Basil Extracts Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018–2024

Holy basil also known as Ocimum sanctum, part of the Lamiaceae family, is an adaptogen that helps the human body to cope up with stress and helps improve mental balance. Basil extract is antiviral, antifungal, analgesic, antibacterial, and anti-inflammatory and thus, has myriad applications especially in the pharmaceuticals and cosmetics industries. Different types of basil include Christmas basil, cinnamon basil, dark opal basil, lemon basil spicy bush basil, purple ruffles basil, lime basil, sweet basil and sweet Thai basil. Holy basil is considered to be sacred, especially in the Indian subcontinent and thus the name. It is widely used in traditional medicines, with almost every part of the plant (leaves, stem, and seeds) used to prepare medicines. 

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Extensive research studies have been conducted therapeutic properties of basil have led to Basil extracts have witnessed increased demand due to extensive use in medicinal and personal care products such as those used to cure infections such as keloids, raised scars, acne, and mouth ulcers. Basil extracts is also used in curing dental problems such as pyorrhea, bad breath, bleeding gums, tooth decay, and is also an effective antioxidant. Changing consumer preference characterized by higher inclination towards products made from natural ingredients is influencing major players in the pharmaceuticals and cosmetics industries to develop products using natural ingredients such as basil extracts. Basil extracts also finds application in minimal amount in food and beverages industry such as herbal tea and in preparation of pesto. Thus, increasing application areas of basil extracts is expected to significantly boost basil extracts market revenue over the forecast period (2016–2024).

Basil oil has wide range of health benefits and is used in treating nausea, indigestion, constipation, motion sickness, diabetes, and respiratory problems. A major application of basil extracts and one that is projected to be a major growth driver is its application in cancer treatment. Basil contains phytochemicals which help prevent chemical induced lung, skin, oral and skin cancers. For instance, holy basil leaf extract decreases tumorigenicity and metastasis of aggressive human pancreatic cancer cells in vitro and in vivo and thus can lead to development of alternative therapies for treatment of lethal pancreatic cancer (National Center for Biotechnology Information, U.S. National Library of Medicine, 2013). This creates a highly lucrative growth opportunity that has led to the entry of new manufacturers in the basil extracts market recent past. Basil extracts can also help alleviate various health issues such as diabetes by lowering blood sugar, aid weight loss by enhancing various metabolic functions of the body, and also helps improve blood circulation, in turn improving overall cardiovascular health. It is also used to treat anxiety, adrenal fatigue, and hyperthyroidism. Basil oil is a good source of Vitamin A, magnesium, iron, calcium, and potassium and thus, is extensively used in the capsule form as a health supplement. Besides, basil oil is also used for cooking dry fish and spicy soups.

Basil Extracts Market Outlook – Increasing inclination of consumers towards all natural health products to create a highly lucrative market in North America.

Asia Pacific is the major producer and consumer of basil extract and associated products, with India being the largest producer. The region is expected to retain its dominance in the basil extracts market over the forecast period. Increasing awareness among the populace about the various health benefits associated with basil and growing adoption of basil in various pharmaceutical and cosmetics products, by virtue of basil being a natural ingredient and rising consumer inclination towards all-natural products, is expected to argue favorably for rampant growth of the market in North America in the near future. Holy Basil has been granted the status of 'Generally Recognized as Safe' (GRAS) by the U.S. FDA, which is expected to pave way for increasing regulatory approval for various applications. Basil is expected to be incorporated into packaging films to offer superior antimicrobial properties (Study of Antimicrobial Polymeric Packaging Films Containing Basil Extracts, Panuwat Suppakul, Victoria University, 2004). Commercialization of the same would create a new growth avenue for basil. However, certain side-effects associated with basil extracts, such as increase risk of liver cancer due to presence of estragole chemical, bleeding disorders, and lower blood pressure to dangerous levels in patients with low blood pressure, inhibit market growth to a certain extent.  

Research and development of bioprocessed basil extracts is one of the key strategies adopted by the key players to stay ahead in the basil extracts market. Some of the major companies operating in the global basil extracts industry include NOW Foods, Kefiplant, Amoretti, FLAVEX Naturextrakte GmbH, A.M. Todd Botanical Therapeutics, DaXingAnLing Lingonberry Organic Foodstuffs Co., Ltd. and Arora Aromatics Pvt. Ltd.

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