Botanical Ingredients Market

Botanical Ingredients Market - An Overview

The global botanical ingredients market is anticipated to witness strong growth during the forecast period between 2021 and 2031.

Botanical ingredients are obtained from plants and are used to produce products in a bid to improve their aroma and flavor. Some of the botanical ingredients that have witnessed increased demand include herbs, flowers, leaves, and spices.

Botanical ingredients are cost-effective and have reduced impact on the environment as compared to ingredients processed by petrochemicals. Botanical ingredients have emerged as suitable alternatives to plant-based food extracts.

Some of the end-use industries where botanical ingredients are deployed include pharmaceuticals, food and beverages as well as cosmetics and personal care.

Botanical Ingredients Market - Trends and Opportunities

Rising consumer demand for clean label food products is the key growth driver for global botanical ingredients market.

Also, increasing customer demand for food products rich in natural ingredients is expected to help create revenue-generating opportunities for leading players in botanical ingredients market, in the coming years.

In addition to this, increasing population sections turning vegan is projected to fuel the demand for botanical ingredients and trigger the growth in global market, in the years ahead.

Other factors such as rapid urbanization and increasing purchasing power among consumers is also expected to contribute to growth in overall botanical ingredients market.

Spices source segment is expected to emerge as largest revenue contributor to overall market owing to changing customer lifestyles leading to increased demand for food products rich in spices in prominent countries worldwide.

Food and beverages end-use segment is expected to hold a large share in global market owing to increasing botanical ingredients demand to manufacture food and beverages products with health benefits in leading economies globally.

Botanical Ingredients Market - Competitive Landscape

Presence of numerous well-established market players has ensured that the competitive landscape in global market is fragmented. Many of these players are expected to hold a large share in overall market, in the coming years.

Launch of new ingredients could help prominent market players gain a competitive edge over other players and help create revenue-generating opportunities.

R&D undertakings could be key, revenue-generating growth strategy for leading players in overall botanical ingredients market, in future.

Other strategies such as signing collaborative agreements with smaller players could help well-established botanical ingredients market players in expanding their market presence and in increasing their revenue shares.

Ransom Naturals signed a collaborative agreement with SK Chemtrade in 2021 to distribute food and beverages and pharmaceutical botanical ingredients in South Africa.

Some of the players in global botanical ingredients market include Bell Flavors & Fragrances, The Green Labs LLC, DSM, Indesso, and Rutland Biodynamics.

Botanical Ingredients Market - Regional Assessment

The global botanical ingredients market is classified into four regions, namely, North America, Europe, Asia Pacific, and rest of the world.

North America is expected to be the dominant region in global botanical ingredients market because of rising prevalence of obesity in countries such as the U.S and Canada, contributing significantly to market growth in the region.

Asia Pacific is expected to witness significant growth in overall market due to increasing demand for convenience food products among population sections residing in countries such as India and China.

Leading botanical ingredients market players could establish research and development centers in Asia Pacific countries because of ease of availability of key resources such as land and labor, which could further assist market growth in the region.

Europe is projected to witness strong growth in global botanical ingredients market owing to increasing prevalence of diet-conscious consumers in countries such as the U.K and Germany.

The rest of the world is expected to witness moderate growth in overall botanical ingredients market, in the coming years.