Botanical extracts are extracted from plant and are rich in amino acids, vitamins, and minerals. These add refreshing, healing, cooling, and balancing properties to cosmetic products for skin care and hair care. It is widely available in powder and liquid forms, which includes extracts from banana leaf, cucumber peal, grape seed, licorice root, green tea, olive leaf, sunflower, rosemary, thyme, and others. These botanical extracts are used in pre-existing cosmetic bases and also in products such as moisturizers, after-sun products, and foaming products.
Increasing demand for organic and natural products coupled with changing consumer preferences towards safe and gentle ingredients for their hair care and skin care formulations is expected to boost demand for cosmetic botanical products over the forecast period.
Rising awareness among populace about side-effects of synthetic products or ingredients is expected to fuel demand for cosmetic botanical products market over the forecast period. Moreover, many companies are focused on adopting botanical extracts as a healthy and natural alternative to synthetic ingredients used previously by the cosmetic industry. This scenario is expected to provide ample of growth opportunities for the companies operating in the cosmetic botanical extracts market.
Furthermore, biological properties offered by botanical extracts such as antioxidant, anti-inflammatory, antimicrobial, antiseptic, and others are expected to fuel demand for botanical extracts from cosmetic industry over the forecast period.
However, large and easy availability of synthetic ingredients or extracts is expected to hinder growth of the cosmetic botanical extracts market over the forecast period.
Based on form, botanical extracts market is segmented into powder and liquid. Wherein, in 2018, powder segment accounted for the largest market share, in terms of revenue and contributed for over half of the revenue share in the cosmetic botanical extracts market. The segment growth is driven by rising usage of powder extracts, owing to properties such as easy dissolvability in water and convenience of usage.
Among regions, North America and Europe together contributed for the large chunk of global cosmetic botanical extracts market in 2018. Whereas, Asia Pacific is expected to witness significant growth over the forecast period (2019-2027), attributed to increasing population and growing consumer awareness associated with the usage of natural and organic cosmetic products.
Players operating in the global cosmetic botanical extracts market include International Flavors & Fragrances Inc. (IFF), Herbochem, Phyto Life Sciences P. Ltd., Bioveda Naturals, Blue Sky Botanics, Green Source Organics, Vivaan Herbals & Healthcare, and COBIOSA.
Major companies dealing in the market are focused on adopting various strategies such as mergers & acquisitions and new product development, in order to strengthen their position in the competitive business environment. For instance, in September 2019, International Flavors & Fragrances (IFF)-Lucas Meyer Cosmetics, a leading innovator of scent, nutrition, and taste acquired Speximo AB, a Sweden-based company focused on development of next generation encapsulation and stabilization products for development of sustainable cosmetic and personal care products. This acquisition aimed towards the expansion of product portfolio of International Flavors & Fragrances (IFF)-Lucas Meyer Cosmetics.
On the basis of form, the global cosmetic botanical extracts market is segmented into:
On the basis of application, the global cosmetic botanical extracts market is segmented into:
On the basis of source, the global cosmetic botanical extracts market is segmented into:
On the basis of region, the global cosmetic botanical extracts market is segmented into: