Global Spice and Herbs Extracts Market: Herbal extracts are substances obtained by extracting herbs such as dry leaves, stems or flowers from plants. Whereas spices extracts are obtained by dry aromatic and pungent ingredients in form of seeds, fruits, roots, barks or vegetable substance. The process includes extracting a part of raw material by using solvent such as water or ethanol. Extract can be in tincture or in powder form. Spice and herbs extracts are used in food, beverages, medicine and also for adding flavors, colors and to preserve food.
Major factors driving growth of the global spice and herbs extracts market include increasing demand for convenience food and increasing international cuisines in various countries. In addition, rising awareness about medicinal properties of herbs and spice extracts coupled with their usage in innovative food recipes are further driving growth of the global spice and herbs extracts market. Moreover, due to globalization and increasing tourism activities, there is rise in demand for ethnic food which in turn is boosting demand for spice and herbs extracts in various regions and this trend is expected to grow exponentially during the forecast period.
Major restraining factor hampering growth of the global spice and herbs extracts market is inefficient processing techniques and infrastructure. In addition, availability of substitutes and adulteration, varying prices of spice and herbs, geopolitical issues, and unfavorable climatic conditions in some regions are restraining growth of the global market. However, rising demand for flavor variation in food products is expected to open new and promising opportunities for major players in the market.
On basis of type, the global spice and herbs extracts market is segmented into celery, cumin, chili, coriander, cardamom, oregano, pepper, basil, ginger, thyme, and others. Of these, chili and pepper segment is expected to register a CAGR of XX% during the forecast period. On basis of product type, the global spice and herbs extracts market is segmented into essential oils, seasonings, blends, and others. On basis of application, the global spice and herbs extracts market is segmented into food, beverage, and medicine. The food segment is further sub-segmented into dairy, dressings and marinades, meat and poultry, snacks, and others. The beverages segment is further sub-segmented into soft drinks, tea and herbal drinks, alcoholic beverages, and others. On basis of region, the global spice and herbs extracts market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
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North America has the largest market in terms of revenue generation owing to rising convenience food and street food culture. Followed by Europe. Among other regions, Asia Pacific is expected to witness highest growth during the forecast period owing to suitable climatic conditions to cultivate spice and herbs, high consumption by locals, and presence of major suppliers from economies such as India, China etc.
Top players in the global spice and herbs extracts market are Döhler GmbH, Synthite Industries Ltd., Kalsec Inc., Naturex SA, Alkaloids Corporation, Organic Herb Inc., Plant Extracts International Inc., Lehmann & Voss & Co. KG, and other major players.