The botanical extracts market was valued at USD 3.60 billion in 2016 and is projected to grow at a CAGR of 9.0% from 2017, to reach a value of USD 6.03 billion by 2022. The basic objective of the report is to define, segment, and project the global market size of the botanical extracts market on the basis of source, application, product form, and region. It will also help to understand the structure of the botanical extracts market by identifying its various segments. The other objectives include analyzing the opportunities in the market for the stakeholders, providing the competitive landscape of the market trends, and projecting the size of the botanical extracts market and its submarkets, in terms of value (USD Million) and volume (KT).
Botanical extracts are used as ingredients in the food & beverage industry to modify flavor, aroma, or nutritive quality. Botanical extracts also impart properties such as enhanced flavor and extended shelf life and also reduce microbial spoilage. They are extracted from the tissue of a plant, usually by treating with a solvent such as alcohol or water. The global botanical extracts market was valued at USD 3.60 billion in 2016 and is projected to reach USD 6.0 million by 2022, at a CAGR of 9.0% during the forecast period.
The growth in demand for convenience foods is projected to be one of the major drivers of botanical extracts such as spice extracts during the forecast period. This market is greatly influenced by the changes in consumption patterns of consumers who are seeking natural flavors in their food instead of synthetic ingredients due to the rising health awareness. The growing trend toward clean label products, which are slowly becoming mandatory across the globe, is also driving the market growth for botanical extracts and in turn compelling food manufacturers to develop new formulations and products to cater to the rising consumer demand for healthier food products. The increasing application of various botanical extracts such as spice & herb extracts, in combination with other ingredients, in various food products to enhance the flavor, is another factor expected to drive the botanical extracts market growth across the globe.
Food&farming 