The herbs and spices market size is forecast to grow at a CAGR of 3.6% between 2024 and 2034. The market is expected to incline from US$ 171,563.1 million in 2024 to US$ 244,124.7 million by 2034 end. The accelerating utilization of herbs and spices in food items is fueling market expansion.
Herb extracts are expected to lead the pack among the segments, with the fastest growth during the projected period. Herb extracts are increasingly being used in cosmetics, personal care items, and food and beverage products, which is driving market expansion.
Key Takeaways
- With a market share of 19.8%, the United States has the highest demand for herb and spice extracts. This demonstrates the enormous consumer base in the nation and the rising acceptance of natural ingredients across a range of businesses.
- With a market share of 8.9%, Germany comes second to the United States. This shows that the country has a sizable market presence and a constant need for herb and spice extracts. Natural ingredients are becoming more and more valued by German customers in their food, beverages, and personal care products.
- China has a sizable presence in the herb and spice extracts market, with a market share of 3.4%. China is progressively adopting the use of these extracts because to its vast population and changing customer preferences, driven by the need for organic and healthy products.
- India has a 5.6% market share, which shows that there is a rising need for herb and spice extracts there. The market for these extracts in India is growing as customers become more health-conscious and look for natural alternatives.
- With a 4.9% market share, the United Kingdom desperately needs herb and spice extracts. Growing consumer knowledge of the health advantages of these extracts, combined with the popularity of natural and clean-label products, is fueling market expansion in the U.K
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Due to a multitude of factors, the market for herb and spice extracts is highly competitive. While the standardised nature of the commodities makes it difficult for enterprises to differentiate themselves, the market’s rapid growth attracts new competitors. The minimal entry barriers make it easy for new enterprises to enter the market. Furthermore, prominent purchasers of herb and spice extracts, primarily large multinational firms, wield significant negotiation leverage. As a result, providers must compete intensely to meet the demands of these influential buyers.
Givaudan
Givaudan, a Swiss corporation, is one of the world’s top flavor and fragrance firms. They have a competitive advantage in the herb and spice extracts market because of their great brand recognition and extensive distribution network. Additionally, Givaudan makes significant investments in R&D, enabling them to create novel extraction methods and raise the calibre of their output.
Kerry Group
One of the top producers of food ingredients worldwide is the Irish corporation Kerry Group. They have a competitive advantage in the herb and spice extracts market because of their significant emphasis on natural components.
Dohler
One of the top producers of food components in Europe is the German firm Dohler. They have a competitive advantage in the herb and spice extracts market because of their significant emphasis on natural components. Additionally, Dohler has a proven track record of innovation, enabling them to create new goods and services that satisfy the demands of its clients.
Olam International
One of the top traders of agricultural commodities worldwide, Olam International is a Singapore-based business. They have a competitive advantage in the herb and spice extracts market because of their significant emphasis on natural components. Additionally, it has a proven history of innovation, which enables them to create new goods and services.
Key Developments
- Businesses are broadening their product lines to appeal to niche markets in response to the rising demand for herb and spice extracts. This includes creating specialized extracts designed for certain uses or focusing on specialized consumer groups. Companies can take advantage of certain consumer preferences and establish a competitive advantage by entering these niche sectors.
- Companies in the herb and spice extracts sector are establishing strategic alliances and partnerships in order to improve their skills and broaden their market reach. This involves collaborating with research organizations, academic institutions, and other industry actors to draw on their knowledge and create novel products and extraction methods. Collaborations can give businesses access to new resources, distribution channels, and markets, which promotes market growth and competitiveness.
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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
By Region, Herb & Spice Extracts Market is Segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa (MEA)
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