According to Stratistics MRC, the “Global Botanical Ingredients Market” is accounted for $4.42 billion in 2018 and is expected to reach $11.12 billion by 2027 growing at a CAGR of 10.8% during the forecast period. Some of the key factors propelling the market growth include rapid increase in demand for organic food and personal care products, rising consumer acceptance of bio-based products, rising consumer awareness towards health and safety. However, availability of substitutes is restricting the market growth.
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Botanical ingredients are derived from sources, such as flowers, roots, and leaves of various plants containing bioactive compounds. These products are obtained by the process of solvent extraction of these raw materials. They are herbal in nature and can exist in semi-solid, solid, and liquid state. These ingredients are witnessing high demand for the manufacturing of cosmetics to improve their quality. Furthermore, they are also gaining traction from the processed food manufacturing industry to increase their nutritional value. These products are also known with a few other names that include herbal medicines, dietary herbal supplements, phytomedicines, and phyotherapeutic agents. In contrast to pharmaceuticals, botanicals are not highly purified or chemically modified medicines and also, they do not involve the identification of active constituents and biological activity characterization.
Opportunity: Increasing demand for botanical skin care ingredients would provide ample opportunities for the market growth.
Botanical skin care ingredients are projected to witness a positive trend over the forecast period. Manufacturers of botanical skin care ingredients are offering natural ingredients with highest quality standards, and consumer safety. The skin care companies are continually exploring into newer natural herbal ingredients as consumers are tending more towards natural ingredients based skin cosmetics and skin care products. Increase in consumer awareness, improved product information on various social media platform and e-commerce websites are stressing manufacturers to focus more detailed information on the source and origin of the skin-care products. The rise in air pollution, adulteration in diets, and higher intake of fast foods rich in carbohydrates has resulted in skin concerns demanding for more top skin care and management which further calls for higher demand for botanical skin care ingredients.
Driver: Rising demand for natural flavors in food applications will drive the market growth
Botanical extracts are used as ingredients in the food & beverage industry to alter flavor, aroma, or nutritive excellence. These ingredients also impart properties such as enhanced flavor and extended shelf life and also reduce microbial spoilage. They are extracted from the tissue of a plant, typically by treating with a solvent such as water or alcohol. This market is greatly prejudiced by the changes in utilization patterns of consumers who are seeking natural flavors in their food instead of synthetic ingredients owing to the growing health awareness. The growing application of diverse botanical extracts such as spice & herb extracts, in combination with other ingredients, in diverse food products to improve the flavor. Botanical ingredients are offering several nutritional advantages to the food products along with better taste and flavors.
Depending on the primary ingredients, fruits & vegetables segment is expected to grow at the significant rate during the forecast period, owing to their widespread usage in the food and beverage and personal care product manufacturing industry. These extracts are used to give a natural quality to the end products, which increases their nutritional value, consumer safety & satisfaction.
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By geography, Asia Pacific is projected to be the significant-growing market for botanical ingredients during the forecast period, due to shifting consumer preference toward natural products and increasing concerns about healthy lifestyles. Moreover, the rapid economic growth in the region is expected to propel high demand for such ingredients, especially in China, India, and the Southeast Asian countries. India was the biggest revenue contributor to the Asia-Pacific region. The region has a huge number of small-scale farmers involved in the trading of spice and herb extracts owing to appropriate climatic conditions. The increasing demand for organic processed food & beverages is probable to influence the Asia-Pacific market.
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Some of the key players in botanical ingredients market include Rutland Biodynamics Ltd, PT. INDESSO AROMA, The Herbarie at Stoney Hill Farm, Inc., Bell Flavors & Fragrances, New Directions Aromatics Inc., Ambe Phytoextracts Pvt Ltd, Frutarom Ltd, Lipoid Kosmetik AG, BERJÉ INC, Prakruti Products Pvt. Ltd., Saba Botanical, The Green Labs LLC, and Umalaxmi Organics Pvt. Ltd.
PT. INDESSO AROMA: In Dec, 2015, Indesso has partnered with Chr. Hansen, a global bio-science company based in Horslom, Denmark that develops natural solutions for the food, nutritional, pharmaceutical and agricultural industries. The agreement was signed between Indesso and Chr. Hansen, which stipulated Indesso has become the only distributor of Chr. Hansen’s Natural Colors and Coloring Foodstuffs in Indonesia. The partnership is anticipated for the growing demand of the products within Indonesian market. The new agreement extends the range of products sold by Indesso in Indonesia, resonating its vision to be the regional leader in ingredients for food, flavor and fragrance industry through innovation, efficiency and sustainable business practice.
BERJÉ INC: In Mar, 2016, Berjé Inc. has acquired CEssence Switzerland, a family-owned producer and distributor of Cognac Oils. Berjé has already begun production of the oil following the acquisition. A third generation family-owned Swiss business, CEssence is known for its caring, artisanal production of a century old, quality essential oil. CEssence’s tradition will continue, as Berjé will now serve as the producer and distributor of the Cognac Oils, which are used primarily to provide a dry, wine like, and slightly fruity note in flavors and fragrances. This important new acquisition falls directly in line with Berjé’s strategic plan to provide international and domestic customers with the most superior range of raw materials.
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