Cosmetic botanical extracts are derived from various botanical sources including fruits, leaves, roots, herbs, and other plant parts. These extracts have various beauty enhancing properties such as moisturizing, anti-aging, sun protection, and skin lightening. They are increasingly being used in cosmetic products as consumers are preferring natural cosmetic ingredients over chemical ones. 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 Opportunity: Growing demand for natural cosmetic ingredients presents a key opportunity for cosmetic botanical extracts market players. Consumers are increasingly looking for natural and organic products owing to rising health concerns associated with chemicals in cosmetics. This presents an opportunity for manufacturers to offer cosmetic products containing botanical extracts that deliver targeted benefits without the use of harsh chemicals. Botanical extracts derived from fruits and plants such as grapeseed, green tea, almond oil etc. have various anti-aging properties and hence offer a natural solution to age-related skin problems. Their use in cosmetic formulations can appeal to health-conscious consumers and drive the market growth over the forecast period. Porter's Analysis Threat of new entrants: The industry faces moderate threat of new entrants due to the need for significant capital investment required to build manufacturing facilities and distribution channels. However, new entrants may focus on niche segments to differentiate their products. Bargaining power of buyers: The bargaining power of buyers is moderate since the industry has many established manufacturers and buyers can choose from various product options. However, brand loyalty and quality of products provide some bargaining power to manufacturers. Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as there are many raw material suppliers for the industry. However, suppliers of rare botanical extracts may exert some bargaining power. Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes for botanical extracts used in cosmetic applications due to their unique functional properties and demand. Competitive rivalry: The competitive rivalry in the industry is high due to many global and regional players offering similar product segments. Players compete based on product quality, innovation, brand image, and pricing. SWOT Analysis Strengths: The industry is driven by the increasing demand for natural and organic cosmetic products. Botanical extracts provide unique benefits and functional properties. Weaknesses: Supply chain uncertainties and changing regulatory environment can impact product availability and costs. Dependence on seasonal crops subjects manufacturers to supply fluctuations. Opportunities: Growing personal care industry worldwide presents an opportunity to develop new product applications and regions. Increasing demand from emerging economies also provides growth prospects. Threats: Stringent organic certification and quality standards pose compliance challenges. Intense competition and pricing pressures can reduce profit margins. Key Takeaways Global Cosmetic Botanical Extracts Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The market size for 2023 is estimated to be US$ 2.36 Bn. Regional Analysis: North America is anticipated to dominate the market owing to increased awareness about natural cosmetic products. However, Asia Pacific is likely to be the fastest growing region supported by rising middle class population and spending on personal care items in countries like China and India. 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., and Jintronix. New product launches and innovations targeted at skin treatment and sun protection segments are expected to be the key strategies adopted by major companies. Get More Insights On This Topic: https://www.newsanalyticspro.com/cosmetic-botanical-extracts-market-trends/
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