Market Size of Botanicals Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 113.48 Billion |
| Market Size (2029) | USD 156.43 Billion |
| CAGR (2024 - 2029) | 6.63 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Botanical Market Analysis
The Botanicals Market size is estimated at USD 113.48 billion in 2024, and is expected to reach USD 156.43 billion by 2029, growing at a CAGR of 6.63% during the forecast period (2024-2029).
Botanicals have very efficient medical properties. Botanicals are derived from plants. Specifically, in the health and wellness field, this term refers to plants or parts of plants with medicinal value or health benefits. Botanicals are modified into botanical preparations, botanical drugs, and essential oils. With rising concerns about the safety, cost, and adverse effects of conventional pharmaceutical drugs, these are gaining popularity. Botanical health products are now widely available Botanicals are derived from plants. Specifically, in the health and wellness field, this term refers to plants or parts of plants with medicinal value or health benefits. Botanicals are modified into botanical preparations, botanical drugs, and essential oils. With rising concerns about the safety, cost, and adverse effects of conventional pharmaceutical drugs, these are gaining popularity. Botanical health products are now widely available. Rising health consciousness has increased concerns over diet, and enhanced care towards preventive healthcare has made consumers use botanicals. After the COVID-19 pandemic, people have become very health conscious, and they are more keen on using products that have medical properties. Furthermore, the emergence of new application areas, such as functional beverages, in accordance with the evolution of consumer needs opens doors for new product development opportunities. Consumers who want clean-label and sustainable ingredients are attracted to products that contain botanicals. However, the use of botanical ingredients, such as sage leaf and rose petal, is also growing in categories including bakery, dairy, and confectionery. Among foods and beverages, consumers tend to consider botanical "premium" ingredients. Local palates and availability dictate which botanicals are most popular. Botanical extracts can be found in a growing number of product launches across all major segments, from beverages to baked goods and dairy products to savory categories such as soups, sauces, and snacks. Likewise, they are set to play a bigger role in plant-based dairy and meat alternatives since they provide both sensory value and transparency in terms of product labeling.
