Botanical Ingredients Market: Current Analysis and Forecast (2022-2028)

Report Description

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Global botanical ingredients market is expected to grow at a significant rate of around 7% during the forecast period. The shifting of trend towards clean label products is surging the scope of botanical ingredients in the food, dietary supplements, and pharmaceutical industry. The growing preference for an active and healthy lifestyle coupled with increased awareness regarding improving immunity due to the COVID-19 is expected to further propel the demand for herbal supplements, which, in turn, will boost the product demand. Moreover, biotech ingredients are gaining popularity in the food and beverage (F&B) industry for adding flavors and improving enzymes and emulsifier’s applications. The usage of these ingredients is expected to rise in the pharmaceutical industry to formulate active ingredients from natural sources. As demand for various dietary supplements including vitamins, minerals, multi-vitamins, proteins & amino acid, fibers & specialty carbohydrates is increasing by leaps and bounds, the market is expected to grow exponentially. The cosmetic industry is also moving toward natural and clean products, thus, increasing the demand for botanical ingredients.

GrainCorp, Malteurop, Rahr Corporation, Boortmalt, Lipoid-Kosmetik, The Herbarie at Stoney Hill Farm, Inc., International Flavors& Fragrances, Inc., Bell Flavors& Fragrances, Rutland Biodynamics Ltd., Prakruti Products Pvt. Ltd. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst source, spices category held the major share during the forecast period”

Based on source, the market is segmented into herbs, leaves, spices, flowers and others. Spices category expected to dominate the market share for the respective segment. The changes in lifestyle coupled with exploring new food options helps in assisting the market to dominate. Rising clean label drifts in the food and beverage, and pharmaceutical production, coupled with increasing consumer awareness of health and safety further helps in bolstering the demand.

“Amongst form, the powder held a significant share in the market”

On the basis of raw material, the market is categorized into powder and liquid. Among these, the powder category to hold a significant share in the market during forecasted period. The bulk packaging of liquid form causes inconvenience in handling and occupies more space. On the contrary, powder form offers high shelf life, high solubility, cost-effectiveness, and consistent nutrient concentration. This is expected to boost the growth of the powder category in the coming years.

                                   Botanical Ingredients Market Report Coverage

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 “North America held a significant share in the market”

North America is the biggest market for botanical ingredients. The product demand in the region is increasing owing to a rise in the number of diet consciousness consumers along with growing disposable income. Moreover, the bakery industry in North America has been significantly contributing to the demand for botanical-based nutrients, such as dietary fibers, with the high popularity of natural and healthy bakery products containing dietary fibers.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the Botanical Ingredients Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global botanical ingredients market were the three major steps undertaken to create and analyze the adoption of botanical ingredients market in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global botanical ingredients market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the botanical ingredients market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the botanical ingredients market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as source, form and application. Further country-level analyses were conducted to evaluate the overall adoption in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the botanical ingredients market. Further, we conducted factor analysis using dependent and independent variables such as health and wellness trend, desire for authenticity in food and beverage products. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the botanical ingredients market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the botanical ingredients market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

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Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the botanical ingredients market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global botanical ingredients market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the botanical ingredients market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of source, form, and application in the global botanical ingredients market.

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The main objective of the Global Botanical Ingredients Market Study

The current & future market trends of the global botanical ingredients market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the botanical ingredients market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of source, form and application.
• Define and analysis of the regulatory framework for the botanical ingredients industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the botanical ingredients market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the botanical ingredients market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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