Botanical Ingredients Market Size, Share, Growth Analysis, By Form(Powder, Liquid), By Source(Herbs, Leaves, Spices, Flowers), By Region - Industry Forecast 2024-2031

Botanical Ingredients Market size was valued at USD 164.4 billion in 2022 and is poised to grow from USD 175.74 billion in 2023 to USD 299.71 billion by 2031, growing at a CAGR of 6.90% in the forecast period (2024-2031).

A large number of participants are constantly engaged in fierce competition in the botanical ingredients market. The competitors are fighting to satiate the largest share of the demand for plant-based natural ingredients, forming the competitive landscape of the market. Renowned firms like Frutarom Industries (IFF), Naturex (Givaudan), and Ransom Naturals hold dominance over the market. They owe their position to their wide range of botanical product offerings that can be applied in industries like cosmetics, food and beverages, and pharmaceuticals. 'Naturex (France)', 'Givaudan (Switzerland)', 'Frutarom Industries (Israel)', 'Synergy Flavors (USA)', 'Doehler Group (Germany)', 'Sensient Technologies Corporation (USA)', 'Kerry Group (Ireland)', 'Shaanxi Jiahe Phytochem Co., Ltd. (China)', 'Biolandes (France)', 'Green Source Organics (USA)', 'Sabinsa Corporation (USA)', 'Nexira (France)', 'Van Drunen Farms (USA)', 'Organic Herb Inc. (China)', 'Layn Natural Ingredients (China)', 'International Flavors & Fragrances Inc. (USA)', 'Nutra Green Biotechnology Co., Ltd. (China)', 'Blue Sky Botanics Ltd (UK)', 'Indena S.p.A. (Italy)', 'Botanic Innovations LLC (USA)', 'Symrise AG (Germany)', 'Robertet Group (France)', 'Martin Bauer Group (Germany)', 'BI Nutraceuticals (USA)', 'Ransom Naturals Ltd (UK)'

The world is moving towards understanding the importance of their own health and wellbeing. This trend has resulted in a higher demand for botanical ingredients. This is because they provide the very benefits that consumers worldwide are seeking. Its anti-inflammatory, antioxidant, and immunity-boosting properties have thrusted its demand globally. Manufacturers are now widely using botanical ingredients in functional foods, dietary supplements, and beverages. This is in response to health-conscious consumers looking out for their wellbeing and asking for organic products.

Increasing Consumer Interest in Functional Plant-Based Ingredients: The world is changing gears, seeking ingredients which are functional and derived from plants. This shift in demand is due to consumers looking for higher nutritional value which can boost their health. In response to this necessity, manufacturers are using botanical ingredients like spices, herbs, and other extracts. This is because they are filled with the bioactive compounds that promote good health and overall wellbeing. The trend supporting the demand for plant-based elements is in alignment with the evolution of consumers moving to preventive health approaches. This movement can impact several industries, from functional beverages to dietary supplements.

North America holds the largest share of the botanical ingredients market. Its dominance can be credited to a number of reasons. These factors include the rising consumer awareness and demand for plant-based products incorporated in their daily lifestyle. Industries thar are pushing the demand for these ingredients in the region are pharmaceutical, food, and cosmetic. North America has witnessed a growth in the knowledge of the benefits these extracts have to offer, cementing its place in the market. Also, the region's pre-established and flourishing health trends have also contributed to its prominence. The US has been one of the key players in the region. The country owes its successful manufacturing network and good research capabilities for this contribution, not to forget the region’s consumers who are seeking organic and clean-label items.