The botanical extracts market has witnessed numerous strategic partnerships and collaborations in recent years, as companies aim to strengthen their position in the market and expand their product portfolio. These partnerships and collaborations have been focused on various aspects such as research and development, production, distribution, and marketing.
One example of a strategic partnership in the botanical extracts market is the partnership between Givaudan and Draco Natural Products. Givaudan, a Swiss manufacturer of flavors, fragrances, and active cosmetic ingredients, partnered with Draco Natural Products, a US-based supplier of botanical extracts, in 2019 to expand its product portfolio. The partnership aims to provide Givaudan with access to Draco’s range of botanical extracts, allowing it to offer its customers a wider range of natural and sustainable ingredients.
Another example of a strategic partnership is the partnership between Symrise and Probiotics International Ltd. (PIL). Symrise, a German manufacturer of fragrances and flavors, partnered with PIL, a UK-based manufacturer of probiotics and botanical extracts, in 2020 to strengthen its position in the nutraceutical market. The partnership aims to develop a range of natural and sustainable products that promote digestive health and immunity.
Collaborations have also been focused on research and development, with companies partnering to develop new and innovative botanical extracts. For example, the partnership between AAK and Bayinbuluke Honghui Bio-Technology Co. Ltd. aims to develop new botanical extracts derived from plants found in the Bayinbuluke Mountains in China. AAK, a Swedish manufacturer of specialty vegetable oils and fats, partnered with Bayinbuluke Honghui Bio-Technology Co. Ltd. in 2019 to develop sustainable and traceable ingredients for the food and cosmetics industries.
Additionally, some companies have collaborated to expand their distribution networks and enter new markets. For example, in 2020, Nexira, a French manufacturer of natural ingredients, partnered with HK Livo, a distributor of health and wellness products in Hong Kong, to expand its distribution network in Asia. The partnership aims to increase Nexira’s market presence in Asia and provide HK Livo with access to Nexira’s range of botanical extracts.
In conclusion, strategic partnerships and collaborations have been crucial in driving growth and innovation in the botanical extracts market. Companies that can effectively collaborate with other players in the market are expected to gain a competitive edge and expand their product offerings. Moreover, collaborations focused on sustainable sourcing and production are expected to be a key trend in the botanical extracts market as consumers demand more natural and sustainable products.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Brite View Research journalist was involved in the writing and production of this article.