The herb & spice extracts market is set to witness growth at an average CAGR of 5.1% and is anticipated to reach a valuation of around USD 23.9 Bn by 2033 while it holds a revenue of USD 14.5 Billion in 2023.
Herbal extracts are created from the seeds, stems, and blossoms of various herbs, according to a study report by FMI on the herb and spice extract industry. Spice extracts come from stems, nuts, berries, barks, and vegetables and are sweet and sour in flavour. Spice and herb extracts have been used to add flavours, colours, and preserve consumer items as well as medications, foods, and beverages.
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Herb and spice extracts are also used in packaged food to enhance the flavor. Before adding these herbs and spices to the food, the herbs & spices are processed, distilled, and extracted through multiple temperatures for its wider food applications, pushing the demand for herb & spice extracts.
Increased interest in novel flavors and greater customer awareness of health issues are driving demand for organic spices and herbs. Millennials are very interested in the many flavors and cuisines that reflect regional cultural variations.
The extract and essential oils extracted from these plants are further used in chronic diseases and their prevention. Medicinal use of these herbs and spice extracts fuels the market growth.
Numerous health advantages that spices and herbs offer to consumers include decreasing blood sugar levels, enhancing brain function, boosting immunity, having anti-inflammatory effects, and many more. In addition to being a great source of essential nutrients, spices and herb extracts are important culinary ingredients for a variety of delectable and nutrient-dense foods. These organic components also give foods its scent, flavour, and colour, which will be the industry’s mainstay for the foreseeable future.
Key Takeaways from Market Study
- Small-scale farmers in locations like the United States, where spices and herb extracts are in high demand, have a lot of trade potential on the market.
- Shifting client preferences, healthy living practices, and a predilection for Asian cuisines such as Japanese and Chinese are driving the market in Germany.
- Consumers in China are developing a craving for new and exotic spices and flavors as western foods become more accessible and widespread.
- Brazil controls the South American market for spices and herb extracts, which are used in a variety of culinary and beverage applications, particularly in bakeries.
- Increased demand for spices, seasonings, and condiments in food and beverages is likely to fuel segmental growth.
- Spices and herbs have traditionally been associated with Indian and Chinese cuisines, and they have been used to maintain and improve human beauty.
“Spices and seasonings offer a wealth of medical and physiological benefits. Spices improve the flavor and taste of food and have several health benefits. Antiviral and antibacterial properties, as well as traces of essential nutrients are found in most spices. The future for the herb & spice extracts industry looks promising as people become more health conscious, using extracts for healing. Modern lifestyle has pushed end users to use the organic and natual content present on Eart to use the essential oils it produces for healing and disease prevention. Herb and Spice extracts are growing in popularity due to their high antioxidant content, ability to decrease blood sugar and prevent diabetes, and enhancement of both skin and cognitive performance.” says a Future Market Insights analyst.
Competitive Landscape
R&D projects are prioritized by herb and spice extract manufacturers in order to give clients new and enhanced products, helping the herb & spice extract market gain more traction. Companies build partnerships with other manufacturers in order to develop products that will meet their customers’ needs. Manufacturers are also investing heavily in advanced manufacturing technology in order to improve process efficiency while reducing manufacturing costs and time.
- For example, Synthite Industries Ltd. has included Farmtech, a backward-integrated raw-materials sustainable initiative, to work directly with farmers and ensure the quality of fresh ingredients.
- Nutrispice is a unique startup that goes through a mixture of ancient wisdom and modern science that creates natural health supplements and ingredients that provides authenticity and originality. This pushes the sales of herb & spice extracts.
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Herb & Spice Extracts Market by Category
By Product Type, Herb & Spice Extracts Market is Segmented as:
- Herb Extracts
- Spice Extracts
By Form, Herb & Spice Extracts Market is Segmented as:
- Powder
- Liquid
- Others
By Application, Herb & Spice Extracts Market is Segmented as:
- 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
- Others
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the Herb & Spice Extracts market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on Product Type (Herb Extracts, Spice Extracts), Form (Powder, Liquid), Application (Food, Beverages, Personal Care, Nutraceutical, Pharmaceutical), Sales Channel (Direct sales, Indirect sales), across seven major regions of the world.
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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