The report offered by Future Market Insights (FMI) expects the global food botanicals market to witness sluggish growth. The market is projected to register 3.0% CAGR during 2017-2026. The global food botanicals market is also projected to bring in US$ 1,538,534.2 million revenue by the end of 2026.
Botanicals including various plants have gained popularity in various food products. More than 250 botanicals including fresh or dried plants, plant parts in the form of concentrated extracts are added during the processing of the food products. Botanicals are mainly added to provide fragrance, colour, flavour to various food products. Among various botanicals used in food products, many botanical ingredients are generally recognized safe by various regulatory bodies.
Increasing consumption of herbal products and supplements is driving the demand for botanicals in the food and beverages industry. Owing to the characteristics of botanical ingredients including intrinsic health properties is resulting in the increasing use of botanicals in food products. Manufacturers or producers are also investing in research of new botanicals or plants that can be used in various food products offering a unique taste and lots of health benefits. Changing lifestyle and increasing consumption of dietary supplements including natural ingredients is also driving the market growth.
However, stringent regulations, increasing concerns over raw materials, and increasing number of people suffering from various food allergies are some of the factors hampering the growth of the global food botanicals market. Companies producing beverages energy drinks and non-alcoholic drinks are also focusing on introducing new products using botanical ingredients to offer a unique product with enhanced flavors.
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Key Insights on the Global Food Botanicals Market
The global food botanicals market is segmented into form, source, end users, application, and region. Based on the source, the market is segmented into plants, algae, and fungi or lichens. Plants are expected to witness the highest growth. By the end of 2026, plants are projected to surpass US$ 992,600 million revenue.
On the basis of form, the segmentation includes dried plants and leaves, oelioresins, essential oils, and other forms. Among the given forms, dried plants and leaves are expected to be the most preferred form of food botanicals. Dried plants and leaves are projected to bring in close to US$ 624,900 million revenue by the end of the forecast period.
Based on the application, the global food botanicals market is segmented into beverages, confectionary, supplements, flavour enhancers, and other applications. Supplements are anticipated to be the largest segment in terms of application. Supplements are projected to surpass US$ 521,800 million revenue towards the end of 2026.
On the basis of end users, the market is segmented into commercial and residential. Commercial segment is expected to witness the fastest growth during the forecast period. By the end of 2026, commercial segment is projected to generate more than US$ 931, 200 million revenue.
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Geographically, the global food botanicals market is expected to witness the fastest growth in the Asia Pacific Excluding Japan (APEJ). Increasing consumer awareness about the benefits of health supplements, growing demand for plant-derived food, medicines, and supplements in the countries such as China and India are some of the factors driving the food botanicals market in the region. Rising demand for superfoods, protein products and herbal extract powders in APEJ is also contributing to the growth of the market.
Kerry Group Plc, Marfrig Group, BRF S.A., Pilgrim’s Pride Corporation, Associated British Foods Plc., Tyson Foods, Inc., Arcadian Organic & Natural Meat Co, and Verde Farms, LLC, are some of the major companies operating in the global food botanicals market.