The global botanical ingredients market size will grow to US$246.59 billion by 2028. Data from Grand View Research revealed that increasing demand for convenience and functional food products is a key driver. Another is the advent of clean and natural botanical supplements. Botanical ingredients come from herbs, leaves, spices, and flowers. Data showed that spices accounted for the highest revenue share in 2020. Widely used in the F&B industry, botanical ingredients' unique flavours and health benefits are in bakery and dairy products, energy drinks, and confectionery sectors.
The outbreak of COVID-19 has also shifted customer focus towards preventive healthcare with an emphasis on natural and clean products. Thus, F&B manufacturers focus on fortifying food products with flavourful and nourishing plant-based ingredients, such as tea extracts.
The research firm said developing countries in Asia, such as China and India, have witnessed an exponential growth in functional foods and dietary supplements in the last ten years. The nutraceuticals industry in developed economies, such as Japan, Australia, and South Korea, has shown an upward growth trajectory in the recent past. As a result, Asia- Pacific has emerged as a budding market for botanical ingredients, supported by health and wellness trends across various countries. (Image from Unsplash)
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