Botanical Extracts Market Insights
The global botanical extracts market is expected to grow at a significant CAGR of 9.1% over the forecast period. This growth is mainly attributed to growing use of product in food & beverages sector. Along with this, rising demand for nutritional value natural food is also likely to stimulate the market for botanical extracts.
Moreover, rising awareness towards prevention of synthetic flavors globally coupled with changing consumption pattern in developing countries is expected to augment the market growth over the coming years.
However, availability of substitutes such as synthetic flavours which are less costly and is of consistent quality compared to herbs and spices are projected to affect the profitability of market.
Botanical Extracts Market: Source Insights
On the basis of source, the botanical extracts market is segmented into spices, herbs, flowers and tea leaves. The market for spices such as cumin, cinnamon, cardamom and pepper among others is expected to occupy the highest share owing to its high demand in food & beverages industry. Moreover, the changing lifestyle and rising trend of experiencing new cuisine globally is likely to boost the market growth.
Botanical Extracts Market: Form Insights
By form, the botanical extracts market is segmented into powder and liquid extracts. The powder segment is anticipated to register a significant growth over the forecast period due to rising demand of powdered extracts for application in bakeries & confectionaries, meat and sauces, & dressing among others. Along with this, factors such as durability and superior stability of powdered extracts are projected to augment the market growth over the years.
Botanical Extracts Market: Application Insights
On the basis of application, the global botanical extracts market is segmented into Food and Beverages. The food sector includes bakery & Confectioners and Sauces & Dressings, and the beverages sector includes Alcoholic Beverages, Carbonated Soft Drinks, Ice Tea and Flavored Dairy Products. The food segment is anticipated to dominate the market over the forecast period owing to rising consumption of extracts in bakeries & confectioners. Moreover, increasing inclination towards natural extracts from synthetic extracts due to high nutritional value is likely to favor the sector.
The flavored dairy products’ segment is projected to grow significantly over the years on account of rising demand for flavored yoghurt and milk globally.
Botanical Extracts Market: Regional Insights
North America occupied largest share of the global market in 2016. This can be attributed to rising inclination towards nutritional value food coupled with growing adoption of healthier lifestyle.
Asia Pacific is also expected to emerge as a key revenue generating region. This can be associated with rapid industrialization coupled with growing functional and organic food industry in the region. Moreover, the increasing incidence of chronic diseases such as diabetes and other cardiac diseases is likely to shift the demand in favor of food with botanical extracts.
Botanical Extracts Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Botanical Extracts Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase botanical extracts over the coming years. Some leading consumers of this market are Nestlé, Archer Daniels Midland Company, Heineken, ConAgra Foods Inc., NH Foods and Carlsberg Group.
Botanical Extracts Market Share & Competitor Analysis
The global market for this product is expected to be significantly large due to the presence of numerous manufacturers. The key players include Frutarom Ltd (Israel), Ransom Naturals (UK), Döhler GmbH (Germany), Haldin Natural (Indonesia), Kalsec Inc. (The U.S.), Nutra Green Biotechnology Co., Ltd (U.K), Blue Sky Botanics (UK), Prinova Group LLC (The U.S.) and Synergy Flavors (The U.S.).
In January 2018, Maypro Industries announced its product Bilberon, a new addition to its proprietary and branded ingredients portfolio. The product is said to be a high-quality, 100% authentic and clinically tested bilberry extract.
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