Asia-Pacific Spice and Herb Extracts Market - Growth, Trends, and Forecasts (2018 - 2023)
Asia-Pacific Spice and Herb Extracts Market Insights
The Asia-Pacific market for spice and herb extracts is thriving due to strong local demand. These extracts are relevant as food preservatives or shelf-life extension ingredients due to the tropical climate in most of the countries in the region. The Asia-Pacific market for spice and herb extracts is expected to grow at a CAGR of 6.1% from 2018 to 2023.
Increased Penetration of International Cuisines
The key drivers leading to the growth of the spice and herb extract markets are the increased availability of international cuisines in the major economies, shifting consumer focus towards natural products and increasing demand for convenience foods. Many companies like Dohler, are focusing on natural herb & spice extracts as they are becoming popular in every segment of the food and beverage industry and offer plenty of scope for new and attractive taste creations.
Oregano Records Highest Growth Rate
The spice and herb extract market is segmented by type, product type, and application. By type, spice and herb extracts are further segmented into celery, cumin, chili, coriander, cardamom, oregano, pepper, basil, ginger, thyme and other types of extracts. Oregano records a CAGR of 8.6% during the forecast period. By product type, the market is sub-segmented into essential oils, seasonings, blends, and others type of spice and herb extract based products. The major demand is for chilly and pepper extracts, which are mostly used in convenience and street foods.
Spice and herb extracts have their applications in the food, beverage and pharmaceutical industries. In the food segment, they are used in dairy, dressings and marinades, meat and poultry, snacks and others. In beverages, they are used in soft drinks, tea and herbal drinks, alcoholic beverages, and other applications.
China and India Hold Maximum Market Share
The market has a good trade potential, especially in countries like India and China, due to a high import demand from the countries belonging to European and North American regions. A large proportion of extracts traded in both local and export markets, are produced by small-scale farmers.
Countries such as the Philippines, India, China, Japan, Singapore, and Malaysia are expected to witness a promising growth over the forecast period in the spice and herbal extracts market. In the West Asian markets, there is a strong demand for the use of these ingredients in making curry powder and masala. Regarding exports, the Asia-Pacific region is leading globally, due to strong demand in the European and North American markets.
January, 2017: Kalsec expanded its IsoFresh® product line to include garlic and white and red onion. Developed with Kalsec culinary and sensory expertise, IsoFresh® products feature a unique combination of natural flavors that maximize the freshness profile of garlic and onion throughout the canning process.
March, 2017: Kalsec announced the appointment of IMCD SEE, a global leader in the sales, marketing and distribution of specialty chemicals and food ingredients, as their new Channel Partner in the Southeast Europe market.
The key players include: ARJUNA NATURAL EXTRACTS LIMITED, BIO-GEN EXTRACTS PVT. LTD., COSMARK PTY LTD., DÖHLER GMBH, KALSEC® INC., K.PATEL PHYTO EXTRACTIONS PVT. LTD., KANGCARE BIOINDUSTRY CO. LTD., KUBER IMPEX LIMITED, LANGDON INGREDIENTS , LEHMANN & VOSS & CO., MCCORMICK & COMPANY, INC., NANTONG SIHAI PLANT EXTRACTS CO., LTD., NUTRA GREEN BIOTECHNOLOGY CO. LTD , ORGANIC HERB INC, PLANT EXTRACTS INTERNATIONAL INC., SIGMA-ALDRICH CORPORATION, SYNTHITE INDUSTRIES LTD., THE HERBAL EXTRACT COMPANY OF AUSTRALIA, VIDYA HERBS PVT LTD, XENA BIO HERBALS, amongst others.
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