Food botanicals are concentrated plant extracts or herbs used in the food industry to provide smell, flavor, or color. Plants and plant components, both dried and fresh, may be included. They are also utilized to give food medicinal characteristics and to lengthen the product’s shelf life. Herbs are used in dietary supplements to improve the value and efficacy of food products as well as providing immunity against specific diseases. Food botanicals are derived mostly from plants and algae, and are extracted using various organic solvents or water for use in the food, cosmetics, and pharmaceutical industries. The rising acceptance of the ingredients in adding aroma, flavor, or technical qualities to food goods and cosmetics is propelling the global market for food botanicals forward. As the number of vegetarians throughout the world rises, demand for plant-based proteins rises, propelling the food botanicals market forward.
Dabur India Ltd, Ricola Ltd., Herbalife Nutrition, The Himalaya Drug Company, Omega Protein Corp., Amway, Bayer AG, Naturalife Asia Co., Bio-Botanica Inc., Marfrig Group, Arcadian Organic and Natural Meat, and Kerry Group.
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COVID-19 Impact analysis
The ongoing pandemic COVID-19, which has ruthlessly impacted the worldwide trade and production company, is projected to stifle the market for botanical ingredients.
Producers have found it difficult to sell their products in prestigious countries such as the United States, Canada, India, and Germany because to the significant drop in commerce. Turmeric is grown in India in roughly 95 lakh bags (each weighing 60 kg), of which 70 lakh bags are eaten domestically and around 20 lakh bags are exported. Domestic and export demand, however, were both sluggish in 2020.
Apart from demand the COVID-19 pandemic has also affected the supply chain severely; producers are facing huge delays in acquiring raw material that they need.
Top Impacting Factors
Within the global market for food botanicals, the appeal of food products created from plant materials has been at the forefront of growth. Furthermore, demand for herbs and spices have been soaring, contributing to the overall growth of the worldwide food botanicals market.
Over the last decade, the cosmetics business has enjoyed impressive profits, and several new personal-care items have just emerged. Because food botanicals are used to add scent to cosmetic items, the global market for food botanicals is expected to grow at a phenomenal rate.
Another factor expected to drive demand in this market is the use of food botanicals in the production of food supplements.
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Botanicals have a wide range of applications and functions
The market for herbs and botanicals has altered dramatically over the last decade, with the introduction of new areas such as functional foods, cosmeceuticals, and animal feed. This has given producers additional options, allowing them to include botanicals and other natural elements in goods that are no longer limited to synthetic or pharmaceutical substances. Over the next few years, the cosmetics and personal care industry is expected to drive significant growth in the market for botanical components. Natural components with consumer safety and high-quality standards are provided by producers of botanical skincare ingredients.
Ingredient firms are increasing their research and development to provide the cosmetic and personal care industries with unique botanical extracts in response to the ongoing demand from the cosmetic sector. For example, Givaudan debuted its Adaptogenes botanical solution in 2019, which is a collection of ten botanical extracts for skin and body care products, including moringa, turmeric, aloe vera, and acerola.
Increasing product label transparency
Increased customer demand for natural, authentic products, comforting ingredient lists on product labels, and a better understanding of what they consume are driving industry growth. Clean label products are now required worldwide, forcing food manufacturers to develop goods that use botanical extracts and novel formulas in order to meet the growing demand for healthy food items.
An increase in unsweetened, organic, and diet versions has been recorded in response to consumers seeking healthier alternatives to standard drinks. By incorporating herbal additions like ginseng, matcha, and hibiscus into the ‘positive’ picture of their products, as well as putting the antioxidant and cleaning characteristics of tea to the forefront of their brand imaging and marketing, tea makers are able to drive sales even higher. Health conscious consumers look at the label of the product and making the label more informative is going to give a boost to the market and is going to increase the sales.
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Key Benefits of the Report
This study presents the analytical depiction of the FOOD BOTANICALS MARKET industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Food Botanicals Market share.
The current market is quantitatively analyzed from 2020 to 2028 to highlight the Food Botanicals Market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed Food Botanicals Market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Report
Who are the leading market players active in the Food Botanicals Market?
What current trends will influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the market?
What future projections would help in taking further strategic steps?
What is Food Botanicals Market prediction in the future?
Which will be the niches at which players profiling with recent advancements should set a presence?
What are the driving factors and opportunities in the market?
What are the current trends and predicted trends?
What are the challenges faced in the Food Botanicals Market?
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