Herb & Spice Extracts Market Dynamics, Forecast, Analysis and Supply Demand 2017-2027
While the global herb and spice extracts market is spread across the major geographies, Asia Pacific Excluding Japan emerges as the undisputed leader when it comes to the production and consumption of herb and spice extracts. The predominance of an agrarian economy in the APEJ region coupled with vast natural resources that are home to a large variety of herbs and spices make the region a potential goldmine for extraction of different kinds of herb and spice extracts. This probably explains why the APEJ herb and spice market is slated to dominate the global herb and spice market in terms of both value and volume, with an estimated market value of about US$ 4 Bn anticipated by the end of 2017, likely to increase to about US$ 7 Bn by the end of the forecast period in 2027. This is reflective of a CAGR of 5.5% in terms of value, the highest among all the other regions. In terms of volume, the APEJ herb and spice extracts market is pegged at just under 840 MMT in 2017 and this is expected to increase to about 1370 MMT by 2027 end, reflecting a CAGR of 5.0% – again, the highest among all the regional markets.
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In terms of value, Western Europe is the second largest regional market, with an estimated revenue of about US$ 2.8 Bn in 2017 likely to increase to US$ 4.7 Bn by the end of 2027, witnessing a CAGR of 5.3%. An increasing demand for herb and spice extracts in the local markets in Western Europe is the main factor boosting the growth of the herb and spice extracts market in the region.
Global Herb and Spice Extracts Market: Factors impacting revenue growth of the regional markets
The herb and spice extracts market is experiencing decent growth across the various geographies, owing to the regional market dynamics impacting the demand and consumption of herb and spice extracts, thereby fuelling market revenue growth significantly.
North America: The demand for herbal extracts is trending the North America nutraceutical market and the application of herbal extracts has been growing across different fields of study such as Ayurveda, the food industry, pharmaceuticals, etc. This is boosting revenue growth of the North America herb and spice extracts market.
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Latin America: The demand for herb and spice extracts is on an upward swing in Latin America, as herbs and spices increase the shelf life of products without the need to add salt or sugar, which run the risk of adding extra calories in the diet. This has positively impacted the growth of the herb and spice extracts market in the region.
Western Europe: Consumers in Western Europe are driven by an increasing awareness of the need to maintain good health and a conscious shift towards fresh and wet herbs can be seen across the region. This has fuelled consumption and hence revenue growth of the Western Europe herb and spice extracts market.
Eastern Europe: People in Eastern European countries are inclined towards the use of environmentally sustainable food ingredients such as locally grown herbs and spices readily available in the native markets. Russia is a frontrunner in the Eastern Europe herb and spice extracts market, with the Russian government providing subsidies to farmers to promote and strengthen the local herb and spice market. This is a key driver of growth of the Eastern Europe herb and spice extracts market.
APEJ: The introduction of the cold pressed technique to extract oils is boosting the growth of the herb and spice extracts market in APEJ.
Japan: An ageing population steering towards an increasing use of herb and spice extracts in daily food products as against synthetic flavours and ingredients is pushing the Japan herb and spice extracts market ahead in terms of revenue growth.
MEA: A high incidence of life-threatening diseases such as cancer and heart diseases in the MEA region has prompted the use of herb and spice extracts as preventive measures to combat certain ailments. The beneficial properties of naturally grown herbs and spices is boosting consumer demand in the MEA region, thereby fuelling the growth of the MEA herb and spice extracts market.
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