The report "Botanical Extracts Market by Source (Spices, Herbs, Flowers, Tea leaves), Application (Food: Bakery & Confectionery and Sauces & Dressings, Beverages: Alcoholic Beverages, Carbonated Soft Drinks, Ice Tea), Form, and Region - Global Forecast to 2022", The global botanical extracts market is projected to reach USD 6.03 Billion by 2022, in terms of value, at a CAGR of 9.0% from 2017. Botanical extracts are widely used ingredients in food & beverage applications, owing to their enhanced organoleptic characteristics and improved nutritional profile.
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Spices projected to be the largest source of botanical extracts
Spices are estimated to account for the largest market share in the botanical extracts market in 2016, due to their wide range of applications in the food & beverage industry, due to changes in lifestyles and growth in the trend of exploring & experiencing new foods.
Food segment: The most widely preferred botanical extracts application
The food segment accounted for a larger share of the botanical extracts market, in terms of value, in 2016. They are available in the form of water- & oil-soluble liquids and powders. Urbanization, high disposable income, and growth in demand for healthy nutritional foods have increased demand for botanical extracts.
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North America estimated to be the most lucrative market for botanical extracts
In 2017, North America is estimated to account for a significant share in the global botanical extracts market, while Europe is projected to grow at the highest CAGR during the forecast period. The increase in consumer awareness regarding the benefits of consumption of food & beverages that include botanical extracts, without compromising on the flavor of the products has broadened base for botanical extracts in the region. The European market is driven by shifting consumer preferences toward natural products and healthy lifestyles.
This report includes a study of marketing and developmental strategies, along with the product portfolios of leading companies. It includes the profiles of leading companies such as Frutarom Ltd (Israel), Döhler GmbH (Germany), and Kalsec Inc. (U.S.). Other players include Blue Sky Botanics (U.K.), Ransom Naturals (U.K.), Prinova Group LLC (U.S.), Synergy Flavors (U.S.), and Haldin International (Indonesia).
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