Over the last few years, the world of health and wellness has been moving rapidly towards products perceived as more natural and healthier, resulting in the growing demand for organic and naturally healthy products. Nowadays, consumers are more aware of what is included in the products than ever before. It influences purchase decisions as they look for minimally processed and more natural food and drinks in line with the clean label trend. Also, most consumers prefer plant-based foods with intrinsic protein, mineral, or vitamin content, with no need to artificially fortify them. Currently, people feel the inherent need to make progressive lifestyle changes to lead a more balanced and healthy life, so several fitness trends such as Yoga, dietary supplements, and organic vegetables have become popular.
In addition, consumers are increasingly looking for whole foods, ancient grains, green tea, plant-based proteins from nuts, seeds, pulses, and ingredients with particular health functionality. For instance, according to the Good Food Institute, the U.S. retail market for plant-based foods was worth USD 7 billion in 2020, up from USD 5.5 billion in 2019. Health & wellness categories ranging from organic to plant-based and other better-for-you claims were already performing strongly in 2020, but the impact of the pandemic on consumers’ shopping behavior spurred unprecedented sales and demand.
A flexitarian approach to eating has become mainstream as consumers look to functional, wholesome, plant-based nutrition to support healthy, environment-friendly lifestyles. In fact, it is expected that alternative proteins will very likely account for 11% of the total protein market in 2035. This is being fueled, in part, by COVID-19, which accelerated interest in plant-based, as a health-forward alternative for consumers who are paying close attention to their body’s nutritional needs. Food and beverage brands, in response, are broadening the landscape of nutrient-dense plant-based options for consumers, aiming to meet their growing demand for products that are sustainable, health and wellness-oriented, and safe.
An increase in the number of health-conscious consumers also drives the market due to increased demand for clean label products, which are becoming mandatory across the globe. This is compelling food manufacturers to develop products, including liquid botanical extracts with new formulations to fulfill the rising consumer demand for healthier food products. Thus, the growing consumer demand for natural healthy food is expected to drive the demand for liquid botanical extracts in the market.
Emerging economies, particularly in Asia-Pacific, Latin America, and the Middle East and Africa regions, are expected to drive the growth of the liquid botanical extracts market and hold enormous potential for future growth. The key factors such as increasing population, abundant availability of sources, increasing health and wellness trends, changing consumption patterns, and increasing prevalence of various chronic diseases drive the demand for liquid botanical extracts in these regions. In its latest publication on the ‘Liquid Botanical Extracts Market, Meticulous Research states that the liquid botanical extracts market is expected to reach $5.25 billion by 2029, at a CAGR of 9.1% during the forecast period 2022 to 2029.
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