Organic Herbal Extracts Market: Introduction
A recent study published by Transparency Market Research on the organic herbal extracts market includes global and India industry analysis and opportunity assessment for 2020-2030. Revenue generated from the global organic herbal extracts market is estimated to value over US$ 5.2 Bn in 2020, which is estimated to rise at a CAGR of 4.8%, to cross US$ 8.4 Bn by 2030.
Growing Consumer Preference for Organic Products to Draw Consumers toward Organic Herbal Extracts
Herbal extracts derived from organically grown herbs exhibit more nutrients and antioxidant properties compared to conventionally grown variants. Consumers have confidence that organic herbal extracts do not cause allergies, owing to the absence of fertilizers, pesticides, and other chemicals while growing and harvesting crops. Companies are also focusing on organic farming for the cultivation of herbs. These organic farms give assurance to consumers of the purity and true quality of herbal extract products. The expansion of the organic herbal extracts market has been supported by consumers, owing to the positive effects of organic products on consumer health.
- In 2004, IFOAM - Organics International and MAELA Alternative Certification Workshop was initiated by 20 different countries under the name Participatory Guarantee System (PGS) for the development and professionalization of the organic sector
Growing Trend of Incorporating Herbs in Ready-to-drink Beverages to Stimulate Organic Herbs Extracts Market Growth
Rapid changes in lifestyle of consumers, along with rise in the working population, have resulted in the growing demand for ready-to-eat and ready-to-drink products. These convenient foods are becoming indispensable in urban kitchens due to being great time-savers for consumers with hectic schedules.
Herbal flavors are being increasingly used in these convenient foods, owing to their vibrant flavors and several health benefits. Moreover, food manufacturers are utilizing herbs to make different types of beverages, which are widely being accepted by consumers. Manufacturers of convenience food and beverage products are adopting herbal extracts instead of using herbs as the flavoring agent. On the back of this development, sales of organic herbs are anticipated to flourish around the globe.
Increasing Millennial Demand for Flavored and Organic Food to Offer Growth Opportunities to Manufacturers
Millennials today search for high-quality food products without compromising on flavor and mouthfeel. The growing awareness about high-quality food that contributes to good health has pushed millennials to seek flavors that provide a good mouthfeel, along with providing health benefits. Flavoring food products in various ways is one of the major trends that the food & beverages industry has witnessed in recent years. The younger generation is more fascinated by different flavors and cuisines from different regions. Tasting diverse, vibrant flavors in their favorite food dishes is what most millennials and Gen Z populations are seeking. The flavors imparted by different herbs are thus increasing in demand, owing to their savory taste, which is widely demanded by the younger generation, thus creating an opportunity for the manufacturers to target this segment and increase revenue.
- For instance, according to McCormick & Company, Inc., more than 70% of consumers add flavorful ingredients and spices to food products, in which Gen Z is hyper-focused on flavor
Organic Herbal Extracts Market: Segmentation
Organic Herbal Extracts Market, by Type
- Essential Oil
- Flavors & Fragrances
Organic Herbal Extracts Market, by Form
Organic Herbal Extracts Market, by Source
- Fruits & Vegetables
- Spices & Herbs
Organic Herbal Extracts Market, by End Use
- Food & Beverage
- Cosmetics & Personal Care
Organic Herbal Extracts Market, by Region/Country
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