Newark, April 12, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 42.36 billion in 2022 herbal extracts market will reach USD 77.88 billion by 2032. One of the regions worldwide with the fastest growth is the Asia-Pacific. Demand for organic and natural food products is rising due to increasing disposable income and health awareness. A growing market exists for the food and beverage sector throughout the Middle East, Africa, and Latin America. The leading players in the global market for herbal extracts are anticipated to benefit substantially from all of these factors.
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Key Insight of the Herbal Extracts Market
Asia-Pacific is anticipated to expand at the highest CAGR of 9.04% over the projection period.
Asia-Pacific is expected to grow at the highest CAGR of 9.04% over the forecast period. Due to the expanding bulk demand for herbal items and the increased consumption of herbal tea and drinks, the Asia Pacific region is expected to lead the market throughout the projected period. The market in the region is also predicted to grow due to rising demand for personal herbal care and cosmetic products.
In the herbal extracts market, the thyme segment is expected to register the highest CAGR of 10.56% over the projected period.
The thyme segment is anticipated to grow at the highest CAGR of 10.56% in the herbal extracts market. Thyme is used to flavour food and beverages. Soups, braises and sauces are frequently seasoned with it. Rice dishes, potatoes, bread and vegetables also benefit from the addition.
In the herbal extracts market, the essential oils segment is expected to register the highest CAGR of 10.03% over the projected period.
The essential oils segment is anticipated to grow at the highest CAGR of 10.03% in the herbal extracts market over the forecasted period. Essential oils are concentrated herbal extracts from a variety of sources. Doctors use them in holistic and alternate medical procedures.
In the herbal extracts market, the food & beverages industry segment is expected to register the highest CAGR of 10.82% over the projected period.
The food & beverages industry segment is anticipated to grow at the highest CAGR of 10.82% in the herbal extracts market over the forecasted period. In the food & beverages industry, plant extracts serve various purposes, including those of antioxidants, antimicrobials, flavourings, colours, nutrient enhancers, and enzymes.
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Market Dynamics
Driver: Rising consumer awareness regarding health and nutrition
The growing food and beverage industry, fueled by the rising global population and food consumption, is driving the growth of the herbal extracts market. The general worldwide population is becoming more health-conscious due to climate change, excessive labour, a busy lifestyle, and rising living standards. To maintain their health and fitness, this enables consumers to shift their preferences towards natural and organic food products, which raises demand for herbal extracts and their components internationally. Rising disposable incomes and growing numbers of the middle class to enhance consumer spending power on natural, organic, and nutritious food and beverage products became critical drivers of growth for the global market for herbal extracts. Ingredients found in herbal extracts include Aloe Vera, Sage, Marjoram, Cardamom, Oregano, Coriander, and numerous other herbs. These herbs have a wide range of health advantages for people and animals, helping treat various ailments and disorders. These reasons have led to a significant increase in demand for herbal extracts from the pharmaceutical and personal care industries, which has helped the market expand. Since the beginning, herbs have been utilised to create food additives and medications. People have been switching from synthetic to natural and organic items as their concerns about their health have grown. Natural herbs have curative qualities for conditions ranging from cancer to the flu. Herbs have potent antioxidant and antimicrobial effects.
Opportunity: Increasing popularity of natural products
Since "organic" and "natural" have gained popularity in the worldwide food and beverage industry, the market for herbal extracts is growing. Organic foods are both tastier and healthier when compared to other foods or food products created with synthetic or chemical ingredients. In North America and Europe, many of the population choose natural and organic food products and ingredients. Consumers' health in North America and Europe is a top priority, and these consumers are prepared to spend money on organic and healthy food products. Additionally, customers find a product more affordable in this region than in other areas, which presents a massive opportunity for the top companies in the global market for herbal extracts.
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Some of the major players operating in the herbal extracts market are:
• Martin Bauer Group
• VidyaHerbs
• Pioneer Enterprise
• MRT GREEN PRODUCTS
• Dohler
• Beloorbayir Biotech Limited
• Venkatesh Naturals
• BIOFORCE USA
• Phyto Herbal
Key Segments cover in the market:
By Source:
• Mint
• Dill
• Thyme
• Basil
• Rosemary
• Lavender
• Others
By Product Type:
• Flavors
• Tincture
• Powder
• Spices
• Essential Oils
• Fragrances
• Others
By End User:
• Pharmaceutical Industry
• Personal Care Product Industry
• Food & Beverages Industry
• Cosmetics Industry
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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