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Botanical Extracts Market to Witness 8.7% CAGR to Reach Significant Market Size during 2017-2023

Feb 08, 2018 (AB Digital via COMTEX) --

Botanical Extracts Market – Overview

Due to diverse application associated with botanical extracts, the market is growing at an incremental pace of development on the global stage. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on ‘Global Botanical Extracts Market Research Report- Forecast to 2022’ that the market will demonstrate an exceptional CAGR while achieving good growth rapidly in the forecast period.

Global Botanical Extracts Market, which is estimated to grow at a CAGR of 8.7% during the forecast period 2017-2023.

Botanical extracts have attracted the attention of consumers based on the nutritive and therapeutic effects they exhibit. Botanical extracts are natural extracts prepared from the plant sources including herbs, fruits, flowers, leaves, spices and others. Botanical extracts have several health benefits as they are rich in essential oils and other natural ingredients such as phenols, terpenoids, resins and others which are used in preparation of food, beverages, medicines, nutraceuticals and other food products. For instance, green tea leaves are used for beverage and medicinal purpose owing to their high polyphenolic content along with properties like antioxidant, anti-carcinogenic, and anti-inflammation. Commonly available botanical extracts are in the form of powder, liquids, and others.

Increasing consumer demand for natural products, increasing ill-effects of allopathic medicine consumption, increasing use of functional foods and growing consumers’ health awareness for preventive healthcare measures will drive the market growth and led to the surge in sales of botanical extracts. Rising consumer awareness about health and wellness products and inclination towards the natural healthcare products has intensified the use of botanical extracts in food & beverage, pharmaceutical, and nutraceutical industry owing to the therapeutic benefits associated with their consumption.

With the rising disposable income, consumer’s willingness towards purchase of quality products have increased. Changing lifestyle, evolving dietary pattern, growing consumers concerns regarding health along with their willingness to pay premium price for healthy food products is augmenting the demand of botanical extracts. Market players have increased their level of investment in research to identify right formulation and to improve product functionality to capture lion’s share and create brand recognition in botanical extracts market. Constant indulgence of the manufacturers in the R&D activities has led to product development and innovations leading to unique offering of the product in various forms. However, government regulations, specific functional requirements and high production  cost can cause hindrances to the growth of the Botanical Extracts market.

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Latest Industry Updates

August 2017, Bell Flavors & Fragrances (U.S.) has invested to introduce a new line of food grade botanical extracts. With botanicals ranging from absinthe, curry, ginger, and more, Bell reported great success in applications such as bakery, beverage, confections, dairy, and savory.

April 2017, BOTANIEX, introduced a patented cost-effective technology for extracting L-Theanine from green tea, which provides an affordable natural ingredient to the beverage and supplement industry

Global Botanical Extracts Market - Competitive Analysis

Botanical extracts industry is highly competitive and marked by the presence of various large and small vendors competing based on price, quality, innovation, reputation, and distribution. The demand for Botanical extracts as a potential ingredient is experiencing a surge at the global level. Companies are aiming to capture a considerable share of the market segment by capturing huge consumer base. Strategic product launch and innovations in the existing product line is the key strategy followed by the manufacturers to create product differentiation among their product offerings. Huge investments in R&D sector is also adding fuel to this market based on the quality product launch which helps the players in promoting their product. Government certification and approval also plays a very significant role to mark their significance on a global level.

The key players profiled in Botanical Extracts are Blue Sky Botanics Ltd. (U.K.), Ransom Naturals Ltd. (U.K.), Frutarom Industries Ltd. (Israel), Prinova Group LLC. (U.S.), Synergy Flavors, Inc. (U.S.), Kalsec Inc. (U.S.), and BI Nutraceuticals Inc. (U.S.) among many others.

Global Botanical Extracts Market – Segments:

The global Botanical Extracts market has been divided into source, form, application, and region.

  • On The Basis Of Source: Herbs, Fruits, Spices, and Others
  • On The Basis Of Form: Powder, Liquid, and Others
  • On The Basis Of Application: Foods, Beverages, Cosmetics, Pharmaceuticals, Nutraceuticals, Animal feed, and Others
  • On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.

Botanical Extracts Market - Regional Analysis:

The global botanical extracts market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Global botanical extracts market is highly dominated by North America due to high demand for functional foods, nutraceuticals and popularity of dietary supplements in that region. North America is dominating the botanical extracts market followed by Europe. Increasing demand for organic and green label convenience foods products in European countries like the U.K., Germany and France are likely to boost the growth of the botanical extracts market during the assessment period.  Also, Europe accounts for a higher consumption of chilly and pepper as a key ingredient in various food preparation. Furthermore, the ongoing R&D activities in the extraction process of botanical extracts is likely to raise the growth of the botanical extracts market. The U.S. registered for a higher consumption of botanical extracts owing to increasing awareness about the benefits of consuming natural products. Additionally, consumption natural and healthy products with enhanced essence in food & beverages is the key driving factor in this region. Asia-Pacific is the fastest growing region due to change in consumer’s food consumption preferences and increasing health consciousness. The consumption of Botanical Extracts in counties like the U.S., Japan and China is expected to grow in upcoming years.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

To stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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