The global cosmetic botanical extracts market is estimated to be valued at US$ 6.10 Billion In 2021 and is expected to exhibit a CAGR of 7.10% over the forecast period of 2022-2029, according to a new report published by Coherent Market Insights.
The cosmetic botanical extracts market deals with the extraction and utilization of natural ingredients derived from plants for various cosmetic products. These extracts are widely used in the manufacturing of skincare, haircare, and personal care products due to their numerous beneficial properties. The demand for natural and organic cosmetic products is on the rise, as consumers are becoming more conscious of the potential harmful effects of synthetic chemicals. The use of botanical extracts ensures the use of safe and sustainable ingredients, making them highly popular in the beauty industry.
The growth of the cosmetic botanical extracts market can be attributed to two major drivers. Firstly, the increasing awareness among consumers about the harmful effects of synthetic chemicals in cosmetics has driven the demand for natural and organic products. Botanical extracts offer a natural alternative that is safe and effective. Secondly, the rise in disposable income, changing lifestyles, and evolving consumer preferences for sustainable and eco-friendly products have significantly boosted the demand for cosmetic botanical extracts. These drivers are expected to fuel the market growth over the forecast period.
– Increasing consumer demand for natural and organic cosmetic products will drive the growth of the Cosmetic Botanical Extracts Market.
– Cosmetic botanical extracts offer various benefits such as antioxidant properties, anti-inflammatory effects, and skin conditioning, making them popular ingredients in cosmetic formulations.
– The market has a wide range of botanical extracts available, offering versatility and options for product development.
– The high cost of extraction and production processes for cosmetic botanical extracts can pose a challenge for manufacturers, leading to higher product prices.
– Limited availability of certain botanical species and variations in raw material quality can affect the consistency and reliability of supply for cosmetic manufacturers.
– Growing awareness about the harmful effects of synthetic chemicals in cosmetics is leading consumers to shift towards natural and plant-based alternatives, creating a significant opportunity for the cosmetic botanical extracts market.
– The rising popularity of clean beauty and sustainable practices in the cosmetic industry provides an opportunity for manufacturers to promote the use of eco-friendly and plant-derived ingredients.
– Intense competition from synthetic ingredients and other natural alternatives may pose a threat to the market growth of cosmetic botanical extracts.
– Stringent regulations and standards for cosmetic ingredients and formulations can increase compliance costs and pose challenges for market players.
The global cosmetic botanical extracts market is expected to witness high growth, exhibiting a CAGR of 7.10% over the forecast period (2022-2029), due to increasing consumer preference for natural and organic cosmetic products. The market size for 2021 was valued at US$ 6.10 billion.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the cosmetic botanical extracts market. The region’s strong demand for natural and organic cosmetic products, coupled with the presence of key players and advanced manufacturing infrastructure, contributes to its market dominance.
Key players operating in the 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. These players are actively focusing on expanding their product portfolios, targeting emerging markets, and adopting strategies such as partnerships and acquisitions to strengthen their market position.