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In 2021, the U.S. botanical extracts market was valued at US$ 1,288.7 Mn and is estimated to reach at a value of US$ 1,470.5 Mn by the end of 2022, with a growth rate of 6.6%
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Botanical Extracts Introduction
Botany refers to another domain of biology that copes with the analysis of plants, comprising their composition, attributes, and biochemical procedures. It further involves plant categorization and the scrutiny of plant illness and of synergies with the environment. Similarly, botanical extracts can be comprehended as the plant-based products that are used for its remedial or medicinal properties, scent, and/or flavor. The plant-based extracts are basically derived from the plants, precisely from its barks, roots, leaves, stems, flowers and fruits. As a matter of fact, these botanical extracts are serving great utility in the pharmaceutical as well as cosmetic industry in recent times, owing to their therapeutic properties.
Botanical Extracts Market Dynamics
The expeditiously growing demand of botanical extracts in the cosmetics as well as pharmaceutical industries all across the world is one of the major factors that is projected to boost the growth of the global botanical extracts market in the years to come. By the same token, the beneficial attributes of the botanical extracts including medicinal properties and therapeutic oils, scents, or flavors which are proven to be safe and effective for the well-being of humans, further propels its demand across the global markets. Owing to which, the global botanical extracts market is expected to rise substantially over the forecast period. In addition to that, the dramatic shift of population, worldwide, towards natural products as more and more consumers are getting aware of the benefits of plant-based products and resultantly, pursuing effective and safe adulterants as cosmetics or medicinal products for their comfort and wellness, is also acting as a positive factor for the growth of the global botanical extracts market over the forecast period.
Increasing prevalence of chronic and lifestyle diseases has resulted in using novel approaches and solutions to tackle various medical conditions and reduce the impact of side effects on the body. Botanical extracts can be used to develop drugs as an alternative to allopathic medicines. Sinecatechins, the first botanical drug approved by the US FDA, is an extract from the leaves of Camellia silences. Growing demand for such natural drugs with associated health benefits has resulted in the demand for such products.
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Botanical Extracts Market Segmentation
The global botanical extracts market is segmented on the basis of source, application, form and region. The source segment of the botanical extracts market is divided into spices, herbs, flowers, roots, fruits, leaves and seeds. On the basis of application, the market is segmented into the food and beverages industry and cosmetics industry. Then, the food and beverage industry is further divided into bakery & confectionery and sauces & dressings, alcoholic beverages, carbonated soft drinks, ice tea, and flavored dairy products. The cosmetics industry is further segmented into skin rejuvenation and regeneration products, age defying products and others. Lastly, on the basis of form, the market is bifurcated into liquid, powder, and semi-solid.
In 2021, the beverages application segment is accounted to hold the largest market share and expected to maintain its dominance throughout the forecasted period followed by pharmaceutical and nutraceutical application segment.
Botanical Extracts Market Key Players
The key participating players of the global botanical extracts market include Frutarom Ltd., Kalsec Inc, and Döhler GmbH, Nexira, Haldin Natural, Synthite Industries, MB-Holding GmbH & Co. KG, Synergy Flavors, and Blue Sky Botanics, Fytosan, BI Nutraceuticals., among others.
Various botanical extract companies are targeting on partnering with other companies so as to sell, market and develop new products in the market. For example, in February 2021, Quadra Ingredients partnered with Nexira Inc. to expand its product offerings. Other companies are venturing into entering the US market to develop and sell its products in the US. In February 2021, Nor-feed, a France botanical producer partnered with a US animal health company to sell its products in the US.
In March 2020, Evolva entered a new collaboration agreement with International Flavors and for the development and expansion of commercialization of vanillin to strengthen their position in the global market
In March 2021, Kalsec launched DuraShield Antimicrobial Natural Food Protection Blends, which is a blend of antimicrobials to naturally protect food. This unique product line harnesses the enhanced synergies of natural antioxidants combined with natural antimicrobials to improve both shelf life and food safety in a variety of applications, including meat and poultry, deli salads, dips, sauces and dressings to enhance their product porfolio
R&I Overview on Botanical Extracts Market Report
The non-identical approach of Reports and Insights stands with conceptual methods backed up with the data analysis. The novel market understanding approach makes up the standard of the assessment results that give a better opportunity for the customers to put their effort.
A research report on the botanical extracts market by Reports and Insights is an in-depth and extensive study of the market based on the necessary data crunching and statistical analysis. It provides a brief view of the dynamics flowing through the market, which includes the factors that support the market and the factors that are acting as impedance for the growth of the market.
Furthermore, the report includes the various trends and opportunities in the respective market in different regions for a better understanding of readers that helps to analyze the potential of the market.
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