Meticulous Research® – leading global market research company published a research report titled “Liquid Botanical Extracts Market by Source (Herbs, Spices, Fruits, Flowers, Roots), Application (Cosmetics, Beverages, Pharmaceuticals, Food), Technology (Solvent Extraction, Cold Pressing, Steam Distillation, Enfleurage) - Global Forecast to 2029".
According to this latest publication from Meticulous Research®, the liquid botanical extracts market is expected to record a CAGR of 9.1% from 2022 to 2029 to reach $5.25 billion by 2029. The growth of this market is mainly attributed to the rising demand for liquid botanical extracts in cosmetic applications, growing demand for ready-to-use botanical extracts, increasing health and wellness trends with consumption of natural health products, and increasing awareness regarding the benefits of herbal products over synthetic products. However, the availability of substitute products is expected to hinder the growth of this market to some extent.
The global liquid botanical extracts market study presents historical market data in terms of values (2020 and 2021), estimated current data (2022), and forecasts for 2029—by source (herbs, spices, fruits, flowers, roots, tea leaves, and other sources), application (cosmetics & personal care product, beverages, pharmaceuticals, food, and other application), and technology (solvent extraction, cold pressing, steam distillation, supercritical CO2 extraction, ultrasound-assisted extraction, enfleurage, and other technologies). The study also evaluates industry competitors and analyzes the market at a regional and country level.
Based on source, the global liquid botanical extracts market is segmented into herbs, spices, fruits, flowers, roots, tea leaves, and others. In 2022, the herbs segment is expected to account for the largest share of the global liquid botanical extracts market owing to the rising awareness of the medicinal properties of liquid herbs extracts and increasing preference for herbal medicines. Moreover, the inclination of consumers towards natural and organic food products to maintain health and fitness is further driving the demand for liquid herbal extracts across the globe. However, the flowers segment is expected to grow at the highest CAGR during the forecast period.
Based on application, the global liquid botanical extracts market is segmented into cosmetics & personal care products, pharmaceuticals, beverages, food, and other applications. In 2022, the cosmetics & personal care products segment is estimated to account for the largest share of the global liquid botanical extracts market owing to the increasing application of liquid botanical extracts in cosmetics & personal care products. Moreover, rapidly changing consumer trends and rising consumer expenditure on cosmetics & personal care products are expected to fuel the demand for liquid botanical extracts in the personal care industry. In cosmetics applications, using liquid botanical extracts is more convenient than powdered extracts, as they can be directly added to the formulations without being dissolved beforehand.
Based on technology, the liquid botanical extracts market is segmented into solvent extraction, cold pressing, steam distillation, supercritical CO2 extraction, ultrasound-assisted extraction, enfleurage, and other technologies. In 2022, the solvent extraction segment is estimated to account for the largest share of the global liquid botanical extracts market owing to its growing demand owing to its ability to produce cosmetic and pharmaceutical grade liquid botanical extracts, gaining popularity for non-toxic solvent extractions, interesting technology for the replacement of less environmentally friendly methods with devoid of hazardous solvent waste, and use of the water-soluble botanical extracts in the field of food and beverages.
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This research report also analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, Netherlands, Belgium, and RoE), Asia-Pacific (China, Japan, India, Australia, South Korea, Malaysia, Indonesia, and RoAPAC), Latin America (Brazil, Mexico, and RoLATAM), and Middle East & Africa.
In 2022, North America is estimated to account for the largest share of the global liquid botanical extracts market. The large share of this region is mainly attributed to increasing consumer awareness regarding the benefits of consumption of products that include natural plant-derived extracts, huge availability of aromatic medicinal plants, increasing competition for natural resources, and government initiatives to promote technological advancements.
However, Asia-Pacific is estimated to witness a rapid growth of the global liquid botanical extracts market during the forecast period of 2022—2029 owing to the growing consumer awareness about the advantages of natural plant-derived extracts, rapid economic growth in China, India, and Southeast Asia, and increasing concerns about healthy lifestyles. In addition, the growing demand for organic processed food & beverages is expected to drive the demand for liquid botanical extracts in the Asia-Pacific region.
The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4-5 years. The key players profiled in the global liquid botanical extracts market research report are Ransom Naturals Ltd. (U.K.), International Flavors & Fragrances Inc. (U.S.), Synthite Industries Ltd. (India), Martin Bauer Group (Germany), Kalsec, Inc. (U.S.), Kerry Group PLC (Ireland), Synergy Flavors, Inc. (U.S.), PT. Indesso Aroma (Indonesia), Bell Flavors & Fragrances (U.S.), Kuber Impex Ltd. (India), and Vidya Herbals Pvt. Ltd. (India), among others.
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