Cosmetic Botanical Extracts Market Is Driven By Growing Awareness Of Botanical Extracts In Skincare Products
The Global Cosmetic Botanical Extracts Market is estimated to be valued at US$ 2.72 Bn in 2024 and is expected to exhibit a CAGR of 9.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Cosmetic Botanical Extracts market include 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. These companies are involved in extensive research and development activities to identify new botanical sources and standardize their extraction processes.
The demand for Botanical Extracts Market Demand is growing significantly owing to the rising cosmetic expenditure and changing preferences towards natural ingredients among millennial consumers globally. Furthermore, growing promotional activities by brands about the benefits of botanical extracts are propelling the sales of natural skincare products.
Major players in the market are focusing on expanding their geographical presence by tapping opportunities in emerging markets of Asia Pacific, South America, Middle East and Africa. Strategic partnerships with local manufacturers help global companies increase their market share in these high potential regions.
Market drivers
The main driver for the cosmetic botanical extracts market is the growing awareness about the medicinal properties and therapeutic benefits of botanicals. Research shows that plant-derived ingredients provide anti-aging effects similar to prescription drugs but with lesser side effects. Additionally, shifting regulatory scenarios favoring natural ingredients over chemicals are encouraging new product launches based on botanical extracts. Innovation in extraction technologies is further optimizing yield and standardizing the process, making botanicals more commercially viable for the cosmetics industry. Consumers globally are displaying heightened interest in ingredients sourced sustainably and ethically. This plays to the advantages of botanical extracts derived from abundant plant sources.
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