ASIA-PACIFIC SPICE AND HERB EXTRACTS MARKET – GROWTH, TRENDS, AND FORECASTS (2022 – 2025)
The Asia-Pacific Spice and Herb Extracts Market is segmented by Product Type (Cinnamon, Cumin, Chili, Coriander, Cardamom, Oregano, Pepper, Ginger, and Other Product Types), Application (Food Applications, Beverage Applications, and Pharmaceutical Applications), and Geography.
APAC Spice & Herb Extracts Market Analysis
The Asia-Pacific spice and herb extracts market is anticipated to register a CAGR of 6.89%, over the forecast period, 2022 – 2025.
The market for spice and herb extracts in this region is thriving due to strong local demand. These extracts are relevant as food preservatives and shelf-life extension ingredients, owing to the tropical climate in most of the countries in the region.
Many companies, like Dohler, are focusing on natural herb and spice extracts as they are becoming popular in every segment of the food and beverage industry and offer plenty of scope for new and attractive taste creations.
APAC Spice & Herb Extracts Market Trends
This section covers the major market trends shaping the APAC Spice & Herb Extracts Market according to our research experts:
Rising Demand due to Popularity of Western Cuisine
With western foods becoming increasingly accessible and mainstream, consumers are developing an appetite for new and exciting spices and seasonings. Reasons for this increase in western cuisine include the growing multicultural population and the fact that people are traveling more and more to exotic destinations. As a result, the demand for spices, herbs, and seasonings used in exotic cuisine is also growing.
This growing demand for western food in Asia-Pacific had led to significant growth in the Asian region’s imports of spices, herbs, and seasonings from developing countries, which, in turn, is boosting the growth of western cuisines in the region.
Growing Demand for Organic Food with Organic Ingredients
The major driving factor of the global spices and seasonings market is the growing middle-class population, increasing awareness among end users regarding health, and increased usage of spices as natural preservatives. Moreover, the rapid increase in demand for healthy and nutrition-rich foods from the health-conscious young population globally has broadened the consumer base of this segment of organic food products.
APAC Spice & Herb Extracts Market Competitive Analysis
The major companies in spices and herbs position their product line through multiple retail channels, convenience stores, and e-commerce channels in the global market as a strategy to directly penetrate the consumer market. Some of the major players in the Asia-Pacific spice and herb extracts market are McCormick & Company Inc., Organic Herb Inc., Nantong Sihai Plant Extracts Co. Ltd, Kalsec Inc., Dohler GmbH, and Langdon Ingredients.
source : www.mordorintelligence.com
