Herb & Spice Extracts Market witnessing a CAGR of 5.1% in terms of value forecast period (2017 - 2027)
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 Bn 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 Bn between 2017 and 2027.
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Global Herb & Spice Extracts Market: Segmental Analysis
The global herb and spice extracts market is segmented on the basis of Product Type into Herb Extracts and Spice Extracts; on the basis of Form into Powder, Liquid, and Others; on the basis of Application into Food (Sauce/dressing/condiments, Confectionery/bakery, Dairy products, Others), Beverages (Juices, RTD Tea, Alcoholic beverages, Traditional homemade drinks, Others), Personal Care (Skin Care, Hair Care, Perfumes & Fragrances, Aromatherapy, Others), Nutraceutical, Pharmaceutical, and Others; and on the basis of Sales Channel into Direct sales and Indirect sales (Specialty stores, Hyper/supermarket, E-commerce, Other retail formats).
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: Key Players
The report profiles 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.
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