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Asia-Pacific Spice and Herb Extracts Market - Growth, Trends, and Forecasts (2018 - 2023)

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.

Key Developments

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.

Reasons to Purchase this Report

Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
Market dynamics which essentially consider the factors which are impelling the present market scenario along with growth opportunities of the market in the years to come
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
Country level analysis integrating the demand and supply forces that are influencing the growth of the market
Competitive landscape involving the market share of major players along with the key strategies adopted for development in the past five years
Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis and strategies employed by the major market players
3 months analyst support along with the Market Estimate sheet in excel.

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1. Introduction
1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
2. Research Approach & Methodology
2.1 Introduction
2.2 Research Designs
2.3 Study Timeline
2.4 Study Phases
2.4.1 Secondary Research
2.4.2 Discussion Guide
2.4.3 Market Engineering and Econometric Modelling
2.4.4 Expert Validation
3. Key Findings
4. Market Dynamics
4.1 Drivers
4.1.1 Increased availability of International Cuisines in the Major Economies.
4.1.2 Shifting Consumer Focus towards Natural Products
4.1.3 Increasing Demand for Convenience Foods
4.2 Restraints
4.2.1 Inconsistencies in the Prices of Spices and Herbs
4.2.2 Availability of Substitute Products
4.3 Opportunities
4.3.1 Positive Prospects for Small and Medium-Sized Exporters by Adopting Sustainability Measures
4.3.2 Increasing Demand for Flavor Variation in the Food Products
4.3.3 Growing Number of Aging Population
5. Porter's Five Force Analysis
5.1 Bargaining Power of Suppliers
5.2 Bargaining Power of Buyers
5.3 Threat of New Entrants
5.4 Threat of Substitute Products and Services
5.5 Degree of Competition
6. Market Segmentation
6.1 By Type
6.1.1 Celery
6.1.2 Cumin
6.1.3 Chili
6.1.4 Coriander
6.1.5 Cardamom
6.1.6 Oregano
6.1.7 Pepper
6.1.8 Basil
6.1.9 Ginger
6.1.10 Thyme
6.1.11 Others
6.2 By Product Type
6.2.1 Essential Oils
6.2.2 Seasonings
6.2.3 Blends
6.2.4 Others
6.3 By Application
6.3.1 Food Applications
6.3.1.1 Dairy
6.3.1.2 Dressings and Marinades
6.3.1.3 Meat and Poultry
6.3.1.4 Snacks
6.3.1.5 Others
6.3.2 Beverage Applications
6.3.2.1 Soft Drinks
6.3.2.2 Tea and Herbal Drinks
6.3.2.3 Alcoholic Beverages
6.3.2.4 Others
6.3.3 Pharmaceuticals
6.4 By Geography
6.4.1 China
6.4.2 India
6.4.3 Japan
6.4.4 Australia
6.4.5 Others
7. Competitive Landscape
7.1 Strategies Adopted by Players
7.2 Most Active Companies in the Past Five Years
7.3 Market Share Analysis
8. Company Profiles
8.1 ARJUNA NATURAL EXTRACTS LIMITED
8.2 BIO-GEN EXTRACTS PVT. LTD.
8.3 COSMARK PTY LTD.
8.4 DÖHLER GMBH
8.5 KALSEC® INC.
8.6 K.PATEL PHYTO EXTRACTIONS PVT. LTD.
8.7 KANGCARE BIOINDUSTRY CO. LTD.
8.8 KUBER IMPEX LIMITED
8.9 LANGDON INGREDIENTS
8.10 LEHMANN & VOSS & CO.
8.11 MCCORMICK & COMPANY, INC.
8.12 NANTONG SIHAI PLANT EXTRACTS CO., LTD.
8.13 NUTRA GREEN BIOTECHNOLOGY CO. LTD
8.14 ORGANIC HERB INC
8.15 PLANT EXTRACTS INTERNATIONAL INC.
8.16 SIGMA-ALDRICH CORPORATION
8.17 SYNTHITE INDUSTRIES LTD.
8.18 THE HERBAL EXTRACT COMPANY OF AUSTRALIA
8.19 VIDYA HERBS PVT LTD
8.20 XENA BIO HERBALS
9. Appendix
9.1 Disclaimer

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