North America Botanical Ingredients Market

North America Botanical Ingredients Market Size, Share, Growth (2023-2028)

North America Botanical Ingredients Market was worth USD XX million in 2023 so it is projected to grow at USD XX million by 2028, growing at a CAGR of XX%.

These products are produced in solid, semi-solid, and liquid forms because they are extracted through the solvent extraction process of these raw materials. In addition, botanical ingredients are frequently used in cosmetics to enhance their quality. Increasing health and wellness trends with the consumption of natural health products, rising demand for convenience food, growing awareness of the benefits of herbal products over synthetic products, and rising demand for botanical extracts in food and other applications are some of the major factors expected to drive the demand for botanical ingredients market.

Recent Developments 

• In 2018, Frutarom strengthened its presence in the burgeoning and lucrative natural active fine ingredients market for the cosmetics industry. It spent $21 million to buy IBR – Israeli Biotechnology Research – a creator, producer, and distributor of active natural fine ingredients for the cosmetics and dietary supplement industries.

• The Wickliffe-based Lubrizol Corporation has acquired Laboratoire Phenobio, a French supplier of natural extracts and other active substances.

North America Botanical Ingredients Market Growth

Drivers

Raising demand for healthy patterns in the pharmaceutical and food and beverage industries, combined with rising awareness among consumers of health and safety, is expected to boost the market for botanical ingredients. Customers continue to push the limitations for clean label products, influenced by the ongoing fitness & wellbeing fashion and strive for integrity in foods and beverages. Actual utilization has not only become a significant food and beverage pattern, but it has also progressed buyer purchasing behavior. Ginseng, echinacea, Ginkgo Biloba, and garlic are among the best-selling botanicals in the United States. Ginkgo biloba has gained popularity in the United States as an herbal treatment for it. On the other hand, Ginseng is well known for its high concentration of phenolic compounds, ginsenosides, and saponins, such as carotenoids and carbohydrates. As a result of the numerous therapeutic properties, the botanical ingredient market is anticipated to grow significantly during the forecast period.

Restraints

The integrity of ingredients is debatable due to many players in the market, which will act as a limitation and would further challenge the development of the botanical ingredients market in the upcoming years.

Market Segmentation

The North America Botanical Ingredients Market is segmented by Source, Form, and Application.

By Source

• Fruits

• Herbs

• Spices

• Flowers

• Others

The market can be categorized into Fruits, Herbs, Spices, Flowers, and Others. The spice category has the leading market share. It is forecasted to increase significantly due to changing consumer preferences and a rise in the pattern of trying new dishes, contributing to the increase in the consumption of spices. Spice ingredients companies benefit from expanding their flavor portfolio by changing consumer tastes. Botanical ingredients are extracted from essential sources using a solvent extraction technique. They are botanical and therefore can exist as a liquid, solid, or semi-solid. Such components are causing a spike in the production of cosmetics to increase their quality.

Moreover, the constituents are becoming highly prevalent in the packaged food and beverage manufacturing industries for improving nutritional profiles. The floral form segment is predicted to contribute to the high percentage of the botanical ingredient market, attributing to changing lifestyles and a preference for a luxurious and healthy life, which has fueled the overall growth of the horticulture and botanical flower segment. These compounds are causing a rush in the production of cosmetic items to increase quality. Herbs are expected to drive the botanical ingredients market due to their widespread use in traditional therapies. Herb-based pharmaceutical products are increasing global popularity due to their health benefits, such as helping to improve the immune system, balance hormones and metabolism, and are less expensive than traditional drugs.

By Form

• Powder

• Liquid

• Others

The market can be categorized into Powder, Liquid, and Others. The powder form segment held the most significant market share in 2019 and is predicted to grow significantly throughout the forecast period. This is due to its widespread use in various applications, including bakery and confectionery, sauces and dressings, meat, soy, dairy, dietary supplements, and medications. In addition, there is a rising need to improve various ways of controlling plant diseases. Ancient civilizations frequently used botanical plants extracted as a powder to enhance the palatability of foods and beverages and their preservation properties. Because of its long shelf life and simplicity, the segment is expected to impact the market positively. Because of its long shelf life and ease of use, the category is expected to positively influence the business for botanical ingredients in personal care and beauty products.

By Application

• Cosmetic & Personal Care

• Dietary Supplements

• Food & Beverages

The market can be categorized into Cosmetic & Personal Care, Dietary Supplements, and Food & Beverages. In 2019, the food and beverage application sector had the most significant market share. The segment is predicted to develop significantly as demand for ready-to-eat food rises, resulting in an expansion in the manufacturing industry. Botanical components in functional meals are employed in a variety of applications. Furthermore, as technology advances, these goods are projected to be used in various specialist applications. Consumers who suffer from ailments connected to weight management, clinical nutrition, digestive health, immunity, and cardio fitness frequently utilize these goods. In general, the expense of treating cardiac disease and diabetes is expensive. As a result of rising healthcare and pharmaceutical expenditures, consumers are turning to self-care and healthy eating practices, driving up demand for botanical ingredients. The cosmetic and personal care industry is estimated to contribute significantly to the market for botanical components in the future years. Botanical skincare ingredient manufacturers provide natural details that meet consumer safety and quality criteria. As clients prefer genuine components-based goods, beauty and personal care industries are continually discovering new herbal compounds.

Regional Analysis

• U.S

• Canada

• Rest of North America

North America held the largest share of revenue in 2019, accounting for 35.8 percent, and is projected to witness increased demand during the forecast period due to the increasing use of items with low-calorie levels and high nutritional content. Furthermore, increased dietary product consumption awareness in Mexico due to new product launches is expected to broaden the application scope over the forecast period. Again, in the coming years, rising nutritional enrichment knowledge among working professionals in the United States and Canada for sustaining balanced nutrition in the human body is expected to boost the intake of dietary supplements. Furthermore, increased popularity for herbal medicines among individuals in the United States and Canada due to deep concern about the harmful effects of conventional pharmaceutical drugs are likely to drive market growth throughout the forecast period.

Impact of COVID-19 on North America Botanical Ingredients Market

The ongoing pandemic COVID-19, which has persistently hammered the commerce and production companies, is projected to impede the expansion of the market for botanical ingredients. The significant drop in commerce has made it difficult for producers to sell their products in the United States and Canada. However, as the pandemic has progressed, people have become more cautious and conscious of the use of synthetic chemical-based food and skincare goods, preferring natural colorant-based plant juice products, which provide more significant and longer-lasting protection from viruses and germs. As a result, the market for botanical components is predicted to expand significantly throughout the forecast period.

North America Botanical Ingredients Market Key Players

Major Players in the North Botanical Ingredients Market are 

• Saba Botanical

• PT. INDESSO AROMA

• BERJÉ INC

• Ambe Phytoextracts Pvt Ltd

• The Green Labs LLC

• New Directions Aromatics Inc.

• Rutland Biodynamics

• The Herbarie at Stoney Hill Farm, Inc.,

• Lipoid Kosmetik AG

• Bell Flavors & Fragrances

• Frutarom Ltd.