Market Overview:
The global spice extract market is expected to grow at a CAGR of 5.5% from 2018 to 2030. The growth in the market can be attributed to the increasing demand for natural and organic products, rising awareness about the health benefits of spices, and growing foodservice industry. In terms of type, the powder segment is expected to dominate the market during the forecast period owing to its easy usage and storage properties. However, liquid spice extracts are projected to grow at a higher CAGR due to their high demand in pharmaceuticals and beauty products industries. By application, food & beverages industry is expected to account for majority of the share in terms of revenue during 2018-2030 owingto its large customer base across all regions. To know more about this research study: www.reportsandmarkets.
Product Definition:
A spice extract is a liquid or powder made from the concentrated essence of spices. They are used to add flavor to food.
Powder:
Powder is a dry, granular form of spice which is made up of dried spices and whole spices. It can be used as substitutes to ground or powdered spices. Powder provides better flavor release than the liquid counterparts due to its compact structure and allows more flexibility in terms of usage by allowing the consumer to use less amount or double quantity as per their requirements without compromising on taste.
The global powder market size was valued at USD 2,867 million in 2016.
Liquid:
Liquid is the purest form of a spice and can be used in any food product. It has many uses like adding flavor, color, and fragrance to various food products. Liquid spices are made up of highly refined ground spices that have been extracted in the most traditional way by using only natural ingredients such as oil.
Spice extracts are produced by solvent extraction process from whole spices or pre-ground spices which contain numerous volatile essential oils along with them.
Application Insights:
The global spice extract market has been segmented on the basis of application into pharmaceutical industry, beauty products, food & beverages industry, food service and household/retail. The pharmaceutical industry was estimated to be the largest application segment in 2017. This is attributed to increasing health concerns among older population across the globe. Moreover, growing demand for dietary supplements is also expected to drive this segment over the forecast period. Increasing consumer awareness regarding benefits associated with various spice extracts used in medicines and vitamins is likely to boost their consumption as an ingredient in these products over next few years.
Spice extracts are widely used as flavor enhancers not only in foods but also in beverages such as alcohols.
Regional Analysis:
Asia Pacific dominated the global market in 2017 and is expected to continue its dominance over the forecast period. The region is home to several emerging economies, including China, India, Malaysia and Indonesia. These countries are among the largest producers of various spices as well as herbs and vegetables across the world. Moreover, Asia Pacific has been witnessing strong economic growth since last few years on account of increasing foreign investments coupled with rising consumer disposable income levels in developing countries such as China and India. This trend is projected to continue over the next eight years which will benefit market growth significantly.
Europe accounted for a significant share of revenue in 2017 owing to high demand from end-use industries such as food & beverages industry; pharmaceuticals; cosmetics; fragrance etc.
Growth Factors:
- Increasing demand for natural and organic products: The global spice extract market is expected to grow at a CAGR of 6.5% from 2016 to 2021, owing to the increasing demand for natural and organic products.
- Rising awareness about the health benefits of spices: The growing awareness about the health benefits of spices is another key factor driving the growth of this market.
- Growing popularity of Asian cuisine: The popularity of Asian cuisine is another major factor propelling the growth of this market, as Asia is a major producer and consumer of spices.
- Technological advancements in extraction processes: Technological advancements in extraction processes are aiding in the growth and expansion of this market globally.
Scope Of The Report
Report Attributes
Report Details
Report Title
Spice Extract Market Research Report
By Type
Powder, Liquid, Others
By Application
Pharmaceutical Industry, Beauty Products, Food & Beverages Industry, Foodservice, Household/Retail
By Companies
Naturex, Firmenich, Symrise, Ajinomoto, Archer Daniels Midland Company, Sensient Technologies, Dohler, Takasago International, Kerry Group, Givaudan
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
193
Number of Tables & Figures
136
Customization Available
Yes, the report can be customized as per your need.
Global Spice Extract Market Report Segments:
The global Spice Extract market is segmented on the basis of:
Types
Powder, Liquid, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Pharmaceutical Industry, Beauty Products, Food & Beverages Industry, Foodservice, Household/Retail
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Naturex
- Firmenich
- Symrise
- Ajinomoto
- Archer Daniels Midland Company
- Sensient Technologies
- Dohler
- Takasago International
- Kerry Group
- Givaudan
Highlights of The Spice Extract Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Powder
- Liquid
- Others
- By Application:
- Pharmaceutical Industry
- Beauty Products
- Food & Beverages Industry
- Foodservice
- Household/Retail
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Spice Extract Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Spice extract is a concentrated form of spices. It is made by extracting the oils and essences from the spices.
Some of the major companies in the spice extract market are Naturex, Firmenich, Symrise, Ajinomoto, Archer Daniels Midland Company, Sensient Technologies, Dohler, Takasago International, Kerry Group, Givaudan.
The spice extract market is expected to grow at a compound annual growth rate of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Spice Extract Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Spice Extract Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Spice Extract Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Spice Extract Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Spice Extract Market Size & Forecast, 2020-2028
4.5.1 Spice Extract Market Size and Y-o-Y Growth
4.5.2 Spice Extract Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Powder
5.2.2 Liquid
5.2.3 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Pharmaceutical Industry
6.2.2 Beauty Products
6.2.3 Food & Beverages Industry
6.2.4 Foodservice
6.2.5 Household/Retail
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Spice Extract Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Spice Extract Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Powder
9.6.2 Liquid
9.6.3 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Pharmaceutical Industry
9.10.2 Beauty Products
9.10.3 Food & Beverages Industry
9.10.4 Foodservice
9.10.5 Household/Retail
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Powder
10.6.2 Liquid
10.6.3 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Pharmaceutical Industry
10.10.2 Beauty Products
10.10.3 Food & Beverages Industry
10.10.4 Foodservice
10.10.5 Household/Retail
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Powder
11.6.2 Liquid
11.6.3 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Pharmaceutical Industry
11.10.2 Beauty Products
11.10.3 Food & Beverages Industry
11.10.4 Foodservice
11.10.5 Household/Retail
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Powder
12.6.2 Liquid
12.6.3 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Pharmaceutical Industry
12.10.2 Beauty Products
12.10.3 Food & Beverages Industry
12.10.4 Foodservice
12.10.5 Household/Retail
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Powder
13.6.2 Liquid
13.6.3 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Pharmaceutical Industry
13.10.2 Beauty Products
13.10.3 Food & Beverages Industry
13.10.4 Foodservice
13.10.5 Household/Retail
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Spice Extract Market: Competitive Dashboard
14.2 Global Spice Extract Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Naturex
14.3.2 Firmenich
14.3.3 Symrise
14.3.4 Ajinomoto
14.3.5 Archer Daniels Midland Company
14.3.6 Sensient Technologies
14.3.7 Dohler
14.3.8 Takasago International
14.3.9 Kerry Group
14.3.10 Givaudan
