The rising use of herbs and spices in food and beverages industry is one of the key factors estimated to encourage the growth of the global market throughout the forecast period. The increasing focus on Ayurveda and the increasing awareness regarding its combination and benefits are further estimated to accelerate the growth of the global herbs and spices extracts market in the next few years.
The key drivers leading to the growth of the spice and herb extract markets are the increased availability of international cuisines in the major economies, shifting consumer focus towards natural products, increasing demand for convenience foods and rising preference for organic flavors among consumers. According to Research Report 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
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Many companies like Doehler are focusing on natural herb & spice extracts as they are becoming popular in every segment of the food and beverage industry and offer plenty of scope for new and attractive taste creations. The inconsistencies in the prices and high cost of production are primary challenges hampering the growth of the market.
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: 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 Billion 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 Billion between 2017 and 2027.
Key Players:As per the report 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.