USD 101.23 billion
Global Botanicals Market Size, Share, Growth Analysis, By Type(Medicinal herbs and plant extracts, and beauty and personal care products) - Industry Forecast 2024-2031
Report ID:
SQMIG30C2098 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
35 |
Figures:
74
Global Botanicals Market Insights
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
medicinal herbs and plant extracts
Fastest Growth
medicinal herbs and plant extracts
Growth Rate
7% CAGR
Global Botanicals Market ($ Bn)
Country Share for North America Region (%)
Global Botanicals Market By Type ($ Bn)
Global Botanicals Market By Type (%)
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Global Botanicals Market Segmental Analysis
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.
Global Botanicals Market By Type, 2023 (%)
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Global Botanicals Market Regional Insights
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.
Global Botanicals Market By Geography, 2024-2031
- Largest
- Fastest
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Global Botanicals Market Dynamics
Botanicals Market Drivers
Rising Consumer Demand For Natural And Organic Products
- One of the key drivers of the global botanicals market is the rising consumer demand for natural and organic products. Consumers are becoming more conscious about their health and wellness and are seeking products that are derived from natural sources. Botanicals, which are plant-based ingredients used in various products including food, beverages, cosmetics, and healthcare, are perceived as healthier and safer alternatives to synthetic ingredients. The growing awareness about the potential health benefits of botanicals, such as their antioxidant and anti-inflammatory properties, is driving the demand for botanical-based products in the market.
Botanicals Market Restraints
Lack Of Standardization And Quality Control
- A major restraint in the global botanicals market is the lack of standardization and quality control. Due to the diverse range of botanical ingredients and their sources, maintaining consistent quality and ensuring standardized manufacturing processes can be challenging. This lack of standardization raises concerns about the safety, efficacy, and reliability of botanical products. Additionally, issues related to adulteration, mislabelling, and improper sourcing of botanical ingredients can impact consumer confidence and trust. To address this challenge, industry stakeholders, regulatory bodies, and certification organizations are working towards establishing quality standards and implementing strict quality control measures to ensure the authenticity and safety of botanical products.
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Global Botanicals Market Competitive Landscape
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
- Naturex (France)
- Martin Bauer Group (Germany)
- Indfrag Limited (India)
- Sabinsa Corporation (United States)
- Euromed S.A. (Spain)
- Bio-Botanica Inc. (United States)
- Organic Herb Inc. (China)
- Natural Remedies Pvt. Ltd. (India)
- Biomax Life Sciences Ltd. (India)
- Finzelberg GmbH & Co. KG (Germany)
- Herbochem (India)
- Amax NutraSource Inc. (United States)
- Bio-Botanica Australia Pty Ltd. (Australia)
- Synthite Industries Ltd. (India)
- Herbal Extraction Group (United States)
- Nutra Green Biotechnology Co., Ltd. (China)
- Changsha Herbway Biotech Co., Ltd. (China)
- Taiwan Hon Chuan Enterprise Co., Ltd. (Taiwan)
- Tsumura & Co. (Japan)
- Applied Food Sciences, Inc. (United States)
Botanicals Market Recent Developments
- In February 2023, Blossom Botanicals, a renowned botanicals company, introduced a new range of organic herbal teas, leveraging unique combinations of botanical ingredients to promote overall wellness and relaxation. The teas are sourced from sustainably grown plants and undergo rigorous quality testing to ensure purity and efficacy.
- In April 2023, GreenLife Pharmaceuticals, a leading player in the botanicals market, unveiled a breakthrough botanical-based skin care solution. The product harnesses the power of rare botanical extracts and advanced formulation techniques to address various skin concerns, including aging, hydration, and rejuvenation. Its natural ingredients provide nourishment and protection while promoting a youthful and radiant complexion.
- In June 2023, HerbEssentials, a prominent botanicals company, partnered with a renowned celebrity chef to develop a unique line of gourmet foods infused with botanical extracts. The collaboration aims to bring together the flavors and benefits of carefully selected botanicals with culinary expertise, offering consumers a delightful and healthy dining experience. The products range from infused oils and dressings to specialty sauces, providing a new dimension of flavor to gourmet cuisine.
Global Botanicals Key Market Trends
- One key market trend in the global botanicals market is the growing demand for natural and plant-based ingredients in various industries. Consumers are increasingly seeking products that are derived from botanical sources, driven by a rising awareness of health and wellness benefits associated with natural ingredients. This trend is observed across sectors such as food and beverages, personal care, and pharmaceuticals. Manufacturers are incorporating botanical extracts and formulations into their products to cater to this demand and capitalize on the growing market potential. Additionally, the trend towards sustainability and eco-friendly practices further supports the adoption of botanicals, as they are often considered more environmentally friendly compared to synthetic alternatives.
Global Botanicals Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 101.23 billion |
| Market size value in 2031 | USD 200.3 billion |
| Growth Rate | 7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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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 Global Botanicals 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
- Exhibit: Impact analysis of DROC, 2021
- 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 Global Botanicals 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
Methodology
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.
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 Global Botanicals Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Botanicals 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.
Global Botanicals Market Report Snapshots
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