According to the recent study the botanical marketis projected to grow at a CAGR of 8%-9% from 2020 to 2025. Growth in this market is primarily driven byincreasing consumer awareness on health and wellness products, rising demand of natural flavors in food applications, and preference for natural health products.
Browse XX figures / charts and XXtables in this 150 -page report to understand trends, opportunities and forecast in botanicalmarketby source (spices, herbs, flowers, and tea leaves), form (powder and liquid), application (food, beverage, cosmetics, and pharmaceuticals), and region (North America, Europe, Asia Pacific, and Rest of the World).
“Spices market is expected to remain the largest segment during the forecast period.”
Based on source, the botanicalmarket is segmented intospices, herbs, flowers, and tea leaves. Lucintel forecasts that the spicesis expected to witness the largest segment over the forecast period due to changing lifestyles and trend of exploring and experiencing new foods have led to the growth in the demand for spices.
“Within the botanicalmarket, the foodsegment is expected to remain the largest application”
Based on application, the food segment is expected to witness the largest application over the forecast period due to high demand for bakery and confectionery products, along with the increase in preferences for natural flavoring agents.
“Asia Pacificwill dominate the botanicalmarket in near future”
Asia Pacificis expected to be the largest region over the forecast perioddue to consumer preference towards natural products and increasing concerns about healthy lifestyles.
