Any drug or pesticide that is made or extracted from parts of plants is referred to as botanical extracts. Demand for botanical extracts is registering steady growth, particularly in pharmaceutical and cosmetic sectors. Increasing awareness regarding the side effects of allopathic medicines together with the growing awareness about therapeutic effects and medicinal benefits of herbal products is driving the growth of global botanical extracts market. The long shelf life of botanical extracts along with its sudden reaction has led to an increase in demand for botanical extracts in the pharmaceutical industry. Functional food segment and self-medication are expected to drive the global botanical extracts market during the forecast period. Use of botanical extracts for weight management, anti-aging, joint & bone health, and digestion, among others, is identified to be a prominent trend in the global market.
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Spices are the largest source of botanical extracts and the segment accounts for the largest share in the global botanical extracts market. It finds significant application in the food and beverage industry. The powder segment is expected to account for a significant market share during the forecast period. Rising trend of exploring new cuisines and growing demand for healthy food will propel the demand for botanical extracts in the food industry.
Botanical Extracts Market Outlook
North America is expected to be the most lucrative market for botanical extracts followed by Europe. Many companies are inclining toward natural herb and botanical extracts products as they are witnessing high demand from every segment of food and beverage industry. According to Canadian Foods and Drugs Act, functional food products in North America are categorized under Generally Recognized as Safe (GRAS). Addition of natural, healthy, and aromatic ingredients to tea is a key trend in the market, which, in turn, demands more botanical extracts in this sector. Substantial demand for organic and fair trade ingredients are bolstering the growth of global botanical extracts market. Also, high investments made in the food and beverage industry to develop new aromas and flavors using spice and plant extracts is expected to fuel the market growth. Botanical extracts market in Europe is driven by shifting consumer preference toward natural products and healthy lifestyle. In street and convenience foods, chilly and pepper are most commonly used, which boost the use of botanical extracts in the food industry. Asia Pacific, being one of the major suppliers of botanical extracts, is an emerging market for the same. The raw materials for botanical extracts are obtained from both cultivated and wild harvested plants. This, in turn, has led to an increase in competition among botanical extracts manufacturers all over the world.
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Manufacturers of botanical extracts are introducing technologies related to extraction methods to expand their portfolio. In April 2017, BOTANIEX, one of the key companies in botanical extracts market introduced a patented cost-effective technology for extracting L-Theanine from green tea, which provides the beverage and supplement industry with an affordable natural ingredient.
Some of the key players in the global botanical extracts market are Frutarom, Ransom Natural Ltd, PT. INDESSO AROMA, Blue Sky Botanics Ltd., Haldin, Dohler, Nutra Green Biotechnology Co. Ltd., Jairamdass Khushiram Impex Pvt. Ltd., Organic Herb Inc., Fytosan, FutureCeuticals, Nexira, Green Source Organics, Acumen Lifesciences, Arjuna Natural Extracts Ltd., Prinova Group LLC, Synergy Flavors, Kalsec Inc., and Synthite Industries Ltd.