Global Botanical Extract Market
Global Botanical Extracts Market Size, Share, Growth, Emerging Trends, Investment Opportunities and Forecast
According to Verified Market Research, the Global Botanical Extracts Market was valued at USD 6.75 Billion in 2018 and is projected to reach USD 18.06 Billion by 2026, growing at a CAGR of 13.40% from 2019 to 2026.
Botanical extracts are defined as the plant-based products that are used for its medicinal or therapeutic properties, flavor, and/or scent. Botanical materials used include whole, fragmented or cut plants, plant parts, plant products (such as exudates) algae, fungi, and lichens. All preparations obtained from botanicals by various processes such as pressing, squeezing, extraction, fractionation, distillation, concentration, drying up and fermentation.These products are also known with a few other names that include herbal medicines, dietary herbal supplements, phytomedicines, and phyotherapeutic agents. In contrast to pharmaceuticals, botanicals are not highly purified or chemically modified medicines and also, they do not involve the identification of active constituents and biological activity characterization.
Rising demand for botanical extracts in the pharmaceutical and cosmetic sectors is one of the major factors contributing to the growth of the market. These extracts isolated from plants are used for many cosmetic applications such as derma protection & regeneration, soothing & anti-inflammation, moisturizing, brightening & lightening, hair care, aging, and many others. In the pharmaceutical industry, these extracts are used in different therapies for the purpose of cure, treatment or prevention of diseases.
With the prevalence of chronic and lifestyle diseases, emerging medical conditions require a more novel approach that cures the disease and reduces the occurrence of side effects. Botanical drugs can be used as an alternative to allopathic medicines. These drugs are composed of natural substances that have constituents with health-enhancing or medicinal activities. Therefore, the rising awareness regarding the side effects of allopathy medicines is another driving factor for the market. However, the availability of artificial flavors as a substitute in the market might hinder the overall growth.
On the basis of application, the market for pharmaceuticals accounted for the largest market share and is expected to grow at the highest CAGR followed by cosmetics over the forecast period. In the pharmaceutical sector, botanical drugs composed of natural substances having constituents with health enhancing or medicinal activities are used. These extracts are used in different therapies for the purpose of cure, treatment or prevention of diseases. Botanical therapeutics are available in the form of dietary supplements, drugs, or botanical drugs and can eventually hold the status of currently registered pharmaceuticals through regulatory offices such as the FDA if they surpass clinical trials and demonstrate efficacy and safety.
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