A
rich agricultural heritage and wide presence of different varieties
of herbs and spices make APEJ the leading regional market for herb
and spice extracts
While
the global herb and spice extracts market is spread across the major
geographies, Asia Pacific Excluding Japan emerges as the undisputed
leader when it comes to the production and consumption of herb and
spice extracts. The predominance of an agrarian economy in the APEJ
region coupled with vast natural resources that are home to a large
variety of herbs and spices make the region a potential goldmine for
extraction of different kinds of herb and spice extracts. This
probably explains why the APEJ herb and spice market is slated to
dominate the global herb and spice market in terms of both value and
volume, with an estimated market value of about US$ 4 Bn anticipated
by the end of 2017, likely to increase to about US$ 7 Bn by the end
of the forecast period in 2027. This is reflective of a CAGR of 5.5%
in terms of value, the highest among all the other regions. In terms
of volume, the APEJ herb
and spice extracts market is pegged at just under 840 MMT in
2017 and this is expected to increase to about 1370 MMT by 2027 end,
reflecting a CAGR of 5.0% – again, the highest among all the
regional markets.
In
terms of value, Western Europe is the second largest regional market,
with an estimated revenue of about US$ 2.8 Bn in 2017 likely to
increase to US$ 4.7 Bn by the end of 2027, witnessing a CAGR of 5.3%.
An increasing demand for herb and spice extracts in the local markets
in Western Europe is the main factor boosting the growth of the herb
and spice extracts market in the region.
Global
Herb and Spice Extracts Market: Factors impacting revenue growth of
the regional markets
The
herb and spice extracts market is experiencing decent growth across
the various geographies, owing to the regional market dynamics
impacting the demand and consumption of herb and spice extracts,
thereby fuelling market revenue growth significantly.
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North
America: The demand for herbal extracts is trending the North
America nutraceutical market and the application of herbal extracts
has been growing across different fields of study such as Ayurveda,
the food industry, pharmaceuticals, etc. This is boosting revenue
growth of the North America herb and spice extracts market.
Latin
America: The demand for herb and spice extracts is on an upward
swing in Latin America, as herbs and spices increase the shelf life
of products without the need to add salt or sugar, which run the risk
of adding extra calories in the diet. This has positively impacted
the growth of the herb and spice extracts market in the region.
Western
Europe: Consumers in Western Europe are driven by an increasing
awareness of the need to maintain good health and a conscious shift
towards fresh and wet herbs can be seen across the region. This has
fuelled consumption and hence revenue growth of the Western Europe
herb and spice extracts market.
Eastern
Europe: People in Eastern European countries are inclined towards
the use of environmentally sustainable food ingredients such as
locally grown herbs and spices readily available in the native
markets. Russia is a frontrunner in the Eastern Europe herb and spice
extracts market, with the Russian government providing subsidies to
farmers to promote and strengthen the local herb and spice market.
This is a key driver of growth of the Eastern Europe herb and spice
extracts market.
APEJ:
The introduction of the cold pressed technique to extract oils is
boosting the growth of the herb and spice extracts market in APEJ.
Japan:
An ageing population steering towards an increasing use of herb
and spice extracts in daily food products as against synthetic
flavours and ingredients is pushing the Japan herb and spice extracts
market ahead in terms of revenue growth.
MEA:
A high incidence of life-threatening diseases such as cancer and
heart diseases in the MEA region has prompted the use of herb and
spice extracts as preventive measures to combat certain ailments. The
beneficial properties of naturally grown herbs and spices is boosting
consumer demand in the MEA region, thereby fuelling the growth of the
MEA herb and spice extracts market.
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