Global Market for Botanical Ingredients to Progress at a 7.3% CAGR from 2024 to 2034, reaching US$ 374.84 Billion: Future Market Insights, Inc.

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May 01, 2024, 10:05 ET

By 2034, the botanical ingredient sector in the United Kingdom is poised for gradual growth, projected at a steady CAGR of 2.9%. This expansion is propelled by a burgeoning demand for herbal supplements, reflecting a shift towards plant-based preferences among consumers. This increasing inclination towards botanical ingredients is anticipated to ignite a surge in demand, thereby propelling market growth. Key drivers include the recognized therapeutic properties and medicinal benefits associated with botanical ingredient products, which continue to captivate consumer interest and drive market dynamics.

NEWARK, Del., May 1, 2024 /PRNewswire/ -- The global botanical ingredient market is slated to progress at a CAGR of 7.3%. This will elevate the market size from US$ 185.91 billion to US$ 374.84 billion from 2024 to 2034. The growing healthcare, cosmetic, and food and beverage markets leverage the demand for botanical ingredients.

Changing consumer lifestyles levitate the demand for eco-friendly products. In addition, consumers demand healthy products, driving the production of botanical ingredients. Hence, this boosts the natural food ingredient market size. The strengthening and diversification of distribution networks will increase the demand for botanical ingredients. Multiple choices can become available to customers, enhancing the natural food ingredient market growth prospects.

Technological infrastructure is growing, assisting leading botanical ingredient manufacturers in producing innovative and sustainable botanical ingredients. It will generate more options for consumers, driving the plant-based ingredient market. The growing concern for sustainability will be another critical mainstream driver for the botanical ingredient market.

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Key Takeaways from the Market Study

• From 2019 to 2023, the market for botanical ingredients advanced at a 6% CAGR.

• The Indian botanical ingredient market growth will be the fastest, which projects the highest CAGR of 7.1%.

• The United States of America is the largest market by size, estimating the advancement at a CAGR of 4.4%.

• Liquid plant extract is the largest segment based on form, securing 26.5% of the market space.

"Synthetic products can be perfect substitutes for organic products, which can be a serious restraint for the botanical ingredient market," says Nandini Roy Choudhury, Client Partner at Future Market Insights.

Competitive Landscape of the Botanical Ingredient Market

Leading botanical ingredient manufacturers occupy a large market space, hindering new entrants' entry path. However, new entrants might enhance their market presence through effective brand positioning.

Key marketers use product launches, partnerships, collaborations, acquisitions, and alliances to maintain their competitive advantage in the market. The following key developments have changed the competitive landscape:-

• In August 2022, Archer Daniels Midland Company partnered with New Culture. The strategic move intended to uplift dairy production. Also, the organization focused on innovating products and commercializing them.

• In May 2023, International Flavors & Fragrances Inc. initiated and completed a divestiture of its Savory Solutions business unit to PAI Partners. This helped the organization eliminate its liabilities and assets, leveraging free cash flow.

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Key Companies Profiled

Archer Daniels Midland Company
International Flavors& Fragrances Inc.
Koninklijke DSM NV
Martin Bauer Group
Bell Flavors & Fragrances
Givaudan
Döhler GmbH
Koninklijke Euroma BV
Botanical Ingredients Ltd.
Nutrasorb LLC.

More Valuable Insights Available

Future Market Insights offers an unbiased global botanical ingredient market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.

The market is segmented by Ingredient (Herbs & Spices, Vegetables & Fruits, Flowers, Leaves, Seeds & Nuts, Barks & berries, Bulbs & Roots, and Others), Form (Dried Plants, Liquid Plant Extract, Oleoresins, and Others), End User (Commercial Chains and Residential Uses), Application (Food & Beverages, Nutraceuticals & Dietary Supplements, Pet Care Industry, Pharmaceuticals, Cosmetics and Personal Care, Commercial Households, and Others), and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East and Africa).

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Key Segments Profiled

By Ingredient:

Herbs & Spices
Vegetables & Fruits
Flowers
Leaves
Seeds & Nuts
Barks & berries
Bulbs & Roots
Others

By Form:

Dried Plants
Liquid Plant Extract
Oleoresins
Others

By End User:

Commercial Chains
Residential Uses

By Application:

Food & Beverages
Nutraceuticals & Dietary Supplements
Pet Care Industry
Pharmaceuticals
Cosmetics and Personal Care
Commercial Households
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
The Middle East and Africa

About the Food and Beverage Domain at Future Market Insights

Future Market Insights' food and beverage team offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one million+ data points, the team has lucidly analyzed the industry in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.

Authored by:

Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.

She has exceptional analytical skills and often brings thought leadership to the table.

Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.

Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor's Degree in Electrical Engineering from Nagpur University, India.

Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.

Explore FMI's related ongoing Coverage in Food and Beverage Domain:

The global botanical flavors demand is anticipated to be valued at US$ 8233.6 million in 2023, forecast to grow at a CAGR of 8.6% to be valued at US$ 18,871 million from 2023 to 2033.

The global botanical sugar market size is set to expand from US$ 108.5 million in 2023 to US$ 245.3 million by 2033. By 2033, the global botanical sugar sales will likely soar at 8.5% CAGR.

Revenues in the dried plants and leaves segment of the food botanicals market stood at USD 510 million in 2021, while that of the entire food botanicals had a revenue of USD 1.4 billion.

The global botanical supplements market size is projected to gain significant growth from 2023 to 2033.

Global demand for Botanical Co2 Extracts is expected to reach a market valuation of US$ 0.1 Billion by the end of the year 2023, accelerating at a CAGR of 3.5% over the forecast period (2023-2033).

The overall size of the global energy ingredients market is projected to hit US$ 23.4 billion in 2023 in terms of value. Based on the energy ingredients market analysis report by FMI, it is expected to register a CAGR of 6.7% between 2023 and 2033.

The pea protein ingredients market is projected to be valued at US$ 1.6 billion in 2023 and is rising to US$ 3.4 billion by 2033.

The global bakery ingredient market value is US$ 20,795 million in 2023. Bakery ingredient suppliers expect the market to grow at a CAGR of 6.7% through 2033, with a forecast valuation of US$ 39,867 million by 2033.

The sodium reduction ingredient market is on an upward trajectory, foreseen to grow at a CAGR of 6.20% from 2024 to 2034.

The ingredients market for plant-based food & beverages is estimated to secure a valuation of US$ 2.3 billion in 2023 and is estimated to rise to US$ 9.30 billion by 2033.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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