The middle area of the screen will update showing you exactly which ingredients you need to craft that particular item: Any ingredients in red signify that you don't have enough of that resource, whilst green items mean you do have enough. Simply open the in-game menu and select Alchemy: Now select a particular Alchemy item on the left side, under the section you want to craft.
How to craft potions, oils and bombs? Crafting any of the Alchemy items in the game (potions, oils and bombs) is a piece of cake thanks to the new interface.
Depending on your platform you can also hotkey the potion for ease of use during combat. However, once you've made a potion you will end up with several doses, allowing you to reuse it to a certain extent. A good example is the Swallow potion which requires 5 x Flowers and 4 x Drowner Brains. You'll find that in the Witcher 3 potions require far more ingredients than they did in earlier games. A potion may also require other components and of course ingredients as well.
The initial creation of a potion now requires Alcohol as it did in the first Witcher game. Potions have both positive and negative effects which players need to carefully balance whilst monitoring their Toxicity level. Alchemy and potions have always been a big part of the Witcher experience and this is continued in the Wild Hunt.