London, Feb. 15, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled “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”, published by Meticulous Research®, 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.
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Botanical extracts are directly originated from plants. Liquid botanical extracts are natural products derived from spices, herbs, fruits, flowers, roots, and tea leaves, among others. In the food & beverage industry, botanical extracts modify flavor, aroma, or nutritive quality and extend shelf life. They also support the health, texture, and integrity of skin, hair, and nails and are widely used in cosmetic formulations.
The Impact of COVID-19 on the Liquid Botanical Extracts Market
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 extracts, for the next few years.
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Liquid Botanical Extracts Market Overview
The liquid botanical extracts market is segmented on the basis of source (herbs, spices, fruits, flowers, roots, tea leaves, and other sources), application (cosmetics & personal care product, beverages, pharmaceuticals, food, and other application), technology (solvent extraction, cold pressing, steam distillation, supercritical CO2 extraction, ultrasound-assisted extraction, enfleurage, and other technologies), and geography. The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on source, the herbs segment is expected to account for the largest share of the global liquid botanical extracts market in 2022. 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. The growth of this market is mainly due to the growing demand for flower liquid extracts in the skincare industry, the growing awareness about the benefits of flower liquid extracts, and the increasing sales of skincare products.
Based on application, the cosmetics & personal care products segment is estimated to account for the largest share of the overall liquid botanical extracts market in 2022. 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 powdered extracts, as they can be directly added to the formulations without being dissolved beforehand.
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Based on technology, the solvent extraction segment is estimated to account for the largest share of the overall liquid botanical extracts market in 2022. 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 rapid growth during the forecast period.
Geographically, in 2022, North America is estimated to account for the largest share of the global liquid botanical extracts market owing to the 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 region is estimated to witness a rapid growth of the global liquid botanical extracts market during the forecast period of 2022—2029 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 concerns about 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 operating in the global liquid botanical extracts market 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.
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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
- Non-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
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