Herb & Spice Extracts Market

Herb & Spice Extracts Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global Herb & Spice Extracts Market grew at a CAGR of 4.8% between 2017-2021 and is estimated to be US$ 11,943.2 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 4.6% and is expected to reach a valuation of US$ 18,725.7 Mn by 2032 end.

The market for herb and spice extracts is aided by the widespread usage of spices and herbs in powder form and innovative extraction methods that produce less raw material waste.

Herb seeds, stems, and blossoms are used to create herbal extracts. Spice extracts are sweet and aromatic and are derived from branches, nuts, berries, bark, and vegetables. Spice and herb extracts have been utilized in medications and food and beverage products to add flavors and colors and preserve consumer goods. The diverse industry and new uses for these boost the demand for herb and spice extracts.

Market Dynamic

THERAPEUTIC BENEFITS OF HERBS AND SPICES EXTRACT DRIVING THE MARKET

According to the herb and spice extracts market perspective, seasonings and spices have a wide range of health benefits. Spices improve the flavor and taste of Food while having various positive health effects. The majority of spices have traces of essential nutrients as well as antiviral and antibacterial properties. The demand for herb & spice extracts is fueled by the numerous health benefits of spices, such as their high antioxidant content, capacity to lower blood sugar and prevent diabetes, and enhancement of both skin and cognitive performance.

Market Segments Covered in Report

By Product Type:

• Herb Extracts
• Spice Extracts

By Application:

• Powder
• Liquid
• Others

By Form:

• Food
• Beverages
• Personal Care
• Nutraceutical
• Pharmaceutical
• Others

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why is Food estimated to account for the largest market share?

Consumer behavior is changing quickly, and the demand for botanical flavors is increasing rapidly in the worldwide food business. Herb and spice extracts are the most frequently used extracts to add flavors and create recipes in the food industry. To address the growing demands of the industry worldwide, several significant firms are now emphasizing their goods made from extracts of herbs and spices. New tastes are essential for positioning food and beverage items among customers.

Why are Spice Extracts increasing in demand?

The food and service sector has experienced tremendous growth during the past ten years. Consumer tastes are influenced by various circumstances, such as their hectic lifestyles and the growing number of workers. Spice Extracts is the most profitable subsegment, with a current market share of 47% and a predicted market share of 57% in the anticipated time.

Increased demand for spices in Food and beverages, seasonings, and condiments is anticipated to fuel segmental expansion throughout the forecasted period. This has created new opportunities for food and ingredient manufacturers to use spices and herb extracts as versatile food ingredients, driving up the sales of herb & spice extracts.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• With a market share of 56.4% in the market for extracts of spices and herbs, Asia-Pacific is also expected to experience significant growth due to the region’s favorable climatic conditions for growing these products and rising domestic consumption. Considerable suppliers are also anticipated to fuel the market for spices and herbs extracts in the region over the next few years.
• Germany’s spice and herb extract market is driven by changing consumer preferences, healthy living habits, and convenience. Preference for Asian foods, including Chinese and Japanese, is another new trend. Germany’s most common herbs and spices are oregano and thyme, while allspice and peppers are the most popular spices.

Competition Analysis

Herb and spice extract makers give R&D initiatives top priority to provide customers with new and enhanced products. To create future items that will meet the needs of their clients, businesses collaborate with other manufacturers.

Manufacturers are investing heavily in sophisticated manufacturing equipment to improve process efficiency while reducing production costs and time. Market participants also employ backward integration to buy suppliers of raw materials.

A list of some of the key suppliers present in the market are:

• Givaudan SA
• Fermanich SA
• Kerry Group Plc.
• Takasago International corporation
• Frutarom Industries Ltd
• Dohler GmbH
• Foodchem International Corporation
• Archer Daniels Midland Company
• Ajinomoto, Symrise AG
• Naturex SA
• Kalsec
• Olam International
• McCormick
• Company Robertet SA
• Sensient Technologies Corporation
• Synthite Industries Ltd

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.