Cosmetic Botanical Extracts Market Poised for Significant Growth due to Growing Consumer Preference for Natural Ingredients
Cosmetic botanical extracts are ingredients derived from plants that are used in cosmetic and personal care products to provide desired properties like anti-aging, hydration, and skin cleansing. Some common botanical extracts used in cosmetics include aloe vera, green tea, lavender, and ginseng. These botanical extracts provide nutritional and moisturizing benefits to the skin. Cosmetic companies are incorporating more botanical extracts in their products to appeal to health-conscious consumers.
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 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing consumer preference for natural ingredients in cosmetic products is a key driver fueling the growth of the global cosmetic botanical extracts Market. Consumers are increasingly demanding products containing natural plant-based extracts instead of chemical ingredients due to rising health concerns. Another factor contributing to the market growth is expanding applications of botanical extracts in anti-aging products. Companies are innovating new anti-aging serums, creams, and gels containing extracts like hyaluronic acid, resveratrol etc. to treat signs of aging like fine lines, wrinkles and dark spots.
SWOT Analysis
Strength: Botanical extracts have multiple applications in cosmetics offering various benefits such as anti-aging, moisturizing, anti-acne, etc. Cosmetic companies are actively exploring botanical extracts to incorporate in their formulations in order to offer natural ingredients to consumers. Botanicals are derived from natural sources and considered safer options by many compared to chemical ingredients.
Weakness: The supply chain for botanical extracts involves various external factors like weather conditions, geographical locations, harvesting periods etc. This brings unpredictability in raw material supply. Further purification and standardization of botanical extracts is a technical challenge for manufacturers.
Opportunity: Rising demand for natural and organic personal care products presents significant opportunities. Consumers particularly millennial are willing to pay premium for cosmetics featuring botanical ingredients with proven skin benefits. Emerging economies like Asia Pacific and Middle East offer high growth potential for botanical-based cosmetics.
Threats: Price volatility of raw materials poses major threat. Changes in trade policies and regulations can impact supply and demand dynamics. Further, safety and standardization issues may raise concerns if not addressed properly.
Key Takeaways
Global Cosmetic Botanical Extracts Market Size is expected to witness high growth.
Regional analysis: The Asia Pacific region dominates the market currently and is expected to witness the fastest growth over the forecast period. Presence of major cosmetics manufacturing hubs in China, Japan, South Korea along with rising spending on personal care in India and Southeast Asian countries is fueling market expansion.
Key players operating in the Cosmetic Botanical Extracts market are MTI America, VPT (Virtual Physical Therapists), Conversa Health, MindStreet, Inc., MEDRISK, Global Outreach TeleRehabilitation Services, Inc., Empatha, GestureTek Inc., Neuro Rehab Vr, American Well, LiteGait, Doctor On Demand, Inc., Hinge Health, Inc., Care Innovations LLC.
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