The increase in the use of various botanical extracts, such as spice and herb extracts and other ingredients in various food products to enhance flavor, has a significant impact on the growth of the North American botanical extract market. Contrary to most chemical-based ingredients found in personal care and cosmetics, drugs, and food and beverage products, natural extracts don't have any adverse side effects. Additionally, manufacturers now place a high priority on sourcing ingredients that are environmentally friendly and natural.
According to Data Bridge Market Research, the Botanical Extract Market is expected to reach the value of USD 8,971.64 million by the year 2029, at a CAGR of 5.7% during the forecast period.
" Increased use of the botanical extract in the cosmetics, personal care, and pharmaceutical sectors surge the growth"
Numerous personal care items contain floral extracts, including lotion, anti-aging creams, and lip balm enriched with natural vitamins essential for healthy skin. Consumers are becoming increasingly aware of the negative effects of beauty products with added chemicals. As a result, there is a sizable market for cosmetics based on herbal extracts. Manufacturers of personal care products and cosmetics are adding botanical extracts to their products as a result of these trends. Similarly to this, the pharmaceutical industry greatly benefits from the use of botanical extracts. The anti-inflammatory and antioxidant properties of herbal extracts improve a drug's effectiveness. As a result, the pharmaceutical industry uses herbal extracts extensively. Instantaneously, the influence is growing the ares.
What restraints the growth of the botanical extract market ?
" Government restrictions on botanical extract will restrain market growth"
The demand for botanical extracts, the most widely used natural flavors, and ingredients worldwide, is increasing dramatically. However, there is a greater demand for botanical extract than supply. In order to satisfy consumer demand, manufacturers are concentrating on producing botanical extract in both conventional and organic ways. However, the government's strict regulations on botanical extract are anticipated to limit market expansion.
Segmentation: North America Botanical Extract Market
The botanical extract market is segmented on the basis of type, form, product type, application
- On the basis of type, the botanical extract market is segmented into spice extracts, herb extracts, flower extracts, tea extracts, fruit extracts, and marine plant extracts
- On the basis of form, the botanical extract market is segmented into liquid, powder, and leaf extract
- On the basis of product type, the botanical extract market is segmented into organic and conventional
- On the basis of application, the botanical extract market is segmented into nutraceutical, food products, pharmaceutical, personal care & cosmetics, beverages, aromatherapy, sport nutrition, animal feed, and other.
Regional Insights: U.S. is expected to dominate the North America Botanical Extracts Market
The U.S. dominates the market due to the high demand for botanical extracts for various end-user industries. Additionally, consumers primarily choose foods and drinks with natural flavors. Furthermore, the rising demand for naturally sourced goods among consumers and rising disposable income in emerging economies raise the demand for botanical extract. Botanical extracts are becoming increasingly popular in emerging nations through their high disposable income levels and rising spending on foods and beverages made with natural ingredients.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/north-america-botanical-extracts-market
Recent Developments in North America Botanical Extract Market
- In 2022, New Purple 2364, a vegan pigment for use in cosmetic formulations, was introduced by Givaudan. It is created using Raphanus Sativus L.'s green fractionation-extracted extract. This will enable the business to diversify its product offering.
- In 2020, The Swiss biotech company Evolva and International Flavors & Fragrances Inc. recently entered a partnership. This agreement will help the business increase sales and revenue by expanding the commercialization of International Flavors & Fragrances Inc. products.
The Prominent Key Players Operating in the North America Botanical Extract Market Include:
- Givaudan (Switzerland)
- Kerry Group plc (Ireland)
- DSM (Netherlands)
- Sensient Technologies Corporation (U.S.)
- Ingredion Incorporated (U.S.)
- McCormick & Company, Inc. (U.S.)
- Provital (Spain)
- Martin Bauer Group (Germany)
- Organic Herb Inc (China)
- Kalsec Inc. (U.S.)
- Symrise (Germany)
- Synthite Industries Ltd. (India)
- International Flavors & Fragrances Inc. (U.S.)
- Carrubba, Inc (U.S.)
- Blue Sky Botanics (U.K.)
- DÖHLER GmbH (Germany)
- Bio Botanica, Inc. (U.S.)
- Bio-gen Extracts Private Limited (India)
- Plantnat (China)
- Native Extracts Pty Ltd (Australia)
Above are the key players covered in the report, to know about more and exhaustive list of botanical extract market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: North America Botanical Extract Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.