Botanical Extracts Market Size & Growth Outlook 2023-2028
The Botanical Extracts Market refers to the industry that produces and sells natural compounds derived from plants, including fruits, herbs, flowers, and roots. These extracts are used in a wide range of applications, including dietary supplements, functional foods, pharmaceuticals, personal care products, and more.
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The Global Botanical Extracts Market is projected to experience strong growth in the coming years, driven by factors such as increasing demand for natural and organic products, growing consumer awareness of the health benefits of plant-based ingredients, and the rising popularity of herbal remedies and traditional medicines. According to a report by HTF MI, the global botanical extracts market was valued at $7.92 billion in 2023 and is expected to reach $17.01 billion by 2028, growing at a CAGR of 12.58% during the forecast period.
Global Botanical Extracts Market Breakdown by Application (Food {Bakery & Confectionery, Sauces & Dressings}, Beverages {Alcoholic Beverages, Carbonated Soft Drinks, Ice Tea, Flavored Dairy Products}, Cosmetics & Personal Care {Skin Care, Hair Care, and Others}, Pharmaceuticals, Others) by Type (Hydrosols, Alcohol Tinctures, CO2 extracts, Glycerites, Powdered Extracts, Others) by Source (Spices, Herbs, Flowers, Tea Leaves) by Form (Powder, Liquid) and by Geography (North America, South America, Europe, Asia Pacific, MEA)
The market is highly competitive, with a large number of players offering a wide range of botanical extracts. Key players in the market include Givaudan, Symrise, Doehler Group, Archer Daniels Midland Company, and Martin Bauer Group. These companies are investing heavily in research and development to improve the quality and efficacy of their products, as well as expanding their product offerings to meet the growing demand.
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Overall, the botanical extracts market is poised for strong growth in the coming years, driven by a combination of consumer demand, scientific research, and technological advancements. The increasing use of botanical extracts in a wide range of applications is expected to further drive the growth of the market.
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