The global Food Botanicals Market is estimated to reach US$ 1.40 billion in 2021. It is likely to accelerate at a robust 3.2% CAGR from 2023 to 2033. This should propel the market’s value to a mammoth US$ 1.95 billion in 2032.
The market for food botanicals has expanded to unprecedented levels due to the therapeutic qualities of these products as well as consumer demand for functional meals. But the use of modern medicines, possible safety risks, and a lack of dose guidelines could hinder the market’s expansion.
Nonetheless, the growing preference for organic goods, as well as technical improvements in the area, present significant growth prospects for the food botanicals market over the forecast period.
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Within the global market for food botanicals, the appeal of food products created from plant materials has been at the forefront of growth. Furthermore, the demand for herbs and spices has been increasing at an exponential rate, contributing to the overall expansion of the global food botanicals market.
Botanicals are widely used in food and dietary supplements because they have a variety of qualities that aid in the improvement and maintenance of health. Botanicals are available in a variety of forms, including dried or fresh items, tablets, liquid, capsules, and powder.
Key Takeaways from the Market Study
- The food botanicals market is expected to expand at CAGRs of 8% and 9.3% in Latin America and the Middle East & Africa, respectively, through 2032.
- Market share of South Asia and Oceania is 18.3% and 9.6%, respectively, in 2022, as the plant-based protein is in great demand amongst vegetarians, and this factor is expected to create lucrative opportunities within the global market for food botanicals.
- The numerous varieties of food botanicals available on the market, together with improvements in the global food sector, will drive the worldwide food botanicals market to record high revenues.
- Among the source segment of the food botanicals market, the leading category is the plant, which represents 32.4% market share in 2022, and is anticipated to grow up to 35.8%, with a CAGR of 5.7%.
“The availability of well-known botanicals as dietary supplements is driving market expansion globally. Food botanicals are also growing in popularity in Europe and North America as a result of increased research and development.” says a Future Market Insights analyst.
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Competitive Landscape
Manufacturers are focusing on the opportunity as the crucial driver driving the worldwide food botanicals market is the rising prevalence of chronic diseases such as diabetes, cardiovascular disease, and arthritis, as well as the long-term use of modern pharmaceuticals, which leads to additional negative effects.
In addition, the growing use of botanicals in the cosmetics industry, particularly in hair and skincare products, is expected to propel the sales of the global food botanicals market benefitting the manufacturers.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global food botanicals market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
Market Taxonomy: Food Botanicals Market
The report offers a detailed analysis of all the market segments in the report, along with a detailed description of all the stages through which food botanicals pass before reaching end-users. These stages include raw material suppliers, manufacturers, and end-users. The report also comprises key metrics such as year-on-year growth, revenue, market size, absolute dollar opportunity, CAGR, basis point share, and other key numbers.
Region :
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
Source :
- Plants
- Algae
- Fungi or Lichens
Form :
- Dried Plants and Leaves
- Oelioresins
- Essential Oils
- Other Form
Application :
- Beverages
- Confectionery
- Supplements
- Flavor Enhancers
- Other Applications
End Users :
- Commercial
- Residential
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains anssssd industry trends across more than 110 countries.
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