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

Global 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).

In recent years, the global botanical ingredients market has grown in versatility and expansion. It is a large contributor in the natural products and health sectors. The ingredients are derived from bioactive compounds present in plants.

The plants that can be used to extract these elements are fruits, herbs, vegetables, and other botanic-rich sources. TThese products can be used in the production of functional foods, dietary supplements, skincare, herbal medicines, and more. The cosmetic and food and beverage industry have adopted these elements widely. Their medicinal, nutritional, and cosmetic benefits are owed for its demand.

A culmination of several factors have thrusted the growth of this market exponentially. One of these reasons is the increasing awareness of the importance of health and overall wellbeing. This reason has driven the demand for naturally organic substances, furthering market expansion. Health conscious consumers are looking for botanical ingredients which contain antioxidant properties that help support the immune system and fight off a variety of illnesses.

These benefits of botanical ingredients have fueled its expansive use in dietary supplements. This segment is one of the largest contributors to market demand and expansion. Dietary supplements use botanical ingredients heavily for its antioxidant benefits, targeting specific health issues while formulating these products. Regionally, the APAC sector has vitally transformed the market’s growth. Asia-Pacific’s wide base of traditional herbal knowledge and thriving biodiverse sector have contributed to this region holding the title of the fastest-growing market segment based on location.

Botanical ingredients are rich in properties that promote the health of skin. The personal care and beauty sector takes advantage of these characteristics to use it in skin nourishment formulas and anti-aging lotions. The key market driver of the botanical ingredients market is the rising number of global population moving to the urban areas. This has sped up the evolution of human lifestyle and increased the disposable income of the global economy, driving further market growth.