Botanical Ingredients Industry Overview
The global botanical ingredients market size was valued at USD 144.38 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.9% from 2020 to 2028.
The market is witnessing growth primarily due to the rising health-conscious consumer base coupled with clean label trends in the pharmaceutical, food, and beverage industries. Consumers are increasingly shifting to healthier alternatives while adopting preventive care as a necessary tool to help them lead a better lifestyle. Thus, botanical ingredients are being increasingly utilized in the manufacturing of food & beverages as they are a rich source of bioactive compounds and render a diverse range of biological effects.
Gather more insights about the market drivers, restrains and growth of the Global Botanical Ingredients market
The demand for botanical ingredients in the U.S. is highly influenced by the growing vegan population, rising focus on the use of natural & organic food ingredients, and the presence of key manufacturers with wide distribution networks. The increasing demand for sports nutrition in the country is expected to amplify the demand for dietary supplements, benefitting the market.
Clean labels cut through the clutter of too much data enabling customers to feel that they have more control over their well-being. The shifting trend toward clean label products is directly increasing the scope of botanical ingredients in the food, dietary supplements, and pharmaceutical industry.
The outbreak of COVID-19 severely disrupted the supply chain, retail distribution, and consumer behavior for numerous products and services globally. However, botanical ingredients witnessed a surge in demand during the pandemic owing to increased consumer preference for health & wellness products, which supports overall well-being.
In March 2020, considerable demand for traditional medicine was observed when a Traditional Chinese Medicine (TCM) hospital recommended using herbs to fight COVID-19. Various dietary supplement products associated with joint health, obesity, anxiety, and vascular system are formulated using botanical ingredients.
The growing preference for an active and healthy lifestyle coupled with increased awareness regarding improving immunity due to the COVID-19 is expected to further fuel the demand for herbal supplements, which, in turn, will boost the product demand during the forecast period.
Browse through Grand View Research’s Nutraceuticals & Functional Foods Industry Research Reports.
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Botanical Ingredients Market Segmentation
Grand View Research has segmented the global botanical ingredients market on the basis of source, form, application, and region:
- Botanical Ingredients Source Outlook (Volume, Kilo Tons; Revenue, USD Thousand, 2017 – 2028)
- Botanical Ingredients Form Outlook (Volume, Kilo Tons; Revenue, USD Thousand, 2017 – 2028)
- Botanical Ingredients Application Outlook (Volume, Kilo Tons; Revenue, USD Thousand, 2017 – 2028)
- Food & Beverages
- Dietary Supplements
- Personal Care& Cosmetics
- Botanical Ingredients Regional Outlook (Volume, Kilo Tons; Revenue, USD Thousand, 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global Botanical Ingredients market include
- Lipoid Kosmetic AG
- The Herbarie at Stoney Hill Farm, Inc.
- International Flavors& Fragrances, Inc.
- Bell Flavors& Fragrances
- Rutland Biodynamics Ltd.
- Prakruti Products Pvt. Ltd.
- AmbePhytoextractsPvt. Ltd.
- The Green Labs LLC
- Berje, Inc.
- Umalaxmi Organics Pvt. Ltd.
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