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

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. 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 are the key factors driving the growth of the liquid botanical extracts market. However, the availability of substitute products is expected to hinder the growth of this market to some extent.

The Impact of COVID-19 on the Liquid Botanical Extracts Market

In 2020, the World Health Organization (WHO) declared the coronavirus disease as a worldwide epidemic. This disease had a variable impact in several countries depending on their cultural norms, mitigation efforts, and health infrastructure. Each country is working its way out to fight against the pandemic. However, several research studies are finding out the usefulness of medicinal plant extracts against coronavirus.

Researchers are working on various medicinal plant extracts to fight COVID-19 throughout the globe. For instance, in February 2020, the Department of Thai Traditional Medicine and Government Pharmaceutical Organization of Thailand signed a memorandum of understanding (MoU) on research into the medicinal plant Andrographis paniculate to develop a drug that can inhibit or defeat the Covid-19 virus.

Moreover, in India, in April 2020, the Jawaharlal Nehru Tropical Botanical Garden and Research Institute (JNTBGRI) received approval from the Indian Council of Medical Research (ICMR) to test whether extraction from plants could be effective in the treatment of this virus. Thus, all ongoing research on medicinal plant extracts as a remedy to COVID-19 is contributing to the market growth of medicinal plant liquid extracts.

Furthermore, liquid extracts from medicinal plants are highly used for treating diseases as they are used in medicines and personal care products, as well as others. Amid the constant fear and panic of the COVID-19 pandemic, consumers are highly concerned about keeping a check on their health which is expected to increase the sales of dietary supplements across the globe. Moreover, consumer shift to plant-derived supplements is influencing the growth of liquid botanical extracts in the pharmaceuticals/healthcare and nutraceuticals products.

However, the worldwide lockdown has also affected the farming practices, which has highly impacted the supply of raw materials of medicinal plant liquid extracts. Moreover, COVID-19 impact on logistics also contributes to the increased prices of raw materials, which ultimately increases the production cost for medicinal plant liquid extracts manufacturers. Thus, the increased raw material prices followed by high demand for herb/medicinal plant liquid extracts would increase the price of plant liquid extracts, especially medicinal plant extract, for the next few years.

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Growing Demand for Ready-to-Use Botanical Extracts Fuels the Growth of the Liquid Botanical Extracts Market

Usually, powdered botanical extracts dissolve appropriately, while liquid botanical extracts are ready-to-use. Thus, they provide convenience and ease of use for cosmetics and pharmaceutical formulators. Moreover, the inclusion of single or multiple liquid botanical extracts in a formulation makes it possible to produce a unique and innovative end-product that is further easy to market and drive sales.

Comparatively, natural liquid botanical extracts provide a superior alternative to synthetic ingredients to infuse pleasant, rich, and earthy colors into a product. Liquid botanical extracts contain specific bioactive compounds that offer unique skin-enhancing benefits for streamlined cosmetics. For instance, extracts with reputed antioxidant properties are useful to incorporate in both anti-aging and sun care products. 

Moreover, the use of the quality assurance protocol of standardization guarantees the composition of the liquid extract in terms of its active constituents, which further makes it popular among cosmetics and pharmaceuticals formulators. Further, the ready-to-use liquid botanical extracts are cost-effective for commercial cosmetic purposes where the small quantities of botanical extracts are generally sufficient.

Key Findings in the Global Liquid Botanical Extracts Market Study:

In 2022, the Herbs Segment to Dominate the Liquid Botanical Extracts Market

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. The large share of this segment is mainly attributed to factors, such as rising awareness of the medicinal properties of liquid herbal 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.

In 2022, the Cosmetic & Personal Care Products Segment to Dominate the Liquid Botanical Extracts Market

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. The large share of this segment is mainly attributed 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 using powdered extracts, as they can be directly added to the formulations without the need to be dissolved beforehand.

In 2022, the Solvent Extraction Segment to Dominate the Liquid Botanical Extracts Market

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. The large share of this segment is mainly attributed to the factors such as 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. However, the supercritical CO2 extraction segment is expected to witness a rapid growth of the global liquid botanical extracts market during 2022-2029.

In 2022, North America is Expected to Dominate the Overall Liquid Botanical Extracts Market

Geographically, the liquid botanical extracts market is segmented into North America, Europe, Asia-Pacific, Latin America, and the 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 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 focus on 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.

Key Players

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.

Scope of the Report:

Liquid Botanical Extracts Market, by Source

• Spices
• Herbs
• Fruits
  • Mangoes
  • Pomegranate
  • Grapes
  • Other Fruits
• Flowers
• Roots
  • Beetroots
  • Others
• Tea Leaves
• Other Sources

 Liquid Botanical Extracts Market, by Application

• Cosmetics & Personal Care Product
  • Skincare Products
  • Hair Care Products
  • Body Care Products
  • Decorative Cosmetics Products
  • Perfumery Products
  • Oral Care Products
  • Other Cosmetics & Personal Care Products
• Beverages
  • Non-alcoholic Beverages
    • Carbonated Soft Drinks
    • Flavored Dairy Products
    • Sport Drinks
    • Ice Tea
    • Other Non-alcoholic Beverages
  • Alcoholic Beverages
• Pharmaceuticals
  • Food
  • Bakery and Confectionery
  • Sauces and Dressings
  • Other Food Applications
• Other Applications

Liquid Botanical Extracts Market, by Technology

• Solvent Extraction
• Cold Pressing
• Steam Distillation
• Supercritical CO2 Extraction
• Ultrasound-Assisted Extraction
• Enfleurage
• Other Technologies

Liquid Botanical Extracts Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Netherlands
  • Belgium
  • Rest of Europe (RoE)
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Malaysia
  • Indonesia
  • Rest of APAC (RoAPAC)
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America (RoLATAM)
• Middle East & Africa

Key Questions Answered in the Report-