Cosmetic Botanical Extracts Market Growing Demand Driving the...

Cosmetic Botanical Extracts Market Growing Demand Driving the Cosmetic Botanical Extracts Market Forward

Posted 2024-01-14 18:20:36

Cosmetic botanical extracts are plant-derived ingredients that provide various benefits like anti-aging, moisturizing, soothing, antioxidant properties to cosmetic products. They are widely used in skin care, hair care, fragrances, sunscreen, and makeup products owing to growing consumer demand for natural and organic cosmetic products.

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 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One major trend fueling the growth of the cosmetic botanical extracts market is the rising popularity of natural ingredients among consumers. Nowadays, consumers are more inclined towards cosmetic products containing botanical extracts due to growing health concerns related to chemicals in synthetic cosmetics. Botanical extracts offer various skincare benefits and also have antioxidants that fight against pollution, UV rays, etc. further boosting the market. With increasing consumer preference for natural ingredients, many Personal care product manufacturers are focusing on renewable natural and organic sources for extracts which is driving the demand in the cosmetic botanical extracts market.

Segment Analysis
The global cosmetic botanical extracts market is segmented on the basis of type, form, function, application, and source. On the basis of type, the market is segmented into flowers and leaves, fruits, herbs, and others. The flowers and leaves segment dominates the market as it contains high amount of antioxidants which protects the skin from aging and damages caused by pollution and UV rays.

Key Takeaways
The Global Cosmetic Botanical Extracts Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The market size is projected to reach US$ 2.36 Bn by 2024.

Regional analysis: Europe dominates the cosmetic botanical extracts market. This is attributed to the high demand for natural and organic cosmetic products among consumers in countries like UK, Germany, France and Italy. Asia Pacific is expected to be the fastest growing market during the forecast period due to the increasing disposable income and rising awareness about cosmetic products in countries like China, India, South Korea and Japan.

Key players operating in the cosmetic botanical extracts market includes Sanofi SA, Pfizer Inc., Novavax Inc., Merck & Co. Inc., Johnson & Johnson, GlaxoSmithKline PLC, Daiichi Sankyo Co. Ltd., Emergent BioSolutions Inc., AstraZeneca, and Takeda Pharmaceutical Company Limited, among others. Sanofi SA dominates the market owing to its diversified product portfolio and strong distribution network across regions.

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