Food Botanicals Market: Global Industry Analysis 2012 - 2016 & Opportunity Assessment 2017 - 2026
NEW YORK, July 9, 2018 /PRNewswire/ --
Food products made using plants are being adopted on a large scale globally. Some botanicals used in foods are in form of spices and herbs that are being used in various foods, drugs and beverages. Increasing prevalence of chronic diseases is driving the demand for botanical drugs and food products which are considered to be safer and economic. Moreover, technological advancements in the food industry is also driving the use of various botanical ingredients along with the discovery of new ingredients.
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Producers are also focusing on providing food botanicals as fresh ingredients in a way that can be easy for consumers to consume it with their meals. Consumers moving towards vegetarian lifestyle is also resulting in the increasing use of plant-based proteins and botanicals in the food and beverages. Botanical flavorings is also gaining traction in the beverages. In botanical flavorings, botanicals with varied flavors, health properties, and aromas are being added to the beverages. Botanicals as flavor agents in ready-to-drink beverages, cocktails, and craft beer are also gaining popularity. Researchers worldwide are also conducting research on the new type of plants that can offer a unique flavour, enhance the taste of the food product and at the same time offer health benefits.
The report provided by Future Market Insights (FMI) anticipates the global market for food botanicals to experience a slow growth, increasing at a CAGR of 3.0% between 2017 and 2026. The global food botanicals market is also estimated to reach US$ 1,538,534.2 million revenue towards 2026 end.
Plants are likely to emerge as the highly preferred source in the global market for food botanicals between 2017 and 2026. Towards 2026 end, plants as a source are estimated to exceed US$ 992,600 million in terms of revenue. Plant parts, fresh or dried plants or the whole plant are being used on a large scale in various foods and medicines. Moreover, aromatic plants are being used in dietary supplements and food additives on a large scale.
Food botanicals in Form of Dried Plants and Leaves to Gain Maximum Traction in the Market
Food botanicals in the form of dried plants and leaves are likely to gain traction through 2026. Food botanicals in form of dried plants and leaves are estimated to generate revenue exceeding US$ 624,800 million. Preserving plants and leaves for a long time is possible through drying. Rapid drying of plants and leaves is done in order to prevent fungus. Dried plants and leaves are also used in various food to enhance taste and dietary supplements.
Food botanicals to be largely used in Supplements
Food botanicals are likely to find the largest application in supplements. By 2026 end, supplements are estimated to create an incremental opportunity of over US$ 13,000 million between 2017 and 2026. Botanicals are used largely in food and dietary supplements as it has various properties that helps in improving and maintaining health. As for supplements, botanicals are sold in dried or fresh products, tablets, liquid, capsules, and powder form.
Commercial Segment to Emerge as the Largest End User of Food Botanicals
Compared to residential segment, commercial segment is likely to emerge as the largest end user of food botanicals. By 2026 end, commercial segment is estimated to exceed US$ 931,200 million revenue. Food processing companies and pharmaceutical companies are using botanicals on a large scale to produce a better product with increased health benefits. Botanicals are used in producing dietary supplements, functional foods and beverages.
APEJ to Dominate the Global Market for Food Botanicals
Asia Pacific Excluding Japan (APEJ) is likely to remain dominant in the global market for food botanicals. Countries such as India, China, and Australia are witnessing increasing demand for natural food and dietary supplements. Moreover, a traditional practice in various countries in APEJ is driving the usage of botanicals including basil, ginger, turmeric, etc. This is likely to fuel the market for food botanicals in the region. Meanwhile, North America and Europe are also likely to see a significant growth between 2017 and 2026. Availability of well-known botanicals as dietary supplements in the U.S., and Germany are driving the market growth in both the regions. Also, the rise in research and development activities is resulting in the growth of the food botanicals in Europe and North America.
Key Companies
Leading companies in the global market for food botanicals are Tyson Foods, Inc., Marfrig Group., Arcadian Organic & Natural Meat Co, Kerry Group Plc., Verde Farms, LLC, Pilgrim's Pride Corporation, Associated British Foods Plc., and BRF S.A.
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