Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Any drug or pesticide that is made or extracted from parts of plants is referred to as botanical extracts there is a growing demand for global botanical in pharmaceutical and cosmetic sectors, which is expected to be one of the major drivers of the market over the next coming years. These products are also recognised with a few other names that include herbal medicines, dietary herbal supplements, phytomedicines etc. Compared to pharmaceuticals, botanicals are not extremely cleansed or chemically improved medicines and they do not include the identification of active constituents and biological activity characterization.
In recent years, there has been inclination towards natural products as majority of the customers look for safe and moderate elements in their skin and hair care formulations. Considering this, players provide botanical extracts that are 100% natural, mostly in powdered form and are the suitable element to improve the quality of skin and hair-care products.
Botanical extracts are used as elements in the food & beverage industry to transform flavor, aroma, or nutritive quality. Botanical extracts also possess characteristics such as improved flavor and prolonged shelf life and also decrease microbial spoilage.
Rising demand for convenience foods is likely to be one of the key drivers of botanical extracts market over the forecast period. This market is momentously manipulated by the variations in intake patterns of customers who are in search for biological flavors in their food as an alternative for synthetic ingredients. The mounting demand for clean label products, which are gradually becoming obligatory all over the world, is also compelling the market growth for botanical extracts and in turn convincing food manufacturers to come up with new formulations and products to serve to the rising consumer demand for healthier food products.
The increasing application of various botanical extracts such as spice & herb extracts, in combination with other ingredients, in various food products to improve the flavor, is an added factor likely to drive the botanical extracts market growth across the globe.
The study analyses Global Botanical Extracts market based on source, application, form and geography.
The various sourced through which botanical extracts are obtained are spices, herbs, flowers, tea leaves etc. Spices are anticipated to hold majority of the share over the forecast period. Changes in standard of living and progression in the tendency of discovering & experiencing new foods have led to the development in the demand for spices. Discovering new and varied tastes in accordance with the shifting consumer preferences is important for spice extract manufacturers. Spices are the most widely used extracts among the other sources of botanical extracts.
Similarly, green tea liquid extracts which are extracted from tea leaves involves active constituents that are known to help cool irritated skin, alleviate and prevent damage caused by dryness, and improve the skin’s elasticity. This extract is ideal for addition to skincare products intended to cleanse, brighten and reduce the appearance the of cellulite.
Botanical extracts find applications in food, beverages, pharmaceuticals and cosmetics & personal care products. The food segment dominated the market in previous years. Between the food & beverage sub-industries, the application of these extracts in food is estimated to account for a larger market share. The market in the food industry is dominated by the bakery & confectionery subsegment, while the market in the beverage industry is dominated by alcoholic beverages. The need for bakery products is rising with the development of the on-the-go consumption trend. With high advancement in response for bakery and confectionery products, along with the upsurge in preferences for organic flavoring agents, the market for botanical extracts in this industry is momentous. As botanical extracts are entirely natural, their “clean label” permits better choice by consumers who are gradually inclining towards natural, healthy, and organic products. The ever increasing consumer needs for natural food ingredients is likely to surge the demand for botanical extracts across all applications.
Botanical extracts are commercially available in liquid and powdered form. Liquid botanical extracts are manufactured by obtaining several herbs’ chemical constituents out of their inert herb fibres using a natural solvent. Each product is standardized to assure consistency between batches. These 100% natural, preservative-free, ready-to-use extracts can be combined into pre-existing cosmetic bases or into products that are framed from scratch, such as moisturizers, foaming products, and after-sun products.
Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World. North America and Europe are likely to hold for majority of share in the global botanical extract market over the forecast period. However, Asia Pacific is anticipated to stand for substantial growth for botanical extract market during the forecast period. Growing consumer awareness in line the advantages of intake of products that involves natural plant derived extracts, without negotiating on the aroma and taste is estimated to help develop the market size of botanical extracts market over the forecast period. The rapid economic growth in the region is expected to push high demand for such ingredients, especially in China, India, and the Southeast Asian countries. India is expected to be the largest revenue generator to the Asia-Pacific market in near future. The region has a large number of small-scale farmers involved in the trading of spice and herb extracts due to suitable climatic conditions. The growing demand for organic processed food & beverages is expected to influence the Asia-Pacific market.
Robust global worries about the pandemic coronavirus have significantly but negatively inclined the global functioning of the food & beverage industry and the mentality of consumers, given the health risks. Moreover, factors such as consumer uncertainties, demand-supply volatility, trade and logistics, raw material supply and on the economic front, although prices of F&B products and agricultural produce have remained stable, a prolonged outbreak of COVID-19 will lead to economic instability and food inflation. While the short-term impacts are more evident, it is yet to be understood what impacts and what magnitude of impact the outbreak of COVID-19 will have on the supply chain in the long term.
Frutarom Industries Ltd., Blue Sky Botanics Ltd., Ransom Naturals Ltd., Prinova Group LLC., Pt. Indesso Aroma, Synergy Flavors, Haldin Natural, Kalsec Inc., Synthite Industries Ltd., Döhler GmbH, BI Nutraceuticals, Nutra Green Biotechnology Co., Ltd and Kuber Impex Ltd. among others are the major players active in the Botanical Extracts market.
The study analyses Global Botanical Extracts market based on source, application, form and geography. The various sourced through which botanical extracts are obtained are spices, herbs, flowers, tea leaves etc. Spices are anticipated to hold majority of the share over the forecast period. Botanical extracts find applications in food, beverages, pharmaceuticals and cosmetics & personal care products. Botanical extracts are commercially available in liquid and powdered form. Liquid botanical extracts are manufactured by obtaining several herbs’ chemical constituents out of their inert herb fibres using a natural solvent. Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World. North America and Europe are likely to hold for majority of share in the global botanical extract market over the forecast period.
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