Botanicals are fresh or dried plants/ plant parts valued for its medicinal or therapeutic properties, flavour, and/or scent. They are extracted in water, ethanol, or other organic solvents, essential oils, oleoresins, and other extractives. They can be bought over the counter in pharmacies, supermarkets, specialist shops and via the internet.
Asia Pacific dominates the global botanicals market in terms of revenue owing to increasing demand for food botanicals in dietary supplements
Increasing adoption of food botanicals for flavour, fragrance or technical characteristics in cosmetics and food industries is a key factor driving growth of the global food botanicals market. In addition, rising adoption of vegetarian lifestyle by individuals resulting in the increasing use of plant-based proteins and botanicals in the food and beverages is another factor expected to drive growth of the target market over the forecast period. Additionally, technological advancements in order to develop new botanicals ingredients is other factor expected to support growth of the global botanical market.
Increasing preference for modern medicines as compared to botanicals, lack of dosage instructions, and poison risk associated with botanicals are some factors expected to restrain growth of the global market.
The global botanicals market report has been segmented on the basis of source, applications, end user, and region. On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Currently, the market in Asia Pacific dominates the global botanicals market in terms of revenue owing to increasing demand for food botanicals in dietary supplements, and increasing number of individuals opting for vegetarian diet in the region. The market in North America is expected to account for second-highest revenue share contribution in the global market, followed by markets in Europe, Latin America, and Middle East & Africa respectively. This is attributed to increasing usage of botanicals in producing dietary supplements, functional foods and beverages in countries in the region.
Some key players in the global wound closure products market include Ricola AG, Dabur Company, Himalaya, Tyson Foods, Inc., Kerry Group Plc., Omega Protein Corp., Naturalife Asia Co., Bayer AG, Bio-Botanica Inc., Himalaya Drug company NBTY Inc.