sapphire Flavors and Fragrances
- Parker Flavors, Inc.
- International Flavors & Fragrances Inc.
- Botanical Ingredients Ltd.
- Dohler GmbH
- Carrubba Incorporated
- Bell Flavors & Fragrances GmbH
- MB-Holding GmbH & Co. KG
- Nutrasorb LLC
- Kanegrade Ltd.
- Givaudan S.A.
- Kalsec Inc
- Kerry Group Plc
- Other Key players
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 107.2 billion |
| Market Size (2032) | USD 207.3 billion |
| CAGR (from 2023 to 2032) | 7.0% |
| Europe Revenue Share | 31% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
In recent years, the demand for ready-to-eat foods like bakery & pastry products, sauces, gravies, ready meals, ready–to–drink beverages, and sports & energy drinks, has increased rapidly. This is due to changes in consumers' lifestyles, increasing numbers of women working, attractive packaging provided by food companies, and increased use of electronic and conventional purchases. Increased demand is also driven by the expansion of networks and increased expendable incomes, particularly in developing countries such as India, China, and Brazil. Foods are often enriched with botanical ingredients to enhance their flavor, aroma, and nutritional properties. Prepared food & beverage companies prefer botanical extracts over those that are derived from fresh vegetables because they have a longer shelf life. In addition, botanical ingredients are more authentic than non-botanical extracts because they are directly extracted from plants. This includes flowers, fruits, and leaves. The demand for botanical extracts is anticipated to increase with the popularity of prepared foods in the coming years.
Market Restraints
Botanical ingredient manufacturers procure raw materials such as ginseng roots and tea leaves to produce their respective extracts and concentrate. Because each raw material requires different climate conditions, they are grown in different places. Raw materials are agricultural commodities used in many other industries, such as animal feed, food, and beverages. Because of this, prices for raw materials fluctuate based on climatic conditions and trade relations. This causes fluctuations in the cost structure and profit generation of botanical manufacturers.
Market Opportunities
Botanical skincare ingredients, medicinal ingredients, spices, functional foods, dairy products, body products, the beverage industry, and the cosmetic industry are all commercial segments that offer a wide range of market opportunities. The French cosmetic industry is moving towards natural and clean products, which will increase product demand. E-commerce and organized retail are driving convenience food product sales.
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Report Segmentation of the Botanicals Market
Source Insight
According to the source type analysis, there are three types of botanicals in the global market: flowers, spices, and herbs. The largest market share was held by the spices segment in 2022, which accounted for the majority of the market's domination. This market is expected to grow significantly over the forecast period due to changing lifestyles and a desire to eat healthy and convenient foods.
The fastest CAGR is expected to be recorded in the flower segment during the forecast period. This is due to lifestyle changes that lead to a healthier lifestyle and to the growth of the botanical flower and cosmetic industries.
Due to the widespread use of traditional medicine, the herbs segment will see a 7.3% CAGR over the forecast period 2023-2032. Due to their health benefits, herbs-based medicines are becoming more popular. Globally, it is important to improve metabolism and stabilize hormones. Therefore, several topics such as Yoga, Homeopathy, Siddhas, and Ayurveda are becoming more important and driving growth.
Application Insight
The food and beverages segment held the market's largest share in 2022. There are many ways that botanical ingredients can be used in food and beverages. They have both health benefits, and they also offer delicious flavors. Food manufacturers are keen to add nutritional ingredients like vitamins, minerals, and prebiotics.
In 2022, beverages accounted for a significant share. This is due to a change in lifestyles that led to increased demand for TTK beverages. Manufacturers will also be able to increase their market share by developing RTD drinks that contain concentrated botanical ingredients and flavors. Cosmetic manufacturers use botanical ingredients to create natural skin care products. They have anti-fungal and anti-microbial properties, as well as skin conditioning, oral care, moisturizing, and skin conditioning properties. The market is poised to grow significantly due to the growing demand for pure and organic cosmetic products.
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Market Segmentation
By Source
- Herbs
- Spices
- Flowers
By Application
- Foods and Beverages
- Dietary Supplements
- Personal Care and Cosmetics
- Other Applications
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Recent Development of the Botanicals Market
- Firmenich's 2022 Flavors of the Year, Magical Botanical, was introduced in 2022. It addresses the creativity and well-being requirements of a changed society.
- Kerry Group Plc completed the acquisition of Natreon, a dealer in branded ayurvedic botanical substances, in April 2022. The acquisition will also require technological advancements to expand Kerry's ProActive Health portfolio.
- Flavour Bucket Pvt. Ltd was established in 2020. Flavour Bucket Pvt. Ltd was established and offered a variety of botanical products.
- In 2020, ADM revealed its plans to expand its botanical ingredients footprint, procuring Brazilian manufacturer YerbalatinaPhytoactives because of its wide range of natural botanical ingredients, which are also acquired with its protected, cool drying technology and are organically certified.
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- Curcumin Market was worth USD 67.5 million in 2021. From 2022 to 2032, it is expected that the of curcumin will be 15.5%.
- Lettuce Leaf Basil Market is projected to reach a valuation of USD 66.56 million by 2031 at a CAGR of 1.3%, from USD 57.74 million in 2021.
- Black Pepper Oleoresin Market was valued over USD 148.29 Mn in 2023 It is estimated to expand at a CAGR of 9.6% from 2022-2032
- Dietary Supplements Market size was USD 164.6 billion and is expected to reach around USD 361.4 billion by 2032. Between 2022 and 2032, this market is estimated at a CAGR of 8.4%.
- Kombucha Market is expected to grow at a CAGR of roughly 16.1%. It will reach USD 17.2 Bn in 2032, from USD 3.86 Bn in 2022.
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