Herb and Spice Extracts Market to Reach $14.8 Billion by 2030, Reports MarkWide Research
MarkWide Research, in its latest report titled, “Herb and Spice Extracts Market,” anticipates significant growth in the global market for herb and spice extracts. The market is projected to reach a valuation of $14.8 billion by 2030, with an estimated compounded annual growth rate (CAGR) of 5.1% during the forecast period from 2023 to 2030. Herb and spice extracts, derived from a diverse array of botanical sources, are gaining prominence as key ingredients in the food and beverage industry, offering enhanced flavors and potential health benefits.
The herb and spice extracts market is driven by consumers’ demand for natural flavors, clean labels, and the exploration of global cuisines.
Key Findings from the Report:
- Culinary Versatility: Herb and spice extracts are widely used in culinary applications, providing chefs and home cooks with convenient and consistent flavor profiles.
- Functional Ingredients: The market is witnessing increased interest in the potential health benefits of herb and spice extracts, such as antioxidant and anti-inflammatory properties.
- Clean Label Movement: Consumers are seeking products with clean labels, free from artificial additives, and herb and spice extracts align with this preference.
- Global Cuisine: The globalization of food preferences is fueling the use of herb and spice extracts from various cultural traditions.
Segmentation of the Herb and Spice Extracts Market:
The herb and spice extracts market is segmented based on type, form, application, end-use, distribution channel, and region.
By Type:
- Basil
- Black Pepper
- Cinnamon
- Garlic
- Ginger
- Paprika
- Others
By Form:
- Liquid
- Powder
- Paste
By Application:
- Food and Beverage
- Pharmaceuticals
- Cosmetics and Personal Care
- Others
By End-Use:
- Commercial
- Residential
By Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Retail
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Regional Insights:
- North America: North America is expected to lead the global herb and spice extracts market, with increasing consumer awareness of diverse culinary traditions.
- Europe: Europe is witnessing substantial growth in the market, particularly in the use of herb and spice extracts in gourmet and convenience foods.
- Asia Pacific: The Asia Pacific region is poised for rapid expansion, attributed to the rich culinary heritage and growing food manufacturing sector.
- Latin America and Middle East & Africa: These regions are experiencing growth as global cuisines gain popularity, leading to greater demand for herb and spice extracts.
Competitive Landscape:
The herb and spice extracts market features a wide range of players, from traditional spice companies to food ingredient manufacturers. Leading companies are investing in research and development to create innovative formulations and meet the evolving culinary and health-conscious demands of consumers.
Some of the prominent players in the herb and spice extracts market include:
- McCormick & Company, Inc.
- Kalsec Inc.
- Naturex (Givaudan)
- Döhler GmbH
- Synthite Industries Ltd.
- Takasago International Corporation
- Keva Flavours Pvt. Ltd.
- Vidya Herbs Private Limited
- Bio-Botanica, Inc.
- Arjuna Natural Pvt. Ltd.
Future Outlook:
The global herb and spice extracts market is poised for substantial growth, with an expected market size of $14.8 billion by 2030. As consumers’ appreciation for authentic flavors and health-conscious choices continues to grow, herb and spice extracts will remain essential ingredients in the food and beverage industry. MarkWide Research’s comprehensive report offers valuable insights into market trends, innovative product applications, culinary influences, and regional opportunities, making it an indispensable resource for food manufacturers, chefs, and stakeholders interested in capitalizing on the dynamic herb and spice extracts market.