Botanical extract market is garnering massive traction around the world primarily due to the proliferating pharmaceutical industry and extensive usages of these products in the drug manufacturing processes. Botanical extract is treated as a safe and effective ingredient, which defines the market landscape in the pharmaceutical segment.
Besides, botanical extracts are extensively used in the manufacturing of superior quality natural cosmetics and beauty products owing to their efficiency and low side effects. The augmenting demand for botanical extract especially in these two sectors – Pharmaceutical and cosmetics is a key force escalating the market on the global platform.
Drivers and Constraints Impacting the Market:
Acknowledging the kind of traction gained by this market, Market Research Future (MRFR) in its recently published study report asserts that the global botanical extract market is expected to grow exponentially by 2023, registering a phenomenal CAGR during the forecast period (2017 – 2023).
Botanical extracts also find their applications in various other industries such as food & beverages, FMCG non-foods, nutraceuticals, and animal feed among others. Food & beverages is another key application wherein, and botanical extracts are largely preferred for their characteristics for aroma and tastes.
The wide acceptance of botanical extracts in pharmaceuticals and nutraceuticals is increasing rapidly especially in developed economies mainly attributing to the approval of Regulatory authorities such as the U.S. food and drug administration (FDA). FDA has approved the uses of botanical extracts in the formulation of food, beverages, pharmaceutical, and nutraceuticals products which, in turn, will accelerate the sales of botanical extract during the forecast period.
Besides, various homeopathy products are also made using the botanical extract which is estimated to propel the market growth further. Furthermore, increasing health-conscious consumers and the rising usages of plant extract dietary supplement will fuel the growth of global botanical extract market during the forecast period.
Growing consumer preferences for natural skin care products over chemically loaded products is fostering the market growth. Also, markets for botanical dietary supplement and Ayurveda have grown immensely over the recent years and is estimated to keep that pace well into the years to come; this further presages the galore accruals the botanical extract market is about to witness.
On the flip side, the reducing plantation and shortage of accessibility of raw substances is a key factor impeding the market growth, especially in the developed countries. Nevertheless, the increasing inclination toward the natural products will support the market growth, opening new growth avenues for the market shortly.
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Key players leading the global botanical extract market include Ransom Naturals Ltd. (U.K.), Blue Sky Botanics Ltd. (U.K.), Frutarom Industries Ltd. (Israel), Synergy Flavors, Inc. (U.S.), Prinova Group LLC. (U.S.), Kalsec Inc. (U.S.), and BI Nutraceuticals Inc. (U.S.).
Global Botanical Extract Market – Competitive Analysis:
The highly competitive, botanical extract market appears to be widely expanded and fragmented characterized by the several small and large-scale companies operating the market. Well-established players incorporate strategic initiatives such as acquisition, partnership, collaboration, expansion, and product launch to gain a competitive edge and to maintain their positions in the market. Major players are focusing on new product development initiatives and geographical expansion.
Industry/ Innovations/ Related News:
October 02, 2018 – Arjuna Natural Ltd. (India), a leading manufacturer and exporter of standardized botanical extracts for pharmaceutical and nutraceutical industries announced establishing a direct supply chain in the US for its leading high-potency turmeric extract, Curcugreen, ensuring safe, pure product.
The growing importance of traceability, and maintaining complete control of the supply chain from farm-to-fork, and commitment to the highest standards of quality encouraged Arjuna to move closer to serving customers globally.
Global Botanical Extract Market – Segments:
MRFR has segmented the report into four key dynamics for an easy grasp;
By Sources : Herbs, Fruits, Flowers, Leaves, and Spices among others.
By Forms : Powder, and Liquid among others.
By Applications : Food, Beverages, FMCG Non-Foods & Cosmetics, Pharmaceuticals, Nutraceuticals, and Animal Feed among others.
By Regions : Asia Pacific, Europe, North America, and the Rest-of-the-World.
Global Botanical Extract Market – Regional Analysis:
The North American region accounts for the dominating market for botanical extract, globally, holding the largest market share. Factors such as the rising acceptance of products made using the botanical extract by the U.S. consumers and the wide-spread awareness of the health benefits of these products. Increasing uses of botanical products in various industries especially in food & beverages and personal care products is projected to stimulate the market growth in the region during the forecast period.
The European region accounts for the second largest market for the botanical extract, slicing a substantial market share. Increasing consumption of natural products with enhanced essence in food & beverages is considered to be the key force fostering the market growth in the region. The market is also anticipated to witness a decent increase over the forecast period due to the early adoption of new products. European countries such as the U.K., Germany, and France backed by the increasing demand for organic and green label convenience foods products foster the market growth majorly.
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The Asia Pacific is emerging as a profitable market for botanical extract owing to the ample availability of feedstock required in the production of the product such as spices and herbs. The massive growth of the pharmaceutical and cosmetic industry in developing nations of Asia Pacific is a key driving force increasing the market size in the region.
The market is projected to grow tremendously during the forecast period. Moreover, the presence of various developing economies such as India, China, and ASEAN countries are providing extra demand for the products made with botanical extract. The mounting growth of pharmaceutical industry in India and China are also anticipated to be one of the significant drivers escalating the market in the Asia Pacific region.
The post Botanical Extract Market Prognosticated to accrue exponentially posting a Staggering CAGR between 2017-2023; MRFR Unleashes Industry Prognostications up to 2023 appeared first on Herald Keeper.