Botanicals Market Size, Share, Analysis & Growth Report 2031

Segments - Botanicals Market by Sources (Herbs, Spices, Flowers, and Others), Applications (Food & Beverages, Dietary Supplements, Animal Feeds, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

Author : Anuradha B. More

Fact-checked by : Vaibhav Chandola

Editor : Shruti Bhat

Report Description

The global botanicals market size was estimated at USD 164.4 Billion in 2022 and is anticipated to reach USD 299.71 Billion by 2031, expanding at a CAGR of 6.9% during the forecast period, 2023 - 2031. The growth of the market is due to increased health consciousness among people, preference for natural flavors in food rather than synthetic chemicals.

The growing trend for clean label products is propelling the market for botanical extracts and food manufacturers are in process to develop new formulations and products to meet increased customer demand for healthier food products.

Botanicals are substances produced or derived from plants extracts that are extensively used in skin care and hair care products. Along with that, these products are considered to be medicinal agents, which are included in the preparation of various drugs and medicines.

Botanicals are available in a variety of forms in the market including oils, tablets, herbs, and powders that are widely used by almost all population groups including children, youth, and adults. These products are used for a variety of diseases treatment and other applications ranging from dietary supplements to chronic pain and injury treatment.

In May 2020, Lipoid Kosmetik AG expanded its line of dermal messenger peptides with the launch of PhytoCodine. It was an anti-aging product containing natural matrikine-like peptides, which collects extracellular matrix components that give skin a more youthful appearance. In May 2020, Firmenich SA opened its third fragrance atelier, villa botanica, in Grasse, with the goal to expand its leadership in natural and ecological product offerings.

Botanicals Market Trends, Drivers, Restraints, and Opportunities

Expanding popularity of herbal medications as well as the advantageous production processes used for botanical products, are the key factors driving market growth.
Consumers are becoming more aware of various health benefits of natural and botanical products, which is expected to propel the growth of the market in the coming years.
Increasing investment in the herbal industry and growing scope for business opportunities are major elements to accelerate market growth.
Multiple use of these products and medication applications such as dietary supplements, chronic pain, and injury treatment are expected to fuel the botanicals market expansion.
High prices of acupuncture therapy and the lack of insurance coverage are the major factors restricting the market expansion.

Scope of Botanicals Market Report

The report on the global botanicals market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Botanicals Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Sources (Herbs, Spices, Flowers, and Others), and Applications (Food & Beverages, Dietary Supplements, Animal Feeds, and Others)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Dabur; Ricola; Herbalife; Himalaya; Omega Protein Corp.; Amway; Bayer AG; Naturalife Asia Co.; Himalaya Drug Company NBTY Inc.; and Bio-Botanica Inc.

Botanicals Market Segment Insights

Sources Segment Analysis

On the basis of sources, the botanicals market is segregated into herbs, spices, flowers, and others. The spice segment dominated the market in 2019 and is expected to grow at a robust pace in the coming years owing to the increasing demand for spice due to change in people's taste and the growing tendency of trying new food products.

Spice extract manufacturers are constantly engaged in the development of new and different flavors to match the changing consumer preferences. Spices are the most often utilized botanical extracts among the other sources.

Applications Segment Analysis

Based on applications, the market is segregated into food & beverages, dietary supplements, animal feeds, and others. The food & beverages segment is projected to expand at high CAGR during the forecast period owing to rising expansion of the bakery & confectionery segment and the alcoholic beverages. With the rise of the on-the-go eating trend, demand for bakery products is rising.

The market for botanical extracts in the food & beverages industry is very much on large scale owing to rising demand for bread and confectionery items and an increase in consumer preferences for natural flavoring agents. This is due to the properties botanical extracts holds such as fully natural, "clean label" which allows consumers who are gradually leaning toward natural, healthy, and organic products

Regional Analysis

On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Europe is anticipated to dominate the market during the forecast period owing to rising import of spices and herbs to meet the demand for the botanical products, used for various applications in the region. Germany has emerged as the region's most important market.

Rapid changing in consumers’ taste and preferences for organic and natural food products, which are driving the botanical extract market in the region. Furthermore, the rising popularity of Asia-based cuisines such as Chinese, Continental, and Japanese among Europe-based customers is expected to lead the demand for organic spices and herbs.

Segments

The global botanicals market has been segmented on the basis of

Sources

Herbs
Spices
flowers
Others

Applications

Food & Beverages
Dietary Supplements
Animal Feeds
Others

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

Dabur
Ricola
Herbalife
Himalaya
Omega Protein Corp
Amway
Bayer AG
Naturalife Asia Co.
Himalaya Drug Company NBTY Inc.
Bio-Botanica Inc

Competitive Landscape

Key players competing in the botanicals market include Dabur; Ricola; Herbalife; Himalaya; Omega Protein Corp.; Amway; Bayer AG; Naturalife Asia Co.; Himalaya Drug Company NBTY Inc.; and Bio-Botanica Inc. To obtain a solid footing in the market, key companies rely on product developments, mergers, and acquisitions. Valneva SE, for example, strengthened its product portfolio by acquiring Crucell Sweden AB and all privileges, assets, and licences linked with Dukoral, a cholera vaccine.

Botanicals Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Botanicals Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Botanicals Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Botanicals Market - Supply Chain
  4.5. Global Botanicals Market Forecast
     4.5.1. Botanicals Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Botanicals Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Botanicals Market Absolute $ Opportunity
5. Global Botanicals Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Botanicals Market Size and Volume Forecast by Applications
     5.3.1. Food & Beverages Dietary Supplements Animal Feeds Others
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Botanicals Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Botanicals Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Botanicals Demand Share Forecast, 2019-2026
7. North America Botanicals Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Botanicals Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Botanicals Market Size and Volume Forecast by Applications
     7.4.1. Food & Beverages Dietary Supplements Animal Feeds Others
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Botanicals Demand Share Forecast, 2019-2026
8. Latin America Botanicals Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Botanicals Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Botanicals Market Size and Volume Forecast by Applications
     8.4.1. Food & Beverages Dietary Supplements Animal Feeds Others
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Botanicals Demand Share Forecast, 2019-2026
9. Europe Botanicals Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Botanicals Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Botanicals Market Size and Volume Forecast by Applications
     9.4.1. Food & Beverages Dietary Supplements Animal Feeds Others
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Botanicals Demand Share Forecast, 2019-2026
10. Asia Pacific Botanicals Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Botanicals Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Botanicals Market Size and Volume Forecast by Applications
     10.4.1. Food & Beverages Dietary Supplements Animal Feeds Others
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Botanicals Demand Share Forecast, 2019-2026
11. Middle East & Africa Botanicals Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Botanicals Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Botanicals Market Size and Volume Forecast by Applications
     11.4.1. Food & Beverages Dietary Supplements Animal Feeds Others
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Botanicals Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Botanicals Market: Market Share Analysis
  12.2. Botanicals Distributors and Customers
  12.3. Botanicals Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Dabur Ricola Herbalife Himalaya Omega Protein Corp Amway Baye