Herbs and spices are the vital part of any cuisine due to their high flavoring and aromatic nature. However, to prepare food products with the high consumer expectations, the extract suits well than the raw form of spices and herbs. These extracts are extracted by distillation process and in term of quality, these extracts offer a more consistent taste with enriched flavor compared to fresh or dried herbs.
Demand for herbs and spice extracts is increasing at a significant rate. This is owing to an increasing preference for western cuisine. Over the last couple of years, western food has become gradually accessible and mainstream. Also, consumers around the world are craving for new and exciting spices and seasonings which has significantly increased the demand for herbs and spices extracts. In addition to this, increasing use of spices and herb by the middle-class population as a result of an increase in disposable income and surge in use of spices as natural preservatives is also majorly driving the growth of global herbs and spices extracts market. On top of this, increasing use of herb extract as therapeutic agents promise healthy growth of the market over the forecast period. However, the COVID-19 pandemic halted the growth of the market. Disruption in supply chain and restriction on goods transport has primarily hampered the market growth globally.
The global market for herbs spice extracts is bifurcated based on source, application, and region. Based on the source, the global market is categorized into celery, cumin, chili, cardamom, coriander, pepper, basil, thyme, ginger, cinnamon, oregano, and other. The application segment of the market is split into food, beverage, pharmaceutical, and others.
Europe is expected to remain the largest region in global herbs spice extracts market over the forecast period. Key factor for the Europe’s large share in the market include large consumption rate of herb and spice extract in food, beverage, and cosmeceuticals. In spite of low local production, Europe import a large quantity of herbs and spices from Asian and African countries. UK, Germany, and France are among the top consumers of herb and spice extracts in Europe. Asia Pacific is estimated to be the second largest market for herb spice extract. Well established food sector in China and India is the key factor for large demand of herb and spice extracts. Market in North America is also expected to generate healthy revenue in the herb spice extracts market over the forecast period.
Some of the leading players operating in the global herbs spice extracts market include Ajinomoto Co, Inc., Archer Daniels Midland Company, British Pepper & spice Company, Dohler GmbH, Firmenich S A, Foodchem International Corporation, Frutarom Industries Ltd, Givaudan SA, International Taste Solutions Ltd, Kalsec Inc., Kerry Group Plc. Among others. To cite, in 2019, Doehler launched new range of natural Herb & Spice Extracts and natural Blossom Flavors.
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