Global Botanical Extracts Market is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Highest Growth
- Vikas Kumar
- December 18, 2021
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- Botanical Extracts Market, Botanical Extracts Market Growth, Botanical Extracts Market news, Botanical Extracts Market Report, Botanical Extracts Market Share, Botanical Extracts Market Size, Botanical Extracts Market Trend
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The global Botanical Extracts market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 9% during the forecast period (2021-2027).
Increasing realization of the side effects of allopathic medicines, coupled with the growing awareness about the medicinal benefits as well as the therapeutic effect of herbal products is pushing up the demand for herbal extracts. Moreover, dietary supplements and herbal-based beauty aids worldwide. There has been a shift in universal trends from synthetic to herbal medicine recently. It is an ancient wisdom that plants have therapeutic value and are used to treat various diseases since the Neanderthal age. All ancient civilizations in the world are known to use plants for medicinal purposes. Ayurveda and traditional Chinese medicines are well known to the world for their natural ingredients and multiple benefits.
People around the world collect or use medicinal and aromatic plants (MAPs) for treating and preventing illnesses. The World Health Organization (WHO) has acknowledged the importance of traditional medicines, and particularly in many developing countries, where around 70-95% of the population rely on these medicines for primary care.
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A rise in the demand for global wellness products is also leading to the growth of the plants’ extracts market. As per FAO, The percentage of people using traditional medicines decreases in developed countries which are 40-50% in Germany, 42% in the USA, 48% in Australia, and 49 % in France. At present, 80% of the population in developing countries rely largely on plant-based drugs for their health care needs, and the WHO has estimated that in the coming decades a similar percentage of the world population may well rely on plant-based medicines. 30% of the drugs sold worldwide contain compounds derived from plant material
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As per CITES, Approximately 60,000 MAP species are harvested globally, of which around 1,280 are estimated to be listed in CITES Appendices. MAP (medicinal and aromatic plant species) cultivation and harvest practices secure valuable income for many rural households. Also, he CITES trade database registers 54 million kg of exports of medicinal plant products between 2006 and 2015, mainly derived from 43 species. Forty-seven percent of these exports were sourced from the wild
Also, the COVID-19 pandemic accelerated the global Botanical Extracts market. As per Shaanxi Plant Extract Association’s commerce department, plant extract companies in China witnessed high demand for immune-related raw materials. Moreover, the total export value of all plant extracts had increased by 26.5% in Q1 in China.
Based on the Source, the market is fragmented into Herbs, Spices, Flowers, and Others. The herbs segment grabbed the major market share and dominated the market. Moreover, the market of this segment would proliferate in the forthcoming year owing to the changes in lifestyles and growth in the trend of exploring & experiencing new foods.
Based on the Application, the market is fragmented into Food & Beverage, Pharmaceutical, Cosmetic & Personal Care, and Others. The Food and Beverage segment grabbed the leading market share and dominated the market. However, cosmetic & personal care would witness a considerable CAGR in the forthcoming period. As per a study by P&G, A beauty product contains 4% of the botanical ingredients. The main benefits reported for plant extracts, used in skincare, include antioxidant and antimicrobial activities and tyrosinase inhibition effect.
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Additionally, the report provides detailed initiatives that are being taken in the field of Botanical Extracts. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and the Rest of APAC), Rest of World has been conducted. North America region dominated the market and grabbed major market share in 2020. However, the Asia-Pacific region is expected to witness the highest CAGR during the forecast period on account of the rising disposable income coupled with the promulgating awareness about the plants’ extracts among end-users.
Global Botanical Extracts Market Segmentation
Market Insight, by Source
Market Insight, by Application
- Food & Beverage
- Cosmetic & Personal Care
Market Insight, by Form
Market Insight, by Distribution Channel
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Dohler GmbH.
- Mb-Holding GmbH & Co. Kg
- Blue Sky Botanics Ltd
- Kuber Impex Ltd.
- Synthite Industries Ltd.
- Kalsec Inc.
- Synergy Flavors
- Nutra Green Biotechnology Co., Ltd
- Haldin Natural
- BI Nutraceuticals