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Botanicals Market by Source and Geography - Forecast and Analysis 2022-2026

  • Published: Mar 2022
  • Pages: 124
  • SKU: IRTNTR72460
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The botanicals market share is expected to increase by USD 6.82 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 13.68%.

This botanicals market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers botanicals market segmentation by source (herbs, spices, flowers, and others) and geography (Europe, North America, APAC, South America, and Middle East and Africa). The botanicals market report also offers information on several market vendors, including AmbePhytoextracts Pvt. Ltd., Bell Flavors and Fragrances GmbH, Berje Inc., BI Nutraceuticals, Blue Sky Botanics Ltd., Dohler GmbH, Indesso, International Flavors and Fragrances Inc., Kalsec Inc., Kuber Impex Ltd., Lipoid Kosmetic AG, Nutra Green Biotechnology Co. Ltd., Prakruti Products Pvt. Ltd., Prinova Group LLC, Ransom Naturals Ltd., Rutland Biodynamics Ltd., Synergy Flavors, Synthite Industries Ltd., The Herbarie at Stoney Hill Farm Inc., and Umalaxmi Organics Pvt. Ltd. among others.

What will the Botanicals Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Botanicals Market Size for the Forecast Period and Other Important Statistics

 

Botanicals Market: Key Drivers, Trends, and Challenges

The growing demand for food and beverages with botanical ingredients is notably driving the botanicals market growth, although factors such as stringent quality standards and regulations may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the botanicals industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Botanicals Market Driver

One of the key factors driving the global botanicals market growth is the growing demand for food and beverages with botanical ingredients. An increase in consumer awareness about the adverse side effects of synthetic chemicals used in food and beverages has led to a rise in demand for natural ingredients. In addition, several regulations have been imposed by health organizations and food safety associations to prohibit the use of artificial flavorings and promote the use of naturally extracted counterparts such as botanical ingredients. For instance, in October 2018, the US Food and Drug Administration (FDA) banned seven synthetic flavorings used in food and beverages associated with cancer. In addition, in November 2021, Kerry Group plc launched its Botanicals Collection Zero 2.0, a range of clean-label, premium botanical extracts containing 0% ethanol, designed specifically for the low- and no-alcohol beverage markets. Such factors will boost the market growth during the forecast period.

Key Botanicals Market Trend

Growing demand for organic herbal cosmetics is one of the key botanicals market trends that is expected to impact the industry positively in the forecast years. For instance, in March 2021, Artistry brand, a skincare and cosmetics products brand owned by Amway Corp., launched Artistry Skin Nutrition Line, which is a clean, traceable, and vegan skincare line. In October 2020, Tata's Natural Alchemy, LLC, expanded its market by launching its products in the UAE. In addition, some leading personal care brands ensure that their product packaging is plant-based. For instance, The Green People Company Ltd., a UK-based company that manufactures organic herbal cosmetic products, makes use of cardboard boxes for the packaging of its skincare products that are made with 25% grass pulp and are biodegradable. These trends will lead to the increased usage of botanicals and will drive the market's growth during the forecast period.

Key Botanicals Market Challenge

One of the key challenges to the global botanicals market growth is the stringent quality standards and regulations. The World Health Organization (WHO) has guidelines on GMPs for manufacturing medicines containing botanical ingredients. In 2009, in India, the National Medicinal Plants Board developed India-specific guidelines on good agriculture practices and good field collection practices in line with the GACPs developed by the World Health Organization. In addition, as per the EU Traditional Herbal Medicinal Product Directive (2004/24/EC), manufacturers are required to submit the quantitative and qualitative particulars of the constituents of the herbal medicinal product, a description of the manufacturing methods used, the therapeutic indications of the product, adverse reactions, and posology. Following these stringent regulations and guidelines provided by global food safety associations is a challenge for vendors in the global botanicals market, which may negatively impact the market growth during the forecast period.

This botanicals market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global botanicals market as a part of the global agricultural products market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the botanicals market during the forecast period.

Who are the Major Botanicals Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • AmbePhytoextracts Pvt. Ltd.
  • Bell Flavors and Fragrances GmbH
  • Berje Inc.
  • BI Nutraceuticals
  • Blue Sky Botanics Ltd.
  • Dohler GmbH
  • Indesso
  • International Flavors and Fragrances Inc.
  • Kalsec Inc.
  • Kuber Impex Ltd.
  • Lipoid Kosmetic AG
  • Nutra Green Biotechnology Co. Ltd.
  • Prakruti Products Pvt. Ltd.
  • Prinova Group LLC
  • Ransom Naturals Ltd.
  • Rutland Biodynamics Ltd.
  • Synergy Flavors
  • Synthite Industries Ltd.
  • The Herbarie at Stoney Hill Farm Inc.
  • Umalaxmi Organics Pvt. Ltd.

 

This statistical study of the botanicals market encompasses successful business strategies deployed by the key vendors. The botanicals market is fragmented and the vendors are deploying growth strategies such as investment in R and D to compete in the market.

Product Insights and News

  • BI Nutraceuticals - The company offers botanical powders, botanical extracts, botanical teas such as alfalfa herb and leaf, green tea leaf. 
  • BI Nutraceuticals - Through the unified segment the company offers a wide range of botanical extracts, botanical teas, and botanical extracts. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The botanicals market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Botanicals Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the botanicals market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Botanicals Market?

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33% of the market’s growth will originate from Europe during the forecast period. The UK is the key market for botanicals in Europe. Market growth in this region will be faster than the growth of the market in North America and MEA.

The significant increase in the demand for functional food and beverages which contain botanical ingredients will facilitate the botanicals market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the COVID-19 pandemic had a negative impact on the regional botanicals market. The governments of countries such as the UK, Germany, and Italy had imposed nationwide lockdowns to curb the spread of the disease. This resulted in the temporary shutdown of supermarkets, hypermarkets, convenience stores. Thus, the consumer demand for personal care products and dietary supplements declined. This led to reduced demand for botanical ingredients. In H2 2020, due to the availability of vaccines, there was a reduction in the COVID-19 cases in the region. Thus, the COVID-19 restrictions eased, which led to the reopening of factories and warehouses of vendors. Furthermore, with supermarkets, hypermarkets, and convenience stores reopening, the consumer demand for personal care products and dietary supplements using botanical ingredients rebounded. Thus, the rising consumption of products containing botanical ingredients will contribute to the growth of the regional botanicals market during the forecast period.

What are the Revenue-generating Source Segments in the Botanicals Market?

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The botanicals market share growth by the herbs segment will be significant during the forecast period. The significant increase in the demand for botanical herbs such as ashwagandha root extract, amla extract, black pepper extract, and fenugreek extracts owing to their multiple health benefits, will drive the market growth through this segment in the coming years.

This report provides an accurate prediction of the contribution of all the segments to the growth of the botanicals market size and actionable market insights on post COVID-19 impact on each segment.

 

Botanicals Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 13.68%

Market growth 2022-2026

$ 6.82 billion

Market structure

Fragmented

YoY growth (%)

12.19

Regional analysis

Europe, North America, APAC, South America, and Middle East and Africa

Performing market contribution

Europe at 33%

Key consumer countries

US, Canada, China, India, and UK

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

AmbePhytoextracts Pvt. Ltd., Bell Flavors and Fragrances GmbH, Berje Inc., BI Nutraceuticals, Blue Sky Botanics Ltd., Dohler GmbH, Indesso, International Flavors and Fragrances Inc., Kalsec Inc., Kuber Impex Ltd., Lipoid Kosmetic AG, Nutra Green Biotechnology Co. Ltd., Prakruti Products Pvt. Ltd., Prinova Group LLC, Ransom Naturals Ltd., Rutland Biodynamics Ltd., Synergy Flavors, Synthite Industries Ltd., The Herbarie at Stoney Hill Farm Inc., and Umalaxmi Organics Pvt. Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Botanicals Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive botanicals market growth during the next five years
  • Precise estimation of the botanicals market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the botanicals industry across Europe, North America, APAC, South America, and Middle East and Africa
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of botanicals market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Source
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Bargaining power of buyers – Impact of key factors in 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Source

    • 5.1 Market segments
      • Exhibit 24: Chart on Source - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Source - Market share 2021-2026 (%)
    • 5.2 Comparison by Source
      • Exhibit 26: Chart on Comparison by Source
      • Exhibit 27: Data Table on Comparison by Source
    • 5.3 Herbs - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Herbs - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Herbs - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Herbs - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Herbs - Year-over-year growth 2021-2026 (%)
    • 5.4 Spices - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Spices - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Spices - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Spices - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Spices - Year-over-year growth 2021-2026 (%)
    • 5.5 Flowers - Market size and forecast 2021-2026
      • Exhibit 36: Chart on Flowers - Market size and forecast 2021-2026 ($ million)
      • Exhibit 37: Data Table on Flowers - Market size and forecast 2021-2026 ($ million)
      • Exhibit 38: Chart on Flowers - Year-over-year growth 2021-2026 (%)
      • Exhibit 39: Data Table on Flowers - Year-over-year growth 2021-2026 (%)
    • 5.6 Others - Market size and forecast 2021-2026
      • Exhibit 40: Chart on Others - Market size and forecast 2021-2026 ($ million)
      • Exhibit 41: Data Table on Others - Market size and forecast 2021-2026 ($ million)
      • Exhibit 42: Chart on Others - Year-over-year growth 2021-2026 (%)
      • Exhibit 43: Data Table on Others - Year-over-year growth 2021-2026 (%)
    • 5.7 Market opportunity by Source
      • Exhibit 44: Market opportunity by Source ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 45: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 46: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 47: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 48: Chart on Geographic comparison
      • Exhibit 49: Data Table on Geographic comparison
    • 7.3 Europe - Market size and forecast 2021-2026
      • Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.4 North America - Market size and forecast 2021-2026
      • Exhibit 54: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.5 APAC - Market size and forecast 2021-2026
      • Exhibit 58: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.6 South America - Market size and forecast 2021-2026
      • Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.7 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 66: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.8 US - Market size and forecast 2021-2026
      • Exhibit 70: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.9 China - Market size and forecast 2021-2026
      • Exhibit 74: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.10 UK - Market size and forecast 2021-2026
      • Exhibit 78: Chart on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on UK - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on UK - Year-over-year growth 2021-2026 (%)
    • 7.11 Canada - Market size and forecast 2021-2026
      • Exhibit 82: Chart on Canada - Market size and forecast 2021-2026 ($ million)
      • Exhibit 83: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
      • Exhibit 84: Chart on Canada - Year-over-year growth 2021-2026 (%)
      • Exhibit 85: Data Table on Canada - Year-over-year growth 2021-2026 (%)
    • 7.12 India - Market size and forecast 2021-2026
      • Exhibit 86: Chart on India - Market size and forecast 2021-2026 ($ million)
      • Exhibit 87: Data Table on India - Market size and forecast 2021-2026 ($ million)
      • Exhibit 88: Chart on India - Year-over-year growth 2021-2026 (%)
      • Exhibit 89: Data Table on India - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 90: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 91: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 92: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 93: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 94: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 95: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 96: Matrix on vendor position and classification
            • 10.3 BI Nutraceuticals
              • Exhibit 97: BI Nutraceuticals - Overview
              • Exhibit 98: BI Nutraceuticals - Product / Service
              • Exhibit 99: BI Nutraceuticals - Key offerings
            • 10.4 Blue Sky Botanics Ltd.
              • Exhibit 100: Blue Sky Botanics Ltd. - Overview
              • Exhibit 101: Blue Sky Botanics Ltd. - Product / Service
              • Exhibit 102: Blue Sky Botanics Ltd. - Key offerings
            • 10.5 Dohler GmbH
              • Exhibit 103: Dohler GmbH - Overview
              • Exhibit 104: Dohler GmbH - Product / Service
              • Exhibit 105: Dohler GmbH - Key offerings
            • 10.6 Indesso
              • Exhibit 106: Indesso - Overview
              • Exhibit 107: Indesso - Product / Service
              • Exhibit 108: Indesso - Key offerings
            • 10.7 International Flavors and Fragrances Inc.
              • Exhibit 109: International Flavors and Fragrances Inc. - Overview
              • Exhibit 110: International Flavors and Fragrances Inc. - Business segments
              • Exhibit 111: International Flavors and Fragrances Inc. - Key news
              • Exhibit 112: International Flavors and Fragrances Inc. - Key offerings
              • Exhibit 113: International Flavors and Fragrances Inc. - Segment focus
            • 10.8 Kalsec Inc.
              • Exhibit 114: Kalsec Inc. - Overview
              • Exhibit 115: Kalsec Inc. - Product / Service
              • Exhibit 116: Kalsec Inc. - Key offerings
            • 10.9 Prinova Group LLC
              • Exhibit 117: Prinova Group LLC - Overview
              • Exhibit 118: Prinova Group LLC - Product / Service
              • Exhibit 119: Prinova Group LLC - Key offerings
            • 10.10 Ransom Naturals Ltd.
              • Exhibit 120: Ransom Naturals Ltd. - Overview
              • Exhibit 121: Ransom Naturals Ltd. - Product / Service
              • Exhibit 122: Ransom Naturals Ltd. - Key offerings
            • 10.11 Synergy Flavors
              • Exhibit 123: Synergy Flavors - Overview
              • Exhibit 124: Synergy Flavors - Product / Service
              • Exhibit 125: Synergy Flavors - Key offerings
            • 10.12 Synthite Industries Ltd.
              • Exhibit 126: Synthite Industries Ltd. - Overview
              • Exhibit 127: Synthite Industries Ltd. - Product / Service
              • Exhibit 128: Synthite Industries Ltd. - Key offerings

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 129: Inclusions checklist
                • Exhibit 130: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 131: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 132: Research methodology
                • Exhibit 133: Validation techniques employed for market sizing
                • Exhibit 134: Information sources
              • 11.5 List of abbreviations
                • Exhibit 135: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The botanicals market growth will increase by $6821.82 million during 2022-2026.
              The botanicals market is expected to grow at a CAGR of 13.68% during 2022-2026.
              Technavio has segmented the botanicals market by source (Herbs, Spices, Flowers, and Others) and geographic (Europe, North America, APAC, South America, and Middle East and Africa).
              AmbePhytoextracts Pvt. Ltd., Bell Flavors and Fragrances GmbH, Berje Inc., BI Nutraceuticals, Blue Sky Botanics Ltd., Dohler GmbH, Indesso, International Flavors and Fragrances Inc., Kalsec Inc., Kuber Impex Ltd., Lipoid Kosmetic AG, Nutra Green Biotechnology Co. Ltd., Prakruti Products Pvt. Ltd., Prinova Group LLC, Ransom Naturals Ltd., Rutland Biodynamics Ltd., Synergy Flavors, Synthite Industries Ltd., The Herbarie at Stoney Hill Farm Inc., Umalaxmi Organics Pvt. Ltd. are a few of the key vendors in the botanicals market.
              Europe will register the highest growth rate of 33.29% among the other regions. Therefore, the botanicals market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the botanicals market growth are:
              • Growing demand for food and beverages with botanical ingredients
              • Growing demand for organic herbal cosmetics
              The botanicals market vendors should focus on grabbing business opportunities from the herbs segment as it accounted for the largest market share in the base year.
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