Zion Market Research has published a new report titled “Herbs & Spice Extracts Market: by Form (Powder, Liquid, and Others), by Product Type (Herb Extracts and Spice Extracts) by Sales Channel (Direct Sales and Indirect Sales), and by Application (Food, Beverages, Personal Care, Nutraceuticals, Pharmaceuticals, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2026.” According to the report, the Herbs & Spices Extracts market is growing at a CAGR of around 6% between 2019 and 2026.
The global herbs & spices extracts market is anticipated to show remarkable growth during the forecast year. The changing foodservice industry across the globe is fueling market growth. The eating out practices by consumers globally has significantly paved the way for the market. Herbal extracts have been there for medicinal purposes for several thousands of years. The knowledge of medicinal plants has been accumulated in the course of many centuries. According to the World Health Organization (WHO), as many as 80% of the world’s people depend on traditional medicine (herbal) for their primary healthcare needs.
The development of indigenous medicines and the use of medicinal plants carry considerable economic benefits in the treatment of various diseases. Traditional systems of medicines like Ayurveda employ the use of these spices to treat various diseases, based on practical experiences from past experiences from generations. The seasonings and spices industry continues to adapt to consumer choices for variety, convenience, wellness attributes, food safety and value, increasing demands from retail and foodservice division customers, and the pressures of global market competition.
Based on product type the herbs & spices extracts market is segmented into herbs and spices. The herb segment is expected to dominate the market share. Herbal extracts are the commonly consumed drinks/beverages, which are brewed from several parts of plants. There are many kinds of herbal teas consumed worldwide by different cultures for both the prevention of several diseases, taste, and pleasure. Moreover, herbs play an important role as phenolic sources together with their antioxidant, anti-inflammatory, antimicrobial, antiviral, and antiproliferative properties. However, special attention has to be paid to the selection of proper extraction methods (i.e., infusion and decoction) for each kind of herb to obtain maximum benefit.
In order to meet consumer’s demand for healthy beverages and to manage quality and safety requirements, advanced research and development is needed. In this direction, novel processing technologies (i.e., spray-dried instant tea processing and microencapsulation of herbal extracts) could be recommended for product standardization to minimize health risks of traditional production methods and elongation of shelf life.
In terms of application, the global herbs and spices market has been categorized into food, beverages, personal care, nutraceuticals, pharmaceuticals, and others. The food and beverage segment is anticipated to show remarkable value during the forecast period. Herbs and spices come from different parts of the plant are used to impart an aroma and taste to food. Several herbs have therapeutic properties such as antioxidative, anti-inflammatory, antidiabetic, antihypertensive and antimicrobial activities. Therefore, the fortification of dairy foods with herbs and spices could help to provide functional dairy products with nutritional and medicinal values. Also, herbs and spices are used to improve the appearance and attractiveness of fortified foods for consumers and to increase the sale of those herbs. Therefore, only the highest quality herbs or spices can be added to dairy products to combat contaminating microorganisms.
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Some key players in operating in the herbs and spices extract market are Naturex SA, Firmenich SA, Symrise SG, Ajinomoto Co.Inc., Archer Daniels Midland Company, Sensient Technologies Corporation, Dohler GmbH, Takasago International Corp., Kerry Group Plc, Givaudan SA, and others.