- Herbs
- Tea Leaves
- Flowers
- Spices
Botanical Extracts Market size was valued at USD 5.6 billion in 2022 and is poised to grow at a significant CAGR of 9.3% over 2023-2029. Some of the key factors influencing the market growth include a rise in awareness regarding the side-effects of synthetic flavors, an increase in the application of botanical extracts, growing awareness and health concerns among consumers, an increase in the demand for convenience food, a rise in the demand for convenience food and long shelf life of botanical extracts. However, the availability of substitutes and varying prices of herbs & spices are hampering the market growth. Many spices, nuts, fruits, herbs, and flowers, as well as certain flowers, are sold as extracts containing their fragrant constituents. certain of the most well-known examples of genuine extracts are almonds, cinnamon, cloves, ginger, lemon, nutmeg, orange, peppermint, pistachio, rose, spearmint, vanilla, violet, rum, and wintergreen.
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Botanical extracts are progressively becoming significant flavor in food industry due to their antimicrobial and antioxidant abilities that interrupt the development of off-flavors and enhance the color stability in ready-to-eat meat products. It provides a unique opportunity to provide emotive concepts and claims and really boost the value of cleaning formulations. Also, there is a growing application of botanical extracts in the beverage industry is one of the key market trends. Botanical extracts are used in the manufacturing of wine and beer. The need for botanical extracts as functional beer additives is high due to the demand for new beer flavors. It is also found its application in sauces, bakery & confectionery, carbonated soft drinks, flavored dairy products, pharmaceutical, cosmetic & personal care and others.
The botanical extracts market size was valued at USD 5.6 billion in 2022 and is poised to grow at a significant CAGR of 9.3% over 2023-2029
Frutarom Industries Ltd., Blue Sky Botanics Ltd, Indesso Aroma, Synergy Flavors, Kalsec Inc., Synthite Industries Ltd.
Asia Pacific is the fastest-growing region for botanical extracts market