by Botanical extracts are derived from fruit, berries, seed and vegetable sources. They act as natural preservatives, colourant and antioxidants. Some common botanical extracts used in cosmetic and personal care industry are green tea, green coffee bean, grape seed, pomegranate among others. These botanical extracts deliver anti-aging benefits such as reduction of fine lines, wrinkles and dark spots when applied topically. They are rich in antioxidants that neutralize free radicals responsible for premature aging of skin.
The Botanicals Market is estimated to be valued at US$ 112.31 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Botanicals Market are DSM, Ambe Phytoextracts, Berje, Indesso, Lipoid Kosmetic.
Key opportunities in the market include wide scope of botanical applications in cosmetic, food and pharmaceutical industries owing to their anti-microbial, antioxidant properties. Development of new plant-derived formulations for skin and hair care products is boosting market growth.
Technological advancements such as use of AI enabled tools for screening novel botanical compounds with anti-aging properties and reduced side effects are fueling botanical extracts demand.
Market Drivers
Increased consumer awareness about health benefits of botanical based products and preference for chemical-free personal care items is a major market driver. Rising expendable incomes in emerging economies enable consumers to spend more on premium organic skin care and cosmetics containing natural botanical extracts. Rapid urbanization and busy lifestyles have elevated the demand for multi-functional cosmetic and skincare products with anti-aging properties delivered by botanical ingredients.
Current Challenges In Botanicals Market
The Botanicals Market is facing various challenges currently. As the demand for botanical extracts is increasing in cosmetics, nutraceuticals and pharmaceutical industries, there is a significant supply constraint due to limited availability of some herbs and plants from which these extracts are derived. Adverse climatic conditions and unpredictable weather patterns are also negatively impacting the cultivation of medicinal plants. Maintaining the quality and therapeutic efficacy of botanical ingredients during processing and extraction is another major challenge for industry players. Stringent regulations in some regions regarding the usage of certain botanicals is restricting market growth. High infrastructure and R&D investment requirements are limiting the entry of new players in this market.
SWOT Analysis
Strength: Wide applicability of botanical extracts in various industries like cosmetics, food and beverages provides growth opportunities.
Weakness: Supply constraints due to limited availability and seasonality of raw materials.
Opportunity: Increasing demand for herbal medicines and phytochemicals boosts market growth. New product innovations using botanicals will create new opportunities.
Threats: Stringent regulations regarding the usage of certain botanicals pose threats. Climatic changes affect regular cultivation of medicinal plants used.
North America currently holds the largest share of the Botanicals Market, both in terms of value and volume. Asia Pacific is anticipated to record the fastest growth over the coming years.
Europe accounts for a significant share in the Botanicals Market, driven by high consumer preference for herbal products in countries like Germany, France, UK and Italy. Changing lifestyle and increasing health awareness among European consumers favor market growth in this region.
The Botanicals Market in North America is driven by rising spending on herbal supplements and healthcare in the US. Increasing applications of botanical ingredients in cosmetics, nutraceuticals and personal care products drive the market in this region.
What Are The Key Data Covered In This Botanicals Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Botanicals Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Botanicals Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Botanicals Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Botanicals Market vendors
FAQ’s
Q.1 What are the main factors influencing the Botanicals Market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Botanicals Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Botanicals Market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
