Global herbs & spices extracts market was valued at the considerable value in 2018 and it is likely to progress at a CAGR of 6% during the forecast timeframe.
The global herbs & spices extracts market was valued at the considerable value in 2018 and it is likely to progress at a CAGR of 6% during the forecast timeframe. The herbs & spices extracts report covers forecast and analysis on a global as well as regional level. The study presents an all-inclusive valuation of the market, opportunities, competition, challenges, emerging trends, and industry-validated market statistics. The research report provides remarkable data of 2016, 2017, and 2018 along with estimation from 2019 to 2026 based on revenue (USD Million).
Spices are derived from many parts of the plant, including barks, fruits, leaves, seeds, roots, etc. and are used to flavor, color, aroma, and preservation of food and beverages. Whereas, herbs refer to the plants with aromatic leaves. Increasing consumer preference towards ready-made spices to save cooking time and experience real flavor coupled with rising demand for authentic ingredients is stimulating the market growth. On the other hand, uncertain climatic conditions in various countries could affect the growth of herbs & spices and in turn, could challenge the market growth.
Based on the product type, the global herbs & spice extracts market has been classified into herb extracts and spice extracts. The spice extract segment has accredited for the largest market share in 2018. Rapid urbanization with rising disposable income, shifting consumer preference towards consumption patterns, socio-economic, and demographic factors are the primary growth stimulants of the market. As consuming spices not only assure flavor and taste but also offer health benefits, the segment is also anticipated to register remarkable CAGR value over the forecast period. For instance, turmeric and cumin seeds have antioxidant and antiseptic properties respectively.
The global herbs & spice extracts market is categorized into powder, liquid, and others, based on form. In the global herbs & spices extracts market, the powder segment has accounted for the largest market share in terms of revenue. The demand for ready-made food Forms along with easy to consume foods coupled with changing lifestyles has paved the way for market growth.
Based on the sales channel, the global herbs & spice extracts market has been classified into direct sales and indirect sales. The indirect sale, especially the e-commerce segment is expected to register the fastest CAGR value over the forecast period. The increasing internet penetration along with rising consumer awareness regarding online purchasing of Forms has gained traction for this segment.
The global herbs & spice extracts market has been bifurcated into foods, beverages, personal care, nutraceuticals, pharmaceuticals, and others on the basis of application. In 2018, the foods segment has accredited for the largest market share, especially in soups and sauces. The changing consumer lifestyle coupled with shifting consumer preference towards ready-to-eat and easy-to-consume foods has projected the way for the segment growth. Furthermore, increasing interest in cooking various types of cuisines with different herbs and spices has also dominated the segment presence.
Based on the region, Asia-Pacific has dominated the market share in 2018 and further is expected to increase CAGR value over the forecast timeline. The wide presence of different types of herbs and spices in the region along with an increasing population with rising disposable income is the primary stimulant for market growth. Moreover, the region is also the leading producer and exporter of herbs and spices across the globe, which is further likely to drive the market value.
The global herbs & spice extracts market is highly joined with major players including Naturex SA, Firmenich SA, Symrise SG, Ajinomoto Co.Inc., Archer Daniels Midland Company, Sensient Technologies Corporation, Dohler GmbH, Takasago International Corp., Kerry Group Plc, Givaudan SA, and others. The major politics implemented by these leading companies in the market are new Form launches, recent developments, collaborations, and mergers & acquisitions. These companies are focusing more on investment in expansions, partnerships, and new Form launches to increase their market share.
This report segments the global cannabis concentrates market as follows:
Global Herbs & Spices Extracts Market: Form Segment Analysis
Global Herbs & Spices Extracts Market: Product Type Segment Analysis
Global Herbs & Spices Extracts Market: Sales Channel Segment Analysis
Global Herbs & Spices Extracts Market: Application Segment Analysis
Global Herbs & Spices Extracts Market: Regional Segment Analysis