According to the report published by Zion Market Research, the global Food Botanicals Market size was valued at USD 591.24 Million in 2023 and is predicted to reach USD 1068.83 Million by the end of 2032. The market is expected to grow with a CAGR of 6.8% during the forecast period.
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Market for Food Botanicals: Factors of Growth
Botanicals are dried or fresh plants, plant parts, or plants, separated or combined chemical components extracted in ethanol, water, other organic solvents, essential oils, oleoresins, and other extracts to be utilized for fragrance, flavoring, functional health benefits, medication, etc. Plant-based food products are becoming rather popular worldwide. Mostly utilized in the cooking, drink, and medicine preparation are herbs and spices.
The main predicted driver of the food botanicals industry worldwide in the future is the growing frequency of chronic disorders. Moreover, advancements in technology seen in the food and beverage sector will boost the usage of numerous botanical components in addition to future new ingredient discovery. Plants and algae, botanicals and derivatives derived from lichens or fungus, have become somewhat widely available on the European market as food supplements with different health advantages. Supermarkets, pharmacies, specialized stores, and internet markets all sell these natural foods over-counter.
Modern manufacturing methods applied in the production of certain food products have been driving demand for food botanicals. The food sector makes extensive use of plant-based components since edible plant products have great nutritional worth. Over the course of the forecast, all above mentioned elements should propel the worldwide food botanicals market.
The study also provides the Porter’s Five Forces model analysis and market attractiveness to evaluate the competitive environment of main suppliers of the worldwide food botanicals market. This extensive study also offers a thorough examination and summary of every component covered in it.
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The Global Food Botanicals Market is segmented based on product, application and region
Global Food Botanicals Market: Product Segment Analysis
● Plants
● Algae
● Lichens or Fungi
Global Food Botanicals Market: Application Segment Analysis
● Beverages
● Supplements
● Confectionery
● Flavor Enhancers
● Others
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The Global Food Botanicals market profiles key players such as:
● Tyson Foods
● Omega Protein Corporation
● Himalaya Drug Company
● Bayer AG
● Bio-Botanica Inc
● Marfrig Group
● Arcadian Organic and Natural Meat
● Kerry Group
● Frutarom Industries
● Verde Farms
● Associated British Foods
● Lipoid Kosmetik
● Naturalife Asia
● BRF
● Pilgrim’s Pride Corporation
● Ricola AG
Market for Food Botanicals: Local Views
Over the projected time span, the Asia Pacific region is likely to dominate the worldwide food botanicals market by region. This can be explained by the growing demand for natural food and dietary supplements as well as by the customs in many Asian nations using botanicals including turmeric, basil, ginger, etc. Thanks to growing research and development activities and easy availability of botanicals as dietary supplements in the U.S. and Germany, North America and Europe are probably going to have significant revenue shares of this global market in the years ahead.
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