Press release
Bay Leaf Market Size to Grow at a CAGR of 7% in the Forecast Period of 2023-2028
Bay Leaf Market
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 7%
The extensive health benefits of bay leaves, together with the rising demand for culinary applications in the Asia Pacific and Mediterranean regions, are the primary drivers of the bay leaf market. The demand for bay leaf in the international market is also being fuelled by the increased consumption of herbs and spices.
The market for bay leaf is being driven by consumers' increased adoption of herbal tea consumption, which raises the need for spices like bay leaf. Another element influencing the bay leaf industry is the rise in demand for essential oils as a result of their medical uses. Bay leaf essential oil helps to grow hair by strengthening the scalp.
Additionally, bay leaf promotes effective digestion, controls diabetes, and treats respiratory disorders. The bay leaf's anti-inflammatory properties lower the risk of developing arthritis, and eating it increases insulin function, making it advantageous for diabetics.
The global bay leaf market is also being driven by the growing use of bay leaf in nutraceuticals. Due to the growing popularity of packaged meals and diverse cuisines, spices are becoming more and more popular on a global scale.
Due to its anti-microbial and anti-ulcerogenic characteristics, bay leaves are increasingly popular. Online sales of bay leaves are further contributing to the expansion of the bay leaf market.
Bay Leaf Industry Definition and Major Segments
A bay leaf is a type of aromatic leaf that is frequently used in cooking to enhance the flavour of the cuisine. Additionally, these leaves are used all over the world for many therapeutic applications. This leaf can be used in a variety of ways, including whole, crushed, dried, or fresh. These leaves are also known as bay laurel, California bay, Indian bay leaf, Mexican bay leaf, Indonesian bay leaf, and West Indian bay leaf, among other names.
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Based on product, the market can be segmented into:
• Conventional Bay Leaf
• Organic Bay Leaf
On the basis of region, the market can be categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Bay Leaf Market Trends
The use of speciality spices in the food and beverage industry is anticipated to grow, which will likely fuel the bay leaf market as well. Due to the variety of end-user applications, Asia Pacific has a leading market share. Also, the demand for bay leaf in the global market is anticipated to rise due to the growing demand for bay leaf powder and bay leaf essential oil, marking a key trend in the market.
The demand for bay leaf is increasing as more supplement makers are offering capsules containing bay leaf extract due to the herb's medicinal properties. As it aids in lowering pigmentation and also cleans and smooths skin, the use of bay leaf oil is growing.
The growing popularity of Ayurvedic treatments that incorporate essential oils is another important factor increasing the demand for bay leaf. However, the expansion of the global bay leaf market may be hampered by the availability of substitutes on the market and customer misunderstanding over the many types of bay leaves available.
Asia Pacific is expected to dominate the global market for bay leaf due to factors like rising demand for spices in the food and beverage industry and its sub-verticals,. These leaves are used in the preparation of various food dishes, including stews, sauces, soups, meat, and other dishes.
Key Market Players
The major players in the bay leaf market report are:
Alpina Organic Herbs and Spices Co., Ltd.
McCormick & Company, Inc.
Pacific Spice Company, Inc.
Mother Organic
Anatoli Spices SA
Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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