Global Botanical Ingredients Market

Botanical Ingredients Market Size, Share, Growth Analysis, By Form(Powder, Liquid), By Source(Herbs, Leaves, Spices, Flowers), By Region - Industry Forecast 2024-2031


Report ID: SQMIG30I2330 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 64 |Figures: 80

Botanical Ingredients Market Insights

Global Botanical Ingredients Market size was valued at USD 164.4 billion in 2022 and is poised to grow from USD 175.74 billion in 2023 to USD 299.71 billion by 2031, growing at a CAGR of 6.90% in the forecast period (2024-2031).

In recent years, the global botanical ingredients market has grown in versatility and expansion. It is a large contributor in the natural products and health sectors. The ingredients are derived from bioactive compounds present in plants.

The plants that can be used to extract these elements are fruits, herbs, vegetables, and other botanic-rich sources. TThese products can be used in the production of functional foods, dietary supplements, skincare, herbal medicines, and more. The cosmetic and food and beverage industry have adopted these elements widely. Their medicinal, nutritional, and cosmetic benefits are owed for its demand.

A culmination of several factors have thrusted the growth of this market exponentially. One of these reasons is the increasing awareness of the importance of health and overall wellbeing. This reason has driven the demand for naturally organic substances, furthering market expansion. Health conscious consumers are looking for botanical ingredients which contain antioxidant properties that help support the immune system and fight off a variety of illnesses.

These benefits of botanical ingredients have fueled its expansive use in dietary supplements. This segment is one of the largest contributors to market demand and expansion. Dietary supplements use botanical ingredients heavily for its antioxidant benefits, targeting specific health issues while formulating these products. Regionally, the APAC sector has vitally transformed the market’s growth. Asia-Pacific’s wide base of traditional herbal knowledge and thriving biodiverse sector have contributed to this region holding the title of the fastest-growing market segment based on location.

Botanical ingredients are rich in properties that promote the health of skin. The personal care and beauty sector takes advantage of these characteristics to use it in skin nourishment formulas and anti-aging lotions. The key market driver of the botanical ingredients market is the rising number of global population moving to the urban areas. This has sped up the evolution of human lifestyle and increased the disposable income of the global economy, driving further market growth.

Market Snapshot - 2024-2031

Global Market Size

USD 164.4 billion

Largest Segment

Powder

Fastest Growth

Liquid

Growth Rate

6.90% CAGR

Global Botanical Ingredients Market ($ Bn)
Country Share for North America Region (%)

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Botanical Ingredients Market Segmental Analysis

By Form, the market is segmented into Powder, Liquid. By Source, the market is segmented into Herbs, Leaves, Spices, Flowers, Others. By Application, the market is segmented into Food & Beverages, Food, Bakery & Confectionery, Sauces & Dressings, Others, Beverages, Energy Drinks, Sports Drinks, Functional Juices, Others, Dietary Supplements, Personal Care & Cosmetics, Pharmaceuticals, Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Analysis By Form

In the global botanical ingredients market, the dominant segment is Powder. The powder form of these products can be used in several applications. The industries responsible for this segment’s top position are cosmetics, food and beverages, and pharmaceuticals. This form is favored due to its easy handling, ability to be stored conveniently, and simple integration into multiple products. The aforementioned industries prefer the powder form of these ingredients as it can be controlled in dosage and offers consistent dispersion.

Though the powder form still holds the largest market share in the market, the liquid segment is the quickest-developing market segment. Their rapid popularity can be credited to a number of reasons. These factors include its versatile nature and the ease with which it can be applied in multiple formulas. Liquid botanical ingredients are used in several products due to their faster absorption rate and availability. It offers producers the option to customize dosage and its convenient adoption in their processes have helped the segment grow this fast. A few examples of these products are drinks, skincare items, herbal extracts, and tinctures.

Analysis By Source

Spices hold the largest market share as a source in the botanical ingredients market. Their strong smell and medicinal features have helped its expansive use. They are generally used in flavoring, adding color, and in the preservation of food items. Cuisines from all over the world use spices, and it has a culturally and culinary rich history globally. Spices are high in demand for a number of reasons. These factors include consumer preferences shifting to strong and different flavors and the thriving worldwide food and beverage industry. Another reason for the dominance of this segment is the integration of traditional ingredients, like spices, into modern food products.

Though spices rule the market, the market segment with the most rapid growth happens to be herbs. These ingredients are gaining popularity in the market. The reasons for its expansive adoption are its usage in magnifying flavors, its wide range of health advantages, and growing use in the medicinal field. The demand for these ingredients is surging as a result of consumers shifting to organic products that have certain features that improve health. Several products are using these ingredients in their manufacturing process. They include herbal teas, dietary supplements, skincare items, and more. As more people seek holistic wellness, using herbal remedies to do so, this segment expands further.

Global Botanical Ingredients Market By Form , 2023 (%)

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Botanical Ingredients Market Regional Insights

North America holds the largest share of the global botanical ingredients market. Its dominance can be credited to a number of reasons. These factors include the rising consumer awareness and demand for plant-based products incorporated in their daily lifestyle. Industries thar are pushing the demand for these ingredients in the region are pharmaceutical, food, and cosmetic. North America has witnessed a growth in the knowledge of the benefits these extracts have to offer, cementing its place in the market. Also, the region's pre-established and flourishing health trends have also contributed to its prominence. The US has been one of the key players in the region. The country owes its successful manufacturing network and good research capabilities for this contribution, not to forget the region’s consumers who are seeking organic and clean-label items.

Though North America is holding its fort at the top, the Asia-Pacific (APAC) region is quickly climbing the market ladder. Countries like iNdia, Japan, India, and China particularly are responsible for this rapid growth. Their diverse history of herbal medicine and increasing demand for natural ingredients has steeled their place in the market. One of the key market drivers in the region is their cultural tradition of employing herbal cures. Other factors for the APAC region’s growth are its rising middle class population and higher income levels. Expansion due to its wide use of these ingredients in traditional recipes and beauty practices. Natural products are now in demand as consumers seek health and wellness, which can be credited for the region’s explosive growth.

Global Botanical Ingredients Market By Region, 2024-2031
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  • Fastest

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Botanical Ingredients Market Dynamics

Drivers

Health and Wellness Awareness:

  • The world is moving towards understanding the importance of their own health and wellbeing. This trend has resulted in a higher demand for botanical ingredients. This is because they provide the very benefits that consumers worldwide are seeking. Its anti-inflammatory, antioxidant, and immunity-boosting properties have thrusted its demand globally. Manufacturers are now widely using botanical ingredients in functional foods, dietary supplements, and beverages. This is in response to health-conscious consumers looking out for their wellbeing and asking for organic products.

Increasing Demand for Natural and Organic Products:

  • Industries like cosmetics, healthcare, and food have seen a shift in consumer tastes. Their demand for natural and organic products has risen. This is reflected in the demand for botanical ingredients, which are more organically safer than conventional and synthetic ingredients in the market. Now the aforementioned industries are asking for botanical extracts to produce natural cosmetics, herbal supplements, and organic foods, which helps market expansion.

Restraints

Regulatory and Quality Control Challenges:

  • Rigid regulatory standards and quality control guidelines dictate the botanical ingredients market. differing regulations in altering nations and areas can cause disparity in level of safety, labeling, and usage of these products. To maintain optimal quality and more while complying with different sets of rules can prove to be costly and time consuming for manufacturers. Producers might find it too difficult and complicated, which can hamper market growth. Furthermore, non-compliance is also not an option, since it can result in brand image damage, legal issues, and product callbacks.

Supply Chain Complexity and Sourcing Challenges:

  • Manufacturers of botanical extracts need to maintain care and properly handle these products so as to not hamper its performance or quality. They need a good and careful system of derivation, cultivation, harvesting, and processing when making these products. It can also be difficult to maintain a steady supply from reliable and environmentally responsible sourcing. Regional limitations, climate changes, and other worries about the environment can affect these ingredients’ quality and availability. This can cause supply chain disruption, leading to product delays and higher costs, thus inhibiting market growth.

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Botanical Ingredients Market Competitive Landscape

A large number of participants are constantly engaged in fierce competition in the global botanical ingredients market. The competitors are fighting to satiate the largest share of the demand for plant-based natural ingredients, forming the competitive landscape of the market. Renowned firms like Frutarom Industries (IFF), Naturex (Givaudan), and Ransom Naturals hold dominance over the market. They owe their position to their wide range of botanical product offerings that can be applied in industries like cosmetics, food and beverages, and pharmaceuticals.

To maintain a competitive edge in the market, these companies employ rigorous research and development, also making use of their widespread distribution channels and their global presence. Smaller niche players and startups have joined the market to deliver advanced botanical items in the face of the rising awareness of these ingredient’s benefits to human health. These new entrants use different sourcing and organic certifications, along with emphasizing sustainability, to attract health conscious consumers.

This competition between established and new players will only heat up as consumers seek clean labels and holistic products. This will further target market innovation and add a diversity to the product portfolios in the botanical ingredients market.

Top Player’s Company Profile

  • Frutarom Industries (Israel)
  • Synergy Flavors (USA)
  • Doehler Group (Germany)
  • Sensient Technologies Corporation (USA)
  • Shaanxi Jiahe Phytochem Co., Ltd. (China)
  • Biolandes (France)
  • Green Source Organics (USA)
  • Sabinsa Corporation (USA)
  • Nexira (France)
  • Van Drunen Farms (USA)
  • Organic Herb Inc. (China)
  • Layn Natural Ingredients (China)
  • International Flavors & Fragrances Inc. (USA)
  • Nutra Green Biotechnology Co., Ltd. (China)
  • Blue Sky Botanics Ltd (UK)
  • Indena S.p.A. (Italy)
  • Botanic Innovations LLC (USA)
  • Symrise AG (Germany)
  • Robertet Group (France)
  • Martin Bauer Group (Germany)
  • BI Nutraceuticals (USA)
  • Ransom Naturals Ltd (UK)

Recent Developments

  • Nestlé is the world's largest food and beverage company. It reported its upcoming release of a new line of baby foods that are made with botanical extracts in February 2022. This product line will support the development of immune systems of infants, along with providing a higher nutritional value.
  • Johnson & Johnson is an American multinational, pharmaceutical, and medical technologies corporation. The global company stated it was going to release a new cosmetic line which is produced with botanical elements in March 2022. This new product line will appeal to potential buyers with its plethora of natural benefits, like smoothening skin of users.
  • The Coca-Cola Company is a total beverage company which is ranked as the top soft drink brand worldwide. This multinational brand reported it will be launching a new beverage line that is made of botanica extracts in April 2022. These new beverages will be far more healthy than traditional sugary drinks.
  • Herbalife Nutrition is a global multi-level marketing corporation that develops and sells dietary supplements. It announced its plan to release a new supplement line made of botanical ingredients in September 2022. This new product will stabilize energy levels and immunity in consumers, along with managing their weights.

Botanical Ingredients Key Market Trends

  • Increasing Consumer Interest in Functional Plant-Based Ingredients: The world is changing gears, seeking ingredients which are functional and derived from plants. This shift in demand is due to consumers looking for higher nutritional value which can boost their health. In response to this necessity, manufacturers are using botanical ingredients like spices, herbs, and other extracts. This is because they are filled with the bioactive compounds that promote good health and overall wellbeing. The trend supporting the demand for plant-based elements is in alignment with the evolution of consumers moving to preventive health approaches. This movement can impact several industries, from functional beverages to dietary supplements.
  • Surge in Demand for Organic and Natural Products: There has been one trend that has significantly influenced the botanical ingredients market. The global population is moving toward favoring naturally organic items. This trend has affected various industries that use botanical extracts. These industries include cosmetics, food, and pharmaceuticals. As these sectors raise the demand for botanical ingredients, this trend has driven this market too. This market offers natural products which are healthier than synthetic ingredients. The emand for these elements rises as consumer awareness grows about the products they use and consume. In response to this, manufacturers are creating herbal teas and supplements, organic flavors, and natural skincare products.

Botanical Ingredients Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

Based on our analysis, the global botanical ingredients market offers an expansive and diverse range of substances that are obtained from plants. Their natural and healing properties help its demand in the production of several products that improve human health and wellness. These organic ingredients are integrated into several industries, like food and beverages, nutraceuticals, pharmaceuticals, and cosmetics.

The demand for these products has grown substantially as consumers ask for organic products as they become more aware of its benefits. One of the key drivers of market growth are the ongoing trend of consumers asking for clean label products. These products’ ingredient list states the use of simple and well-known natural components. Botanical ingredients fit in well, thanks to their pure and holistic appeal.

Moreover, the population around the world is showing a unified interest in herbal medicine which has been used since ancient times. This trend has also helped the botanical ingredients market expand. Its therapeutic and healing properties have boosted its demand in the pharmaceutical sector. These ingredients are also being heavily used in the creation of natural remedies and herbal supplements.

Other than the pharmaceutical sector, the cosmetic field is also pushing the demand for botanical extracts. Their skin-improving and anti-aging benefits are responsible for this surge in demand in that sector. As a result of the widespread demand and continued market growth, the competitive scene of the market has heated up in recent years. Businesses are making huge R&D investments to further product innovation. Other factors that these companies are targeting are guaranteeing product quality and safety, as well as improving extraction techniques to increase output. The trend of biodiversity and environmental concerns have driven producers to use sustainable practices and responsible sourcing to keep with the trend of saving the ecosystem.

To summarize, the global botanical ingredients market will continue growing. That is because industries will continue looking for natural ingredients to appease evolving consumer preferences. These changing consumer tastes, coupled with increased usage of environmentally conscious methods and regulatory advancements, will uphold the steady expansion of the market.

Report Metric Details
Market size value in 2023 USD 164.4 billion
Market size value in 2031 USD 299.71 billion
Growth Rate 6.90%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Form
    • Powder, Liquid
  • Source
    • Herbs, Leaves, Spices, Flowers, and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Frutarom Industries (Israel)
  • Synergy Flavors (USA)
  • Doehler Group (Germany)
  • Sensient Technologies Corporation (USA)
  • Shaanxi Jiahe Phytochem Co., Ltd. (China)
  • Biolandes (France)
  • Green Source Organics (USA)
  • Sabinsa Corporation (USA)
  • Nexira (France)
  • Van Drunen Farms (USA)
  • Organic Herb Inc. (China)
  • Layn Natural Ingredients (China)
  • International Flavors & Fragrances Inc. (USA)
  • Nutra Green Biotechnology Co., Ltd. (China)
  • Blue Sky Botanics Ltd (UK)
  • Indena S.p.A. (Italy)
  • Botanic Innovations LLC (USA)
  • Symrise AG (Germany)
  • Robertet Group (France)
  • Martin Bauer Group (Germany)
  • BI Nutraceuticals (USA)
  • Ransom Naturals Ltd (UK)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Botanical Ingredients Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Botanical Ingredients Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Botanical Ingredients Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Botanical Ingredients Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Botanical Ingredients Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Botanical Ingredients Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Botanical Ingredients Market size was valued at USD 164.4 billion in 2022 and is poised to grow from USD 175.74 billion in 2023 to USD 299.71 billion by 2031, growing at a CAGR of 6.90% in the forecast period (2024-2031).

A large number of participants are constantly engaged in fierce competition in the botanical ingredients market. The competitors are fighting to satiate the largest share of the demand for plant-based natural ingredients, forming the competitive landscape of the market. Renowned firms like Frutarom Industries (IFF), Naturex (Givaudan), and Ransom Naturals hold dominance over the market. They owe their position to their wide range of botanical product offerings that can be applied in industries like cosmetics, food and beverages, and pharmaceuticals. 'Naturex (France)', 'Givaudan (Switzerland)', 'Frutarom Industries (Israel)', 'Synergy Flavors (USA)', 'Doehler Group (Germany)', 'Sensient Technologies Corporation (USA)', 'Kerry Group (Ireland)', 'Shaanxi Jiahe Phytochem Co., Ltd. (China)', 'Biolandes (France)', 'Green Source Organics (USA)', 'Sabinsa Corporation (USA)', 'Nexira (France)', 'Van Drunen Farms (USA)', 'Organic Herb Inc. (China)', 'Layn Natural Ingredients (China)', 'International Flavors & Fragrances Inc. (USA)', 'Nutra Green Biotechnology Co., Ltd. (China)', 'Blue Sky Botanics Ltd (UK)', 'Indena S.p.A. (Italy)', 'Botanic Innovations LLC (USA)', 'Symrise AG (Germany)', 'Robertet Group (France)', 'Martin Bauer Group (Germany)', 'BI Nutraceuticals (USA)', 'Ransom Naturals Ltd (UK)'

The world is moving towards understanding the importance of their own health and wellbeing. This trend has resulted in a higher demand for botanical ingredients. This is because they provide the very benefits that consumers worldwide are seeking. Its anti-inflammatory, antioxidant, and immunity-boosting properties have thrusted its demand globally. Manufacturers are now widely using botanical ingredients in functional foods, dietary supplements, and beverages. This is in response to health-conscious consumers looking out for their wellbeing and asking for organic products.

Increasing Consumer Interest in Functional Plant-Based Ingredients: The world is changing gears, seeking ingredients which are functional and derived from plants. This shift in demand is due to consumers looking for higher nutritional value which can boost their health. In response to this necessity, manufacturers are using botanical ingredients like spices, herbs, and other extracts. This is because they are filled with the bioactive compounds that promote good health and overall wellbeing. The trend supporting the demand for plant-based elements is in alignment with the evolution of consumers moving to preventive health approaches. This movement can impact several industries, from functional beverages to dietary supplements.

North America holds the largest share of the botanical ingredients market. Its dominance can be credited to a number of reasons. These factors include the rising consumer awareness and demand for plant-based products incorporated in their daily lifestyle. Industries thar are pushing the demand for these ingredients in the region are pharmaceutical, food, and cosmetic. North America has witnessed a growth in the knowledge of the benefits these extracts have to offer, cementing its place in the market. Also, the region's pre-established and flourishing health trends have also contributed to its prominence. The US has been one of the key players in the region. The country owes its successful manufacturing network and good research capabilities for this contribution, not to forget the region’s consumers who are seeking organic and clean-label items.

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