Herb & Spice Extracts Market Overview
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.
Herb and spice extracts have seen an increase in demand globally, with the worldwide Herb & Spice Extract Market experiencing consistent but slow expansion. The Herb & Spice Extracts Market is anticipated to be driven by several factors, including an increase in the number of creative product releases, an increase in consumer dining out, a variety of uses for herb & spice extracts, and a rise in consumer demand for botanical flavors.
ChemView Consulting has analyzed that 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.
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.
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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)
Key Takeaways from the Herb & Spice Extracts Market
- Based on the product type, 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.
- Based on the form, 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.
- Based on the region, with a market share of 56.4% 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 region’s market for spices and herbs extracts over the next few years.
Competition Summary
Key companies covered in the market study 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
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Report Key Highlights and Coverage
- 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 impact 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.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have collaborated with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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