Pharmaceutical and Personal Care as well as Cosmetics Industries are Widely Adopting Botanical Extracts

In recent years, the popularity of natural ingredient-based cosmetics and personal care has increased  among consumers across the globe. Thus, there is a rise in the need for botanical extracts-based cosmetics. Besides the natural essence, the botanical extracts have a particular functional property that enables the repair of skin damage.

Data Bridge Market Research analyses that the botanical extract market is expected to grow at a CAGR of 6.6% in the forecast period of 2021 to 2028 and is expected to reach USD 24,179.15 million by 2028. The increase in the health awareness among consumers is escalating the growth of botanical extract market.

The increase in demand for clean label products drives the market growth

Consumers' demand for cleans labels or natural products is on the rise. The rising customer awareness of naturally functional ingredients increases the market's need for clean label products. Moreover, the lifestyle of consumers across the globe is changing as they are becoming healthier and environmentally conscious, paving the way for the natural ingredients used in every product they use daily. Moreover, the botanical extracts are chemical residue-free, making them the prior choice for vegan consumers.

Report Scope and Market Segmentation

Segment Analysis:

Global botanical extracts market is segmented into four notable segments based on type, form, product type, and application.

• On the basis of type, the botanical extracts market is segmented into spice extracts, herb extracts, flower extracts, tea extracts, fruit extracts and marine plant extracts. In 2021, the herb extracts segment is expected to dominate the market in the global botanical extracts market with a 28.66% market share due to increasing awareness about the nutritional benefits of herbal extracts
• On the basis of form, the botanical extracts market is segmented into powder, liquid, and leaf extracts. In 2021, the powder segment is expected to dominate the market with a 62.3% market shareas it is widely used in the end user industries.
• On the basis of product type, the botanical extracts market is segmented into organic and conventional. In 2021, conventional is expected to dominate the market with a 65.30% market share due to increased production of conventional botanical extract by major manufacturers.
• On the basis of application, the botanical extracts market is segmented into food products, sports nutrition, beverages, pharmaceutical, nutraceutical, personal care & cosmetics, aromatherapy, animal feed, and others. In 2021, the nutraceutical segment is expected to dominate the market with a 24.48% market share due to the increasing health consciousness among consumers worldwide.

Major Players

Data Bridge Market Research recognizes the following companies as the major botanical extracts market players in botanical extracts market Sensient Technologies Corporation (US), Givaudan (Switzerland), DSM (Netherlands), Döhler Group SE (Germany), Kerry Foods (Ireland), Sensient Technologies Corporation (US), Provital (Spain), Ingredion (US), Martin Bauer Group (Germany), Symrise (Germany), International Flavors & Fragrances Inc. (US), McCormick & Company, Inc. (US), Synthite Industries Ltd. (India), Bio-gen Extracts Private Limited (India), Plantnat (India), Native Extracts Pty Ltd (Australia), Kalsec Inc. (US), Carrubba INC (US), Organic Herb Inc (China), Bio Botanica, Inc. (US), and Blue Sky Botanics (UK), among other.

Market Developments

• In 2020, Herbalife nutrition launched a Tulsi flavor afresh energy drink mix which contains orange pekoe extract, green tea extracts and others to boost the immunity of the consumers. The energy-boosting drink is also available in other flavors such as orange, cinnamon, peach and others.
• In 2021, Lotus herbals launched lotus botanicals, a plant-based clean beauty brand formulated using potential plant botanical extracts.
• In 2020, Kunnath Pharmaceuticals launched anti-viral immunity booster capsules under the brand name "viromune" made from 17 potent herbal extracts.
• In September 2020, Martin Bauer group announced the acquisition of core botanica, a leading manufacturer of customized leaf products. This helped the company expand its product portfolio and increase its sales and revenue.

Regional Analysis

Geographically, the countries covered in the botanical extracts market report are U.S., Canada, Mexico, Germany, France, Italy, U.K., Spain, Netherlands, Russia, Switzerland, Turkey, Belgium, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific , Brazil, Argentina, Rest of South America, Saudi Arabia, South Africa, U.A.E, Israel, Egypt, Rest of Middle East and Africa.

As per Data Bridge Market Research analysis:

North America is the dominant region in botanical extracts market during the forecast period

North America dominated the botanical extracts market due to consumers' growing awareness regarding fruits extracts. North America will continue to dominate the botanical extracts market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the increase in the usage of fruit extract for cosmeceutical and nutraceutical purposes.

Asia-Pacific is estimated to be the fastest-growing region in botanical extracts market

Asia-Pacific is expected to grow during the forecast period of 2021 to 2028 due to the presence of highest number of botanical extract providers in Japan. In addition, increased demand for organic materials is expected to propel the market's growth rate in this region.

COVID-19 Impact Analysis

COVID-19 had a negative impact on various industries including botanical extracts market. Both public and government sectors suffered greatly due to the facing financial crises during the outbreak of COVID-19. Businesses were shut down in numerous countries because of the social distancing guidelines and the imposition of lockdown. The botanical extracts market adversely affected by due to the low availability of raw materials. The crisis caused disruption in the supply of raw materials that are utilized in the production botanical extracts in manufacturing companies.

On the brighter side, botanical extracts market is expected to witness growth in demand after the post-covid-19 situation owing to the ease on the restrictions and measures. The growing emphasis on use of botanical extracts due to the excessive spraying activity in several countries will assist the market in regaining its pace.

For more detailed information about the botanical extracts market report, click here – https://www.databridgemarketresearch.com/reports/global-botanical-extracts-market