Published: Dec, 2018
With reference to the latest market forecast report published by Transparency Market Research, titled 'Dried Herbs Market: Industry Analysis and Opportunity Assessment 2018-2026', revenue generated from the dried herbs market has been estimated to be valued around US$ 2,875.7 Mn in 2018, which is projected to increase at a CAGR of 4.7% to US$ 4,162.7 Mn in 2026.
Herbs are versatile plants with flavorful and aromatic properties with a plethora of applications, including the flavoring of food products, personal care products, and medicinal purposes. Herbs are extensively used in many industrial applications. However, the use of herbs is limited due to the fact that they are highly perishable in nature. Herbs are preserved and prevented from spoilage by using several drying techniques that remove the water content from them and convert them into a dried format. Dried herbs have increased shelf life and concentrated flavors, which makes them a popular ingredient in the food processing industry. Besides, dried herbs are used in pharmaceuticals, due to their medicinal properties, and in the formulation of cosmetics and personal care products. Dried herbs are also popular among consumers due to their unique and exotic flavors, which help consumers intensify and enhance their meals and cuisines.
Target Segments for the Dried Herbs Market
The dried herbs market is segmented on the basis of product type, form, nature, drying method, and end use. On the basis of end use segment, the global dried herbs market is divided into B2B and B2C segment. The B2B segment is anticipated to dominate the dried herbs market with a market share of 73.6% in 2018. The increased market share of the B2B segment is backed with the increasing application of dried herbs in industrial usage, including the food processing industry (bakery, snacks, beverages, salads & dressings, seasoning & sauces, pickles), cosmetics and personal care industry, and pharmaceutical industry.
Target Geographies for Dried Herbs
The report on the dried herbs market has been segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Europe is expected to constitute 34.8% of the market share for dried herbs in the year 2018. The region is anticipated to register a CAGR of 4% over the forecast period, owing to the increasing demand for convenient and ready-to-cook meals that have exotic flavors and tastes. Dried herbs are widely used in traditional and ethnic cuisines of the region to intensify the processed food's flavor and aroma, and thus, to fulfill the growing demands of consumers. The Asia Pacific region, however, is expected to offer maximum growth opportunity in the dried herbs market, with a CAGR of 6.3% over the forecast period. Increasing urbanization and changing lifestyles of consumers have resulted in the growth of the food processing industry in Asia Pacific. Consumers are fast getting inclined and adapted towards processed food and beverages, which is boosting the demand for dried herbs in the region. North America is expected to account for 21.6% market share of the global dried herbs in 2018, owing to the increasing health consciousness among consumers and awareness regarding the health benefits of dried herbs.
Dried Herbs Market: Competition Dashboard
TMR has profiled many important companies that are active in the global dried herbs market, such as The Kraft Heinz Company, McCormick & Company, Inc., Robertet SA, Firmenich S A, Döhler GmbH, Pacific Botanicals, Mountain Rose Herbs, Van Drunen Farms, British Pepper & Spice company, Takasago International Corporation, Archer Daniels Midland Company, Synthite Industries Ltd, International Taste Solutions Ltd, Cherry Valley Organics, and Catz International B.V., and others.
Manufacturers of dried herbs are focusing on offering organic herbs in order to cater to the growing consumer inclination and demand towards organic and natural ingredients. Manufacturers are incorporating different methods and techniques for drying herbs without hampering their quality and flavor content, further enhancing their shelf life.
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