Botanical Extracts Market by Source (Spices, Herbs, Flowers, Tea leaves), Application (Food: Bakery & Confectionery and Sauces & Dressings, Beverages: Alcoholic Beverages, Carbonated Soft Drinks, Ice Tea), Form, and Region - Global Forecast to 2022
“The botanical extracts market is projected to grow at a significant rate”
The botanical extracts market is projected to grow at a CAGR of 9.0% from 2017, to reach USD 6.03 billion by 2022. The demand for botanical extracts is projected to be on the rise, owing to increase in demand for convenience food, rise in demand for clean label trend across food & beverage industry, and growth in awareness about the side effects of synthetic flavors among consumers. Increase in acceptance of international cuisines is another significant driver for the global botanical extracts market. However, the availability of substitute products in the form of synthetic flavors is the main restraint to the market.
“The beverage application is projected to be the faster-growing in the botanical extracts market”
The beverage segment is projected to grow at a higher rate between 2017 and 2022, in terms of both volume and value, among all other applications. Manufacturers are replacing ingredients that consumers perceive to be “artificial”, “unhealthy”, or “processed” with the clean label trend progressively becoming the new standard for many soft drink creators. There has been a significant change in trend among consumers, who have begun focusing on the right balance between health and taste. Extracts are used for flavoring, as consumers are seeking reduced sugar content in beverages without compromising on taste.
“Europe is estimated to be the fastest-growing region in the market”
Europe is estimated to be the fastest-growing region, in terms of both value and volume, in the global botanical extracts market, in 2017. It comprises developed economies such as Germany, France, the U.K., and some countries, which include Spain, Italy, Poland, Russia, and Sweden, which are the fastest-growing markets for botanical extracts in the region. Some of the major players in the region includes Döhler GmbH (Germany) and Ransom Naturals (U.K.). Ransom Naturals’ product offerings are in line with the U.K.’s food & beverage trend. North America will be the largest market for botanical extracts in the forecasted period.
Break-up of primaries:
By Company Type: Tier 1 – 55 %, Tier 2 – 20%, and Tier 3 – 25%
By Designation: C level – 65%, Directors – 10%, and Manager Level – 25%
By Region: North America - 25%, Europe – 25%, Asia-Pacific – 30%, and RoW – 20%
The botanical extracts market has been segmented on the basis of source, application, form, and region. In terms of insights, this research report has focused on various levels of analyses—industry analysis, market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape, emerging & high-growth segments of the global botanical extracts market, high-growth regions, countries, and their respective regulatory policies, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons to buy this report:
• To get an overview of the global botanical extracts market
• To get an overview of the key players of the botanical extracts industry and product portfolios & key strategies adopted by key players to gain market presence
• To gain insights of the major regions in which the botanical extracts market is growing
• To gain knowledge about the development of various botanical extracts