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Global Spice and Herb Extracts Market - Segmented by Type, Application, and Geography - Growth, Trends and Forecasts (2018 - 2023)

Global Spice and Herb Extracts Market - Segmented by Type, Application, and Geography - Growth, Trends and Forecasts (2018 - 2023)

Globally, the global spice and herb extracts market is expected to grow at a CAGR of 7.1% from 2017 to 2022. The market is valued at USD 6.91 billion in 2017. A good trade potential for spice and herb extracts especially for small-scale farmers in regions like Asia-Pacific where climatic conditions are favorable is expected during the forecast period. A large proportion of extracts traded in both, local and export markets, are produced by small-scale farmers.

High 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, increasing demand for convenience foods and rising preference for organic flavors among consumers.

Many companies like Doehler 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. The inconsistencies in the prices and high cost of production are primary challenges hampering the growth of the market.

Chilly and Pepper Leads the Market

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. 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. 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. For example, herbal extracts are added to Indian curd-based drink that is sold worldwide.

North America dominates the Market

North America herb and spice market has the largest market for spice and herb extracts, followed by Europe. Most of the EU countries like the UK and Germany do not have suitable agro-climatic conditions to cultivate most spices and herbs; hence, they depend heavily on imports from semi-tropical countries. However, some specific spices and herbs are produced in the EU, mainly in Eastern region and some Southern European countries. The European region is known to be a global trading center for spice and herb extracts, not only regarding imports from producing countries but also in trading among its members and other countries. Developing countries are the major suppliers, led by countries such as China, India and Vietnam.

The Asia-Pacific region is an emerging market as these extracts act as key ingredients in the local cuisine. In North America, the market is driven by a rise in the street and convenience food. In the South America and Africa regions, the market has a high local demand and is less import dependent. The consumers prefer extracts of those herbs and spices that are grown locally and through organic methods.


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
  • Regional and 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.
  • Value chain analysis
  • Volume of the global spice and herb extracts market by type, application and geography
  • Consumer behavior analysis in country level
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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 Timelines
    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 Overview
    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 Inefficient processing techniques leading to low yields and poor quality products.
    4.2.2 Adulteration
    4.2.3 Inconsistencies in the prices of spices and herbs
    4.2.4 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
    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 Dairy Dressings and marinades Meat and poultry Snacks Other
    6.3.2 Beverage applications Soft drinks Tea and herbal drinks Alcoholic beverages Others
    6.3.3 Pharmaceuticals
    6.4 By Geography
    6.4.1 North America United States Canada Mexico Others
    6.4.2 Europe United Kingdom Germany Spain Russia Others
    6.4.3 Asia-Pacific China Japan Others
    6.4.4 South America Brazil Argentina Others
    6.4.5 Africa South Africa 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 Alkaloids Corporation
    8.2 All-Season Herbs Pvt. Ltd
    8.3 Arjuna Natural Extracts Limited
    8.4 Bio-gen Extracts Pvt. Ltd.
    8.5 Cosmark Pty Ltd.
    8.6 Döhler GmbH
    8.7 Firmenich
    8.8 Indena S.p.A.
    8.9 James Finlay Limited
    8.10 Kalsec® Inc.
    8.11 K.Patel Phyto Extractions Pvt. Ltd.
    8.12 Kangcare Bioindustry Co.,ltd.
    8.13 Kuber Impex Limited
    8.14 Lehmann&Voss&Co.
    8.15 Nantong Sihai Plant Extracts Co., Ltd.
    8.16 Naturex SA
    9. Appendix
    9.1 Disclaimer
    9.2 Sources

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