The global Cosmetic Botanical Extracts Market is estimated to be valued at US$ 2.36 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cosmetic botanical extracts are plant-derived ingredients that are widely used in skin care, hair care and other personal care products due to their advantageous functional properties like anti-aging, antioxidant, anti-inflammatory etc. Key plant extracts utilized in cosmetics include Aloe Vera, Hyaluronic Acid, Collagen, Coenzyme Q10, Phytic Acid etc.
Market key trends:
Growing awareness about ingredients and their benefits is driving the demand for natural and organic personal care products integrated with botanical extracts. Moreover, the surge in skin health concerns like aging, pigmentation etc. has further fuelled the adoption of anti-aging serums, creams with active botanical ingredients that visibly reduce signs of aging. Also, rising disposable incomes especially in developing regions of Asia Pacific have led to higher spending on premium cosmetic products containing premium botanical extracts like marine algae, green tea, pomegranate etc claimed for their enhanced skin rejuvenating properties. The market players are also investing in R&D to identify new plant-derived active compounds and launch innovative product ranges to capitalize on the opportunities posed by health-conscious consumers.
SWOT Analysis
Strength: Cosmetic botanical extracts have antimicrobial, anti-aging and moisturizing properties which makes them suitable ingredients for various skincare and hair care products. Demand for natural and organic ingredients is increasing which acts as a strength.
Weakness: Over-exploitation and unethical harvesting of plants can harm the ecological balance. Dearth of standardized quality testing and certification processes is a weakness.
Opportunity: Emerging markets in Asia Pacific and Middle East regions offer huge growth opportunities. Increasing preference for herbal and natural remedies creates opportunities.
Threats: Rising temperatures and climatic changes pose threats to availability of certain plants. Stringent regulations on use of exotic and endangered plants acts as a threat.
Key Takeaways
The Global Cosmetic Botanical Extracts Market Share is expected to witness high growth, exhibiting CAGR of 6.3% over the forecast period, due to increasing demand for natural and organic ingredients in skincare and hair care products.
Regional analysis: North America currently holds the largest market share mainly due to widespread awareness about benefits of botanical extracts. However, Asia Pacific region is expected to witness highest growth during the forecast period. China, India and other Southeast Asian countries are major markets driving the growth. Countries in the region have conducive climatic conditions for cultivation of various plants used for extraction of active ingredients.
Key players operating in the Cosmetic Botanical Extracts market are Croda International, Ashland Global Holdings, Givaudan, BASF SE, Symrise AG, International Flavors & Fragrances Inc., Biolandes SAS, Lipotec SAU, Rahn AG, and Carrubba Incorporated. These players are focused on development of innovative, natural and sustainable extracts to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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