USD 101.23 billion
Report ID: SQMIG30C2098 | Region: Global | Published Date: July, 2023 | Pages: 157 | Tables: 35 | Figures: 74
Botanicals Market size was valued at USD 101.23 billion in 2021 and is poised to grow from USD 107.2 billion in 2022 to USD 200.3 billion by 2030, growing at a CAGR of 7% in the forecast period (2023-2030).
The global botanicals market is experiencing significant growth and offers promising opportunities for market players. The market insight reveals that the increasing consumer preference for natural and organic products, coupled with the rising awareness regarding the health benefits of botanical ingredients, is driving the demand for botanicals across various industries.
The use of botanicals in food and beverages, personal care products, and dietary supplements is on the rise. Additionally, the growing trend of clean label and sustainable products further fuels the demand for botanicals. The market is witnessing a shift towards sustainable sourcing and production practices, as consumers seek transparency and ethical sourcing. The market insight indicates that the global botanicals market is expected to continue its upward trajectory in the coming years, driven by the growing demand for natural and plant-based ingredients in various consumer products.
US Botanicals Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 101.23 billion
medicinal herbs and plant extracts
medicinal herbs and plant extracts
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The global botanicals market is segmented by type and region. Based on type, the market can be segmented into medicinal herbs and plant extracts, and beauty and personal care products. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Botanicals Market Analysis by Type
The dominant sub-segment of type in the global botanicals market is the medicinal herbs and plant extracts segment. This sub-segment includes herbs and plants that are known for their medicinal properties and are used in traditional and alternative medicine practices. Medicinal herbs and plant extracts have gained popularity due to their natural origin and potential health benefits, leading to increased demand from consumers seeking natural remedies.
The fastest growing sub-segment of type in the global botanicals market is the beauty and personal care products segment. This sub-segment includes botanical ingredients that are used in skincare, haircare, and other personal care products. With growing consumer awareness and preference for natural and organic ingredients in beauty and personal care products, the demand for botanical-based formulations has witnessed significant growth. The use of botanicals in these products is attributed to their perceived safety, efficacy, and association with nature-based wellness.
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One dominant region in the global botanicals market is Europe. Europe has a long history of botanical medicine and is known for its strong herbal traditions. The region is home to several countries that have a rich botanical heritage and a well-established market for botanical products. European consumers have a high level of awareness and demand for natural and organic products, including botanicals, which drives the growth of the market. Additionally, the European Union has implemented regulations to ensure the safety and quality of botanical products, further supporting the market's development.
One of the fastest-growing regions in the global botanicals market is Asia Pacific. The region has a diverse flora and a long tradition of using botanicals in traditional medicine systems such as Ayurveda, Traditional Chinese Medicine, and Kampo. Increasing consumer awareness about the benefits of natural and herbal remedies, coupled with the growing demand for clean and sustainable products, has fueled the growth of the botanicals market in Asia Pacific. The region is also witnessing a rise in health-conscious consumers and a shift towards preventive healthcare, driving the demand for botanical supplements, herbal teas, and natural personal care products. Furthermore, governments in countries like China and India are supporting the development of the botanicals industry through favorable policies and initiatives, further contributing to its growth in the region.
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Botanicals Market Drivers
Rising Consumer Demand For Natural And Organic Products
Botanicals Market Restraints
Lack Of Standardization And Quality Control
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The global botanicals market is characterized by a mix of established companies and emerging players. Market participants are focusing on research and development activities to enhance the efficiency and performance of Botanicals. Additionally, strategic collaborations, partnerships, and mergers and acquisitions are prevalent strategies adopted by companies to expand their market presence. The competitive environment is further influenced by factors such as technological advancements, government regulations, and the ability to provide cost-effective and sustainable solutions.
Botanicals Market Top Player’s Company Profiles
Botanicals Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global botanicals market refers to the market for various plant-derived products that are used for medicinal, cosmetic, and nutritional purposes. Botanicals are natural substances derived from plants and are known for their therapeutic properties. They are widely used in various industries such as pharmaceuticals, skincare, food and beverages, and dietary supplements. The market for botanicals is driven by increasing consumer demand for natural and organic products, growing awareness about the health benefits of botanical ingredients, and the rising popularity of traditional and alternative medicine. The global botanicals market is expected to experience significant growth in the coming years as consumers increasingly seek natural and sustainable products for their health and well-being.
|Market size value in 2021
|USD 101.23 billion
|Market size value in 2030
|USD 200.3 billion
|Forecast Unit (Value)
|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)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Botanicals 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 Global Botanicals 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Botanicals Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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