Botanicals Market Projections | Market Share by 2033

Botanicals Industry Growth Rate | Current & Future Outlook

Report Overview:

The global botanicals market was valued at approximately USD 161.9 billion in 2023 and is projected to grow at a CAGR of 6.8%, reaching USD 312.6 billion by 2033.Fresh botanicals currently dominate the market, accounting for nearly 74% of the share, driven by consumers’ preference for less processed, more “natural” ingredients.

Key Takeaways:

• The global botanicals market will be valued at US$ 161.9 Billion in 2023.
• The global botanicals market is projected to reach US$ 312.6 Billion by 2033.
• Among forms, fresh botanicals accounted for the largest market share of 74.0%.
• Among sources, root botanicals accounted for the majority of the market share with 27.4%.
• Based on application, pharmaceuticals are expected to account for the largest market share in 2023 with 40.1%.
• Increasing demand for natural and organic products is expected to drive the market.
• Europe is the leading region in the global market with a revenue share of 34.6%.

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Key Market Segments:

By Form

• Fresh
• Extracts

By Source

• Roots
• Fruits
• Flowers
• Leaves
• Herbs
• Spices
• Others

By Application

• Pharmaceuticals
• Food and Beverage
  • Alcoholic Beverages
  • Sauces and Dressings
  • Bakery and Confectionery
  • Non-alcoholic Beverages
  • Others
• Dietary Supplements
  • Tablets
  • Capsules
  • Soft Gels
  • Powders
  • Gummies
  • Liquids
  • Others
• Personal Care & Cosmetics
• Others

Drivers:

Consumers today are increasingly health-conscious and pursuing natural, functional ingredients. That shift supports botanical products not just in food and cosmetics, but especially in pharmaceuticals. Pharmaceutical companies are investing heavily in research and regulatory approval for botanical-based medicines.

Opportunities:

There’s growing room to expand into Western and emerging Asia Pacific markets, especially in health and wellness categories. Demand for botanicals in cosmetics, dietary supplements, and functional foods continues to rise. New product formats like botanicals in energy drinks or immune-support blends also open doors.

Restraints:

Botanical ingredients are sensitive to climate and environmental changes. Overharvesting, habitat loss, and climate unpredictable patterns threaten supply. Regulatory barriers and standardization hurdles pose further challenges, as botanical materials can vary widely in composition and quality. Compliance costs can limit entry, especially for smaller companies.

Trends:

Emerging synthetic or biotech-derived alternatives may compete on cost and consistency. Large-scale overfarming could degrade resources and lead to supply shortages. Also, stricter biodiversity and conservation laws may restrict access to certain plant sources, inflating costs or limiting availability.

Market Key Players:

• The Archer-Daniels-Midland Company
• International Flavors& Fragrances, Inc.
• Koninklijke DSM N.V.
• Givaudan
• Carbery Group
• Sidomuncul
• Martin Bauer GmbH & Co. KG
• Bell Flavors & Fragrances
• Lipoid-Kosmetik
• Prakruti Products
• Eu Yan Sang
• Herbanext Laboratories, Inc.
• Ransom Naturals Ltd
• Blue Sky Botanics
• Indesso
• Other Manufacturers

Conclusion: