The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global botanical extracts market is poised for substantial growth, with the market size projected to surge from $5.99 billion in 2022 to $6.54 billion in 2023 at a commendable compound annual growth rate (CAGR) of 9.2%. The momentum is expected to persist, with the market size forecasted to reach an impressive $9.37 billion in 2027, exhibiting a robust CAGR of 9.4%.

The Driving Force: Demand for Convenience Food

• Defining Convenience Food: Convenience food, the epitome of ready-to-eat processed delights, is a key driver for the botanical extracts market. Plant extracts play a pivotal role in enhancing the color and flavor of high-fat and ready-to-eat foods, especially in the meat industry.
• Health Benefits Amplified: Botanical extracts, derived from plant materials with concentrated medicinal characteristics, are harnessed in the food industry to confer health advantages. The surge in demand for convenience foods amplifies the utilization of botanical extracts, aligning with the modern consumer’s need for quick and easy meal solutions.
• Insight from a Study: In March 2020, a study in the Current Journal of Applied Science and Technology highlighted a compelling trend: 41.7% of working women allocated more than 30% of their total food expenditure on convenience foods, emphasizing the prevalence of this trend among the working demographic.

Key Players Paving the Way

• Market Titans: The botanical extracts market is a playground for major players, including International Flavors & Fragrances Inc., Kalsec Inc., Dohler GmbH, and others. These industry giants contribute significantly to the market’s growth and innovation.

Riding the Wave of Innovation

• Product Innovation Takes Center Stage: A prominent trend shaping the market is the emphasis on product innovation. Companies are on a quest to develop extracts with heightened bioavailability, seeking to enhance the efficacy of their offerings.
• A Case in Point: Layn Natural Ingredients: In September 2022, Layn Natural Ingredients, a China-based manufacturing company, introduced bio+Quercitrin. This innovative botanical extract is a highly bioavailable form of Quercetin designed for nutraceutical use. Notably, Layn’s bio+Quercetin boasts a six-fold increase in absorbability and permeability in the small intestine compared to conventional Quercetin.

Market Segmentation: A Comprehensive Breakdown

1. By Technology:
   • CO2 Extraction
   • Solvent Extraction
   • Steam Distillation
   • Enfleurage
   • Other Technologies
2. By Source:
   • Spices
   • Herbs
   • Flowers
   • Leaves
   • Other Sources
3. By Form:
   • Liquid
   • Powder
   • Semi-Solid
4. By Application:
   • Food and Beverages
   • Pharmaceutical and Nutraceutical
   • Cosmetics

Geographic Dominance: North America Takes the Lead

• North America’s Commanding Position: In 2022, North America emerged as the largest region in the botanical extracts market share. The region’s dominance underscores the growing significance of botanical extracts in the global market, with North America at the forefront of this flourishing industry.

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The Botanical Extracts Global Market Report 2023  provides an overview of the botanical extracts market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The botanical extracts market forecast analyzes botanical extracts market size, botanical extracts market share, leading competitor and their market positions.

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