The food botanical industry in the United States is projected to grow at a CAGR of 2.1%. Market Survey on Food Botanicals Market Covering Sales Outlook, Up-to-date Key Trends, Market Size and Forecast, Production Capacity, Export and Import Analysis, Regulations, Trade Analysis, Brand Analysis and Pricing Analysis.

NEWARK, DE / ACCESSWIRE / July 31, 2024 / The anticipated advancement of the global food botanical market size is likely to adhere to a sluggish CAGR of 2.2% through the forecast period. This sluggishness is due to the high market saturation and the state of maturity attained by the industry. The projected value of the market is likely to reach USD 272.8 billion by 2034, which is likely to be measured at USD 219.4 billion in 2024.

The culinary culture has been flourishing. Several new dishes and food items are being introduced in the industry. Owing to the ongoing development of the culinary culture, prospects for food botanicals are likely to spur, thereby driving the demand for novel ingredients.

Owing to the augmented consumer demand for innovative dishes and key culinary specialties, the need for food botanicals is likely to be pushed in the estimated period. This is a key driving force, creating several lucrative growth opportunities for leading organizations in the industry.

With the emergence of social media, awareness about healthy eating and better food preparation practices has spurred. This benefits the competitive landscape as consumers are shifting toward eco-friendly food preparation practices.

The surging popularity of alcohol and other beverages is spurring the demand for food botanicals, augmenting the size of the market. The rising number of alcohol consumers proves to be a key opportunity for leading firms in the industry.

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Key Takeaways from the Market Study

• The market is projected to adhere to a CAGR of 2.2% , which was measured in the historical period as well.

• Owing to the market occupancy of firms operating in various categories, the Tier 1 category is observed to have secured 40% of the industry.

• The Tier 3 category holds 51.3% of the share, whereas the Tier 2 category is likely to hold a mere 8.7% of the market revenue.

• Italy is projected to advance sluggishly at a CAGR of 2.6% through the forecast period.

• The category of dried plants and leaves governs the form segment and promises to hold 34.5% of the industry share in 2024.

"The rising prevalence of medical conditions like allergies is projected to hamper the progress of the market. However, companies are anticipated to conduct research activities to discover innovative products," says Nandini Roy Choudhury , Client Partner at Future Market Insights

Commercial Segment to Emerge as the Largest End-User of Food Botanicals

Compared to the residential segment, the commercial segment is likely to emerge as the largest end-user of food botanicals. The commercial segment is estimated to hold the majority of the food botanicals market share.

This segment would primarily include Food processing companies and pharmaceutical companies that are using botanicals on a large scale to produce a better product with increased health benefits. Botanicals are used in producing dietary supplements, functional foods, and beverages.

APEJ to Dominate the Global Market for Food Botanicals

Asia Pacific Excluding Japan (APEJ) is likely to remain dominant in the global market for food botanicals. Countries such as India, China, and Australia are witnessing increasing demand for natural food and dietary supplements. Moreover, a traditional practice in various countries in APEJ is driving the usage of botanicals including basil, ginger, turmeric, etc.

This is likely to fuel the market for food botanicals in the region. Meanwhile, North America and Europe are also likely to see significant growth in the assessment period. The availability of well-known botanicals as dietary supplements in the U.S. and Western Europe are driving the market growth in both regions. Also, the rise in research and development activities is resulting in the growth of food botanicals in Europe and North America.

Competition Outlook

With the highly saturated food botanical market, various barriers are created for emerging players and new entrants. Pertaining to a stable environment for operating a smooth business, the saturated market does not offer stability.

To cater to the threat, new entrants can choose to penetrate emerging areas and countries with the help of exporting. Product differentiation can be another key tool to aid desired outcomes.

Existing players and large-scale businesses operating in the Tier 1 category, on the other hand, are observed to have expanded globally and have gained better stability. Owing to a better technological infrastructure, such firms can produce a stable outcome.

Mergers, acquisitions, strategic collaborations, and partnerships are a few vital strategic initiatives that leverage a consolidated position and a sustainable edge to such firms over competitors. Some of the recent developments that augment the worldwide food botanical market size are as follows-

• In May 2024, Olam International acquired Avisen SARL . This move helped the organization gain more space in the industry.

• In July 2024, Kalsec Inc. partnered with Thimus , aiming to launch T-Box. The move helped the organization gain a decisive edge over competitors.

Leading Food Botanicals Brands

• Olam International

• Frutarom Ltd

• Kalsec Inc

• Döhler GmbH

• MB-Holding GmbH & Co. KG

• Synergy Flavors

• Blue Sky Botanics

• Bayer AG

• Naturalife Asia Co.

• Cargill Inc.

• Kerry Group Plc

• Naturex SA

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Key Segments of Market Report

By Source:

Based on the source, the food botanicals market is divided into plants, algae, fungi or lichens.

By End User:

Based on the end user, the food botanicals market is bifurcated into commercial and residential.

By Form:

Based on the form, the food botanicals market can be divided into the following segments: dried plants and leaves, oleoresins, essential oils, and other forms.

By Application:

Based on the application, the food botanicals market can be divided into the following segments: beverages, confectionery, supplements, flavor enhancers, and other applications.

By Region:

The sector has been analyzed with the following regions covered: North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East and Africa.

Authored by:  

Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.   

She has exceptional analytical skills and often brings thought leadership to the table.  

Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results. 

Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor's Degree in Electrical Engineering from Nagpur University, India.  

Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor. 

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The demand for botanical ingredient market is projected to experience steady and noteworthy growth, CAGR of 7.3%. The market size is expected to make a significant leap from USD 185.91 billion in 2024 to USD 374.84 billion by 2034.

The global botanical sugar market size is projected to grow from USD 108.5 million in 2023 to USD 245.3 million by 2033. This growth is expected to be driven by a robust CAGR of 8.5% over the period.

The global botanical supplements market size is forecasted to grow from USD 71,963 million in 2023 to USD 95,703.2 million by 2033, with a 3% CAGR.

The global demand for botanical flavors is expected to reach USD 8233.6 million in 2023 and grow at a CAGR of 8.6%, reaching USD 18,871 million by 2033.

The global food preservatives market size is projected to reach USD 2,965.62 million in 2023 and grow at a CAGR of 6.8%, reaching USD 5,725.70 million by 2033.

The demand for food additive market is expected to reach USD 310.9 billion in 2024, with a robust CAGR of 7.2% projected to increase the market value to USD 551.4 billion by 2034.

The global food enzyme market size is projected to grow from USD 2,672.8 million in 2024 to USD 4539.2 million by 2034, sales is expected to rise at a CAGR of 5.4% over the next decade.

The demand for food premix market is anticipated to reach USD 1.9 billion in 2024. Sales are projected to grow at a CAGR of 5.2% over the next decade, reaching USD 3.3 billion by 2034.

The food and beverage additive market size is anticipated to be valued at USD 65.20 billion in 2024, registering a CAGR of 5.80%. The market is foreseen to reach USD 104.79 billion by 2034

The GCC functional food market size is expected to generate approximately USD 30.9 billion by 2032, with a projected CAGR of 11% from 2022 to 2032.

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