Spice and Herb Extracts Market Trend Analysis Report by Type (Herb Extracts, Spice Extracts), By Application (Food, Beverages),& Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2030

Spice and Herb Extracts Market overview

Spice and Herb Extracts Market is expected to grow rapidly at a 3.3% CAGR consequently, it will grow from its existing size of from $ 16.50 Billion in 2023 to $ 21.1 Billion by 2030.

For Insights Consultancy presents an extensive market analysis report titled “Spice and Herb Extracts Market Report 2024″providing businesses with an edge in competition by providing a thorough analysis of market structures with estimates for various segmentations and segments.

The report also focuses new trends, major drivers, challenges, as well as opportunities. The report provides all necessary information needed to thrive in the Spice and Herb Extracts industry. This report is about Spice and Herb Extracts market research provides a complete analysis, which includes a comprehensive analysis of the current and future trends in the market.

The herb and spice extracts market has experienced a rapid growth in the last few years, fueled by rising demand from consumers for healthy and natural flavours as well as health-conscious food options. Extracts derived from a variety of herbs and spices like ginger, garlic rosemary, and turmeric provide enhanced flavor profile and health benefits, such as antioxidant and anti-inflammatory properties.

Market expansion is driven by several factors. These include the increasing popularity of cuisines from other cultures, the increasing desire for ingredients with a clean label as well as the emergence of innovative food and beverages. Furthermore, the increasing consciousness of the health advantages of herbs and spices and their numerous applications in both medicinal and culinary areas, has also fueled the growth of the market.

The market is characterized by fierce competition between major players, which are focused on innovation in their products and strategic partnerships as well as mergers and acquisitions to get competitive advantage. Furthermore, increased investments on research and development with the aim of expanding product lines and advancing extraction methods are expected to propel the market to further expand.

Geographically speaking, regions like North America, Europe, and Asia-Pacific dominate the herb and spice extracts market, with new economies exhibiting promising growth prospects. In the end, the market is set for continued growth, driven by the changing consumer preferences as well as the current trend towards more natural, delicious and healthy food items.

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Spice and Herb Extracts Market Trends 2024

Growing Demand for Organic and sustainable products: Consumers are increasingly searching for organic and sustainable sources of herb and spice extracts. This trend is in line with general trend towards healthy and sustainable foods.

Innovative Product Offers: Market players are focused on creating novel blends of herb and spice extracts in order to meet the changing consumer demands. This means creating blends that are tailored for specific uses in the kitchen as well as health benefits, like the blends to boost your immune system or for relaxation.

Functional ingredients for Health and Wellness: Spice and herb extracts are beginning to gain recognition as ingredients that can be utilized in various beverages, food items, as well as nutraceutical items. With the increasing recognition of the potential health benefits, people are adding these extracts to their diets to provide more than the flavor improvement.

Expanding Distribution Channels: The accessibility of herb and spice extracts is growing through different distribution channels, like online retailers as well as specialty stores and healthy food shops. The availability is expanding to more consumers and stimulating the growth of markets.

Technology-based advancements in extraction Methods: Continuous advances in extraction technology are improving the efficacy and quality of herb and spice extracts. This is a result of the development of innovative extraction techniques that enhance retention of flavors components and bioactive constituents, which meet the need for premium products.

In the end the spice and herb extracts market of 2024 is marked by a combination of entrepreneurship sustainability, sustainability, and a healthy lifestyle, with the focus on satisfying the varied needs of customers across the globe.

Spice and Herb Extracts Market Dynamics 2024

Growth Drivers

Growing Demand from Consumers for natural ingredients: The majority of consumers are looking for pure and natural ingredients in their beverages and food. The extracts of spices and herbs that are extracted by nature, are in line with this trend, boosting their rise in popularity and market growth.

Health and Wellness Trends: The growing awareness of the health benefits that come with specific herbs and spices drives the demand of their extracts. Ingredients like ginger, turmeric and garlic are sought-after due to their claimed medicinal properties and are a major contributor to the growth of the market.

Expanding of Food and Beverage Industry: The constant expansion of the food and drink industry worldwide, especially on the continents of emerging economies, provides opportunities for herb and spice extract producers. Extracts of these are utilized as flavor enhancers and ingredients in a range of beverages and food items which is driving market growth.

Growing Preference for Ethnic and International Foods: The increasing popularity of ethnic food, like Indian, Thai, and Mexican is fueling the need for authentic spices and herb extracts that are used in these cuisines. As people seek out diverse taste experiences, the demand for herb and spice extracts continues to expand.

Technological advancements in Extract Methods Continuous advancements in extract technology increase the effectiveness and quality of herb and spice extracts. Innovative extraction techniques increase the yield, decrease processing time and preserve flavor and bioactive compounds that drive the growth of the market.

Restraints

Price volatility of raw materials: The volatility in prices for raw material, including herbs and spices, can influence the price in production of extract makers. Variations in demand and supply weather conditions, supply and demand, as well as geopolitical influences can result in uncertain pricing, creating problems for the market players.

Legal Compliance as well as Quality Standards: Compliance with regulations along with quality and safety standards especially in relation to food safety and labeling is crucial for herb and spice extract producers. Compliance with these requirements could mean an additional expense and resource and could limit the growth of markets.

Competitors from Synthetic Flavorings: Synthetic flavorings and additives pose a threat to natural herb and spice extracts. Although natural extracts are the preferred choice by those who want pure-label products, synthetic flavors may bring cost advantages and maintain the same flavor profile, affecting the growth of markets.

Limited availability of certain ingredients: Some spices and extracts may have supply limitations due to factors like climate conditions and geopolitical instability as well as environmental concerns. Insufficient supply of key ingredients could disrupt the production process and slow market growth for certain extracts.

Consumer preferences and perceptions of taste: Consumer perception and preferences in taste vary across different regions and segments of the population. The preferences for specific flavors and extracts can alter over time, impacting the dynamics of demand and creating challenges for the market players to cater to different consumer preferences.

Spice and Herb Extracts Market Segment Analysis

The herb and spice extracts market is segmented on a variety of factors, such as the type of extract, its use, and geographic.

The type of extract: This market is classified into oil-based, water-based extracts, and solvent-based ones. Water-based extracts are employed in beverages and for certain food applications, whereas oil-based extracts are favored to be used for culinary uses and in products such as marinades and salad dressings. Solvent-based extracts are used for their high concentration, and are commonly utilized in nutraceuticals and pharmaceuticals.

Application Extracts of spices and herbs have applications across a range of industries, such as food and beverage pharmaceuticals, nutraceuticals and cosmetics. For the food and drink industry, they are utilized as flavor enhancements, natural preservatives and as functional ingredients. In nutraceuticals and pharmaceuticals they are sought-after because of their health-promoting properties including antioxidant and anti-inflammatory effects.

By Type

• Herb Extracts
• Spice Extracts

By Application

• Food
• Beverages
• Personal Care
• Nutraceutical
• Pharmaceutical
• Others

Competitive Landscape of the Spice and Herb Extracts Market

The market is competitive in the herb and spice extracts market is marked through the presence many major players competing to gain market share and trying to create product innovation and differentiation. Some of the most prominent firms operating in the market are:

Givaudan SA: Givaudan is a renowned global flavor and fragrance business which offers a variety of herb and spice extracts for the beverage and food industry. It is a company that focuses in research and development in order to develop innovative flavor solutions that are tailored to the specific needs of its customers.

Symrise AG: Symrise is a major player in the herb and spice extracts market, offering scents, flavors, and useful ingredients to a variety of industries. Symrise is committed to the importance of sustainability and naturalness in its products, and caters to the increasing demand of consumers for pure ingredients.

Corporateich SA The Swiss company Firmenich has a business that is known for its experience in fragrance and flavor development. The company provides a wide range of herb and spice extracts, drawing on its extensive research capabilities as well as partnerships with the industry to offer top-quality products.

Kerry Group: Kerry Group is a global food and flavor company that offers herb and spice extracts to the beverage and food industry. The company is focused on the development of new products and collaboration with customers to come up with innovative flavor solutions and satisfy ever-changing consumer demands.

Naturex (Groupe Givaudan): Naturex, acquired by Givaudan in the year 2018, is a specialist in natural ingredients, such as herb and spice extracts. The company offers a variety of botanical extracts suitable for beverages, food and nutraceutical uses, with a the focus in sustainability as well as traceability.

Archer Daniels Midland Company (ADM): ADM is one of the major players in the extracts of herbs and spices market, providing a wide range of flavor and ingredient solutions. The company’s global presence as well as vertical integration capabilities help to increase its ability to compete in the market.

• Dohler
• Sensient
• Archer Daniels Midland
• Ajinomoto
• Symrise
• Firmenich
• Naturex
• Kalsec
• Olam

The companies compete on factors like quality of product and the ability to innovate, pricing distribution network, as well as customer service to ensure their positions on the market and get an advantage. Furthermore mergers, acquisitions and partnerships are commonly employed by the major players to increase their potential along with their capabilities, particularly in the herb extracts and spices sector.

New Developments

December 2022: Kerry, a major player in taste and nutrition, developed a new tool to assist manufacturers in optimizing the nutritional profile of their products while being mindful of the numerous front-of-pack regulations. KerryNutri Guide can use different front-of-package nutrition labeling systems to measure food and drinks and help the user get a higher score.

December 2021: SH Kelkar and Company Ltd (SHK), which is an India-based flavor and fragrance company, announced with its completely owned subsidiary Keva Europe BV its acquisition of a 100% stake in a subsidiary of Holland Aromatics’ BV, in the Netherlands. Through this, the company will cater to the new market and increase its business operations.

December 2021: Univar BV, a subsidiary of Univar Solutions Inc., a global chemical and ingredient distributor and provider of value-added services, announced that it had expanded its Ingredients & Specialties (I & S) portfolio through a new exclusive distribution agreement with Kalsec Inc.

August 2021: The Nedspice Group of companies collaborated with Bia Analytical in the fight against food fraud, and the addition of another product to the list of spices whose authenticity can be verified using a fast, reliable, and accredited method is vital to ensuring consumer protection.

Spice and Herb Extracts Market Regional Outlook

The outlook for regional markets of the market for herb and spice extracts is different across geographical regions, and is influenced by things like food traditions, consumer preferences regulatory frameworks, as well as economic circumstances.

North America

The North American market is characterized by an increasing desire for natural and ethnic flavors, which drives the use of herb and spice extracts within the food and drink sector. Growing recognition of the benefits that come with specific extracts also spurs the growth of the market, with consumers looking for ingredients that are clean and safe.

Europe

Europe is a huge market for spices and extracts, and consumers are adamant about genuine flavors along with natural and organic ingredients. The diverse cuisine of Europe is a major factor in the demand for a broad range of extracts that are used in both traditional and new recipes. Initiatives to promote green products as well as sustainable sourcing practices influence market trends.

Asia-Pacific

Asia-Pacific is an important area for herb and spice extracts due to the region’s diverse culinary traditions and a growing interest among consumers in the importance of health and wellness. Countries such as India, China, and Thailand have a long tradition of using herbs and spices to cook, which has led to a surge in demand for extracts both in local and international markets.

Frequently Asked Questions

How big is the Herb & Spice Extracts Market?

The Herb & Spice Extracts Market size is expected to develop revenue and exponential market growth at a remarkable CAGR during the forecast period from 2023-2030.

Who are the major players in the Herb & Spice Extracts Market?

The leading Players in the market are Dohler, Sensient, Archer Daniels Midland, Ajinomoto, Symrise, Firmenich, Naturex, Kalsec, Olam

Which segments are covered in the report of Herb & Spice Extracts Market?

The Herb & Spice Extracts Market is Segmented On The Basis Of Type, Application, And Geography.

Which regions are covered in the report that having a potential scope for the Herb & Spice Extracts Market?

On the basis of Geography, The Herb & Spice Extracts Market is classified into North America, Europe, Asia Pacific, and the Rest of the world.

Report Features

This report gives the most complete information. The report on Spice and Herb Extracts Market format has been designed so that it can provide the best value to the business. It offers crucial insights into the market’s dynamic and will aid in strategic decision-making for current players as well as those looking to join the market.

What Deliverables Will You Get in this Report?

Table of Contents

1. Introduction of Herb Spice Extracts Market
1. Market Definition
2. Market Segmentation
3. Research Timelines
4. Assumptions
5. Limitations

*This section outlines the product definition, assumptions and limitations considered while forecasting the market.

1. Research Methodology
1. Data Mining
2. Secondary Research
3. Primary Research
4. Subject Matter Expert Advice
5. Quality Check
6. Final Review
7. Data Triangulation
8. Bottom-Up Approach
9. Top-Down Approach
10. Research Flow

*This section highlights the detailed research methodology adopted while estimating the overall market helping clients understand the overall approach for market sizing.

1. Executive Summary
1. Market Overview
2. Ecology Mapping
3. Primary Research
4. Absolute Market Opportunity
5. Market Attractiveness
6. Herb Spice Extracts Market Geographical Analysis (CAGR %)
7. Herb Spice Extracts Market by Type USD Million
8. Herb Spice Extracts Market by Application USD Million
9. Future Market Opportunities
10. Product Lifeline
11. Key Insights from Industry Experts
12. Data Sources

*This section covers comprehensive summary of the global market giving some quick pointers for corporate presentations.

1. Herb Spice Extracts Market Outlook
1. Herb Spice Extracts Market Evolution
2. Market Drivers
1. Driver 1
2. Driver 2
3. Market Restraints
1. Restraint 1
2. Restraint 2
4. Market Opportunities
1. Opportunity 1
2. Opportunity 2
5. Market Trends
1. Trend 1
2. Trend 2
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Pricing Analysis
9. Macroeconomic Analysis
10. Regulatory Framework

*This section highlights the growth factors market opportunities, white spaces, market dynamics Value Chain Analysis, Porter’s Five Forces Analysis, Pricing Analysis and Macroeconomic Analysis

1. by Type
1. Overview
2. Herb Extracts
3. Spice Extracts
2. by Application
1. Overview
2. Food
3. Beverages
4. Personal Care
5. Nutraceutical
6. Pharmaceutical
7. Others
3. Herb Spice Extracts Market by Geography
1. Overview
2. North America Market Estimates & Forecast 2021 – 2031 (USD Million)
1. U.S.
2. Canada
3. Mexico
3. Europe Market Estimates & Forecast 2021 – 2031 (USD Million)
1. Germany
2. United Kingdom
3. France
4. Italy
5. Spain
6. Rest of Europe
4. Asia Pacific Market Estimates & Forecast 2021 – 2031 (USD Million)
1. China
2. India
3. Japan
4. Rest of Asia Pacific
5. Latin America Market Estimates & Forecast 2021 – 2031 (USD Million)
1. Brazil
2. Argentina
3. Rest of Latin America
6. Middle East and Africa Market Estimates & Forecast 2021 – 2031 (USD Million)
1. Saudi Arabia
2. UAE
3. South Africa
4. Rest of MEA

This section covers global market analysis by key regions considered further broken down into its key contributing countries.

1. Competitive Landscape
1. Overview
2. Company Market Ranking
3. Key Developments
4. Company Regional Footprint
5. Company Industry Footprint
6. ACE Matrix

This section covers market analysis of competitors based on revenue tiers, single point view of portfolio across industry segments and their relative market position.

1. Company Profiles
1. Introduction
2. Dohler
1. Company Overview
2. Company Key Facts
3. Business Breakdown
4. Product Benchmarking
5. Key Development
6. Winning Imperatives*
7. Current Focus & Strategies*
8. Threat from Competitors*
9. SWOT Analysis*

2. Sensient
3. Archer Daniels Midland
4. Ajinomoto
5. Symrise
6. Firmenich
7. Naturex
8. Kalsec
9. Olam