By 2032, the market for botanical ingredients is anticipated to increase at a CAGR of 7.3% and reach a value of US$ 331.9 Bn. The producers of botanical components provide a wide range of commercial prospects. Both companies and formulators are in a great position to market products made with botanical elements as an original and cutting-edge creations given the emerging clean label and sustainable product trends.
Due to their numerous health advantages and ability to serve as an alternative to modern medicine, the demand for botanical extract is anticipated to increase significantly throughout the projected period.
Sales of botanical ingredients are anticipated to increase as consumers become more aware of the benefits of natural goods over synthetic alternatives and as demand from the food industry and other markets increases. Botanical ingredients from Australia and the EU are used in products made by companies like Botanical Ingredients Ltd. that are sold to the Australian food sector.
Brands that specialize in botanical ingredients, like Euroma, develop flavorful concepts and produce premium botanical ingredients utilizing the finest herbs and spices, whether it’s a complicated seasoning, the best pepper, or even a consumer product that’s ready to use.
A new generation of standardized, science-based functional botanical components for use in cosmetics and dietary supplements is emerging in the United States from edible plants.
Key Market Study Conclusions
- Sales of botanical components are expected to reach US$164.1 billion in 2022.
- Through 2032, the market for botanical ingredients is anticipated to grow at a CAGR of 7.3%.
- The demand for botanical ingredients is anticipated to increase by 7.0 percent Y-o-Y in 2022.
- The market for botanical components is expanding, and by 2032, production is expected to reach USD 331.9 billion.
- Sales of botanical ingredients are being driven by customer demand for natural and organic raw materials, sustainable product sourcing, and enhanced cleaner label products in international markets.
- Between 2017 and 2021, demand for botanical components increased at a CAGR of 6.6 percent.
Competitive Environment Important Botanical Components To increase their market share of botanical ingredients on a global scale and further propel the industry growth, brands are putting more emphasis on developing sustainable and organic products while expanding their product portfolio through extensive research techniques and several modifications.
The leading companies in the market for botanical ingredients are anticipated to be Archer Daniels Midland Company, International Flavors & Fragrances, Inc., Koninklijke DSM NV, Martin Bauer Group, and Bell Flavors & Fragrances.