Herb & Spice Extracts Market is estimated to be valued at US$ 18.7 Bn by 2027 end
A new report by Future Market Insights titled “Herb & Spice Extracts Market: Global Industry Analysis (2012 – 2016) and Opportunity Assessment (2017 – 2027)” presents a holistic view of the global herb and spice extracts market and provides useful data and insights on key market dynamics, market growth, and trends and opportunities likely to prevail over a 10 year forecast period from 2017 to 2027. According to Future Market Insights predictions, the global herb and spice extracts market is estimated to be valued at US$ 11.4 Bn by 2017 end and this is anticipated to increase to US$ 18.7 Bn by the end of the forecast period in 2027, witnessing a CAGR of 5.1% in terms of value. Increasing demand for herbal products in the personal care category and more consumers driven towards ethnic flavours of herbs and spices in their diet is expected to drive the growth of the global herb and spice extracts market.
Global Herb & Spice Extracts Market: Regional Analysis
The global herb and spice extracts market revenue has been estimated by taking into account revenue of the regional herb and spice extracts markets of North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and MEA. APEJ is slated to remain the largest and dominant market for herb and spice extracts throughout the forecast period, with a market value of about US$ 7.1 Bn expected by the end of the assessment period in 2027. The APEJ regional market is anticipated to grow 1.7x over the forecast period and represent absolute $ opportunity of just under US$ 3 Bn between 2017 and 2027.
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Global Herb & Spice Extracts Market: Segmental Analysis
The global herb and spice extracts market is segmented on the basis of Product Type into Herb Extracts and Spice Extracts; on the basis of Form into Powder, Liquid, and Others; on the basis of Application into Food (Sauce/dressing/condiments, Confectionery/bakery, Dairy products, Others), Beverages (Juices, RTD Tea, Alcoholic beverages, Traditional homemade drinks, Others), Personal Care (Skin Care, Hair Care, Perfumes & Fragrances, Aromatherapy, Others), Nutraceutical, Pharmaceutical, and Others; and on the basis of Sales Channel into Direct sales and Indirect sales (Specialty stores, Hyper/supermarket, E-commerce, Other retail formats).
- By Form, the Liquid segment is expected to dominate the global market in terms of value share and is estimated to hold about 49% share of the global herb and spice extracts market by 2027 end. Powder is the most commonly used form as it has a wide application in home cooked foods and other food preparations.
- Spice Extracts is the largest segment by Product Type, with a market share of more than 50% recorded during the forecast period. A high demand for spices in food and beverages, seasonings, and condiments is expected to fuel segmental growth over the forecast period.
- In terms of Application, the Food segment will dominate the global herb and spice extracts market, with an estimated market share of more than 40% throughout the forecast period. The demand for herb and spice extracts in the food segment is likely to grow continuously during the forecast period owing to their wide application as flavouring enhancers in different types of foods and beverages.
- By Sales Channel, the Direct Sales segment is anticipated to be the most attractive during the forecast period, with estimated market revenue to the tune of about US$ 9.7 Bn by the end of the forecast period in 2027.
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Global Herb & Spice Extracts Market: Key Players
The report profiles some of the top companies operating in the global herb and spice extracts market such as Givaudan SA, Kerry Group Plc., Takasago International corporation, Dohler GmbH, Sensient Technologies Corporation, Archer Daniels Midland Company, Ajinomoto Co., Inc., Symrise AG, Firmenich S A, Naturex SA, Kalsec Inc., Olam International, Foodchem International Corporation, McCormick and Company, Inc, Frutarom Industries Ltd., Robertet SA, Synthite Industries Ltd., International Taste Solutions Ltd., Organic Herb Inc., British Pepper & spice Company.
Global Herb and Spice Extracts Market: Factors impacting revenue growth of the regional markets
The herb and spice extracts market is experiencing decent growth across the various geographies, owing to the regional market dynamics impacting the demand and consumption of herb and spice extracts, thereby fuelling market revenue growth significantly.
North America: The demand for herbal extracts is trending the North America nutraceutical market and the application of herbal extracts has been growing across different fields of study such as Ayurveda, the food industry, pharmaceuticals, etc. This is boosting revenue growth of the North America herb and spice extracts market.
Latin America: The demand for herb and spice extracts is on an upward swing in Latin America, as herbs and spices increase the shelf life of products without the need to add salt or sugar, which run the risk of adding extra calories in the diet. This has positively impacted the growth of the herb and spice extracts market in the region.
Western Europe: Consumers in Western Europe are driven by an increasing awareness of the need to maintain good health and a conscious shift towards fresh and wet herbs can be seen across the region. This has fuelled consumption and hence revenue growth of the Western Europe herb and spice extracts market.
Eastern Europe: People in Eastern European countries are inclined towards the use of environmentally sustainable food ingredients such as locally grown herbs and spices readily available in the native markets. Russia is a frontrunner in the Eastern Europe herb and spice extracts market, with the Russian government providing subsidies to farmers to promote and strengthen the local herb and spice market. This is a key driver of growth of the Eastern Europe herb and spice extracts market.
APEJ: The introduction of the cold pressed technique to extract oils is boosting the growth of the herb and spice extracts market in APEJ.
Japan: An ageing population steering towards an increasing use of herb and spice extracts in daily food products as against synthetic flavours and ingredients is pushing the Japan herb and spice extracts market ahead in terms of revenue growth.
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MEA: A high incidence of life-threatening diseases such as cancer and heart diseases in the MEA region has prompted the use of herb and spice extracts as preventive measures to combat certain ailments. The beneficial properties of naturally grown herbs and spices is boosting consumer demand in the MEA region, thereby fuelling the growth of the MEA herb and spice extracts market.