- Natural herb & spice extracts are becoming popular in every segment of the food and beverage industry.
- Increasing availability of international cuisines in the major economies leads to market growth.
- The liquid segment is is estimated to hold about 49% of the market by 2025 end.
A rising use of herbs and spices in the food and beverages industry is one of the key factors for growth of the global market throughout the forecast period. The increasing focus on Ayurveda and the increasing awareness regarding its combination and benefits are further estimated to accelerate the growth of the global herbs and spices extracts market in the next few years.
Key drivers leading to growth of the spice and herb extract markets are the increased availability of international cuisines in the major economies, shifting consumer focus toward natural products, increasing demand for convenience foods and rising preference for organic flavors among consumers. According to Trends market research predictions, the global herb and spice extracts market is anticipated to increase by the end of the forecast period in 2025.
Many companies like Doehler are focusing on natural herb & spice extracts because they are becoming popular in every segment of the food and beverage industry and offer diverse options for new and attractive taste creations. Price inconsistencies and the high cost of production are primary challenges hampering market growth.
By Form, the liquid segment is expected to dominate the global market in terms of value share and is estimated to hold about 49% of the global herb and spice extracts market by 2025 end. Powder is the most commonly used form as it has a wide application in home cooked foods and other food preparations. Spice Extracts is the largest segment by Product Type, with a market share of more than 50% recorded during the forecast period. A high demand for spices in food and beverages, seasonings, and condiments is expected to fuel segment growth over the forecast period.
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In terms of application, the Food segment will dominate the global herb and spice extracts market, with an estimated market share of more than 40% throughout the forecast period. The demand for herb and spice extracts in the food segment is likely to grow continuously during the forecast period owing to their wide application as flavoring enhancers in different types of foods and beverages.
By Sales Channel, the Direct Sales segment is anticipated to be the most attractive during the forecast period.
The global herb and spice extracts market revenue has been estimated by taking into account revenue of the regional herb and spice extracts markets of North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and MEA. APEJ is slated to remain the largest and dominant market for herb and spice extracts throughout the forecast period. The APEJ regional market is anticipated to grow 1.7 times over the forecast period.
Some of the top companies operating in the global herb and spice extracts market are Givaudan SA, Kerry Group Plc., Takasago International corporation, Dohler GmbH, Sensient Technologies Corporation, Archer Daniels Midland Company, Ajinomoto Co. Inc., Symrise AG, Firmenich S A, Naturex SA, Kalsec Inc., Olam International, Foodchem International Corporation, McCormick and Company Inc, Frutarom Industries Ltd., Robertet SA, Synthite Industries Ltd., International Taste Solutions Ltd., Organic Herb Inc., and British Pepper & spice Company.