The worldwide food botanicals market size is expected to be USD 219.4 billion in 2024. The sector’s progress is expected to happen at a CAGR of 2.2% from 2024 to 2034. By the end of the forecast period, the food botanicals industry value is slated to hit USD 272.8 billion.
Demand for botanicals in food is accelerating due to the rising number of vegetarian and vegan consumers. While adopting plant-based diets, these consumers want to ensure that health is not skimped on. Thus, there is greater demand for botanicals in food.
Food botanicals’ therapeutic properties, as well as consumer demand for functional foods, have propelled the market for food botanicals to new heights. However, a lack of dosing directions, potential toxicity hazards, and the adoption of contemporary treatments may stymie the market’s growth.
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.
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.
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.
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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