North America, the market for spice and herb extracts is expected to grow at a CAGR of 7.2% from 2018 to 2023. The market has a good trade potential, especially for small-scale farmers in regions like the US and the Mexico, where a significant local demand exists for spices and herb extracts.
A large proportion of extracts traded in both, local and export markets is produced by small-scale farmers and the global trade provides them with multi-billion US dollar earnings.
Shifting consumer focus towards natural flavoring products
Consumer’s perspective to a buy goods have changed over the years.
They are willing to spend more on products that are natural and lower impact on the environment during production. The growing awareness among consumers on various health issues has led to a rise in natural spices and herbs extracts in various applications.
The demand for ready-cooked and easy-to-prepare foods is increasing in North America. Consumers prefer spending less time on preparing meals due to busy schedules.
Manufacturers are increasingly investing in R&D expenditure to understand how flavors behave in combination with different ingredients in food processing. It is certain that market players are trying to formulate food flavors perfectly with spices and herbs extracts, in an attempt to offer unique multi-sensory experiences of food.
Innovative and unique flavors are trending in the food & beverage industry presently. The limits on creative flavor options have still not been reached, and thus a huge market opportunity is available in this market.
Blends to dominate the market
The major consumers of essential oils are the United States, Europe, and Japan. However, the major producers of essential oils are Brazil, China, Egypt, India, Mexico, Indonesia, and Guatemala.
The majority of flower-based essential oils are used in flavor and personal care industries, while spices and herbs essential oils find major applications in food & beverages and for medicinal use.
Spice blends account for a significant share in the market due to their massive consumption. Spice blends are available in the whole or ground/powdered form, with primary application in the food industry and food service restaurants.
The market for seasoning is less affected by market fluctuations as it is mostly homemade and consumed. The growing influence of global cuisines and westernization have boosted the growth of the seasoning market.
U.S dominates the North America spice and herb extracts market with its use in various applications such as bakery in food and beverages. The market of organic food in North America, which has increased the demand of organic spice/herbs extracts in the country.
Major Players: ALKALOIDS CORPORATION, ALL-SEASON HERBS Pvt. Ltd, ARJUNA NATURAL EXTRACTS LIMITED, BIO-GEN EXTRACTS Pvt.
Ltd., COSMARK Pty Ltd., DÖHLER GMBH, FIRMENICH, INDENA S.P.A., JAMES FINLAY LIMITED, KALSEC Inc.
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Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
Market dynamics which essentially consider the factors which are impelling the present market scenario along with growth opportunities of the market in the years to come
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
Country level analysis integrating the demand and supply forces that are influencing the growth of the market
Competitive landscape involving the market share of major players along with the key strategies adopted for development in the past five years
Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis and strategies employed by the major market players
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Customization of the Report
Value chain analysis
Volume of the North America spice and herb extracts market by type, application and geography
Consumer behavior analysis in country level
Alkaloids Corporation, All-Season Herbs Pvt. Ltd, Arjuna Natural Extracts Limited, Bio-gen Extracts Pvt.
Ltd., Kalsec Inc., Döhler GmbH, Firmenich, Indena S.p.A., James Finlay Limited,
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Some Points from Table of Content:
1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
2. Research Approach & Methodology
2.2 Research Designs
2.3 Study Timeline
2.4 Study Phases
2.4.1 Secondary Research
2.4.2 Discussion Guide
2.4.3 Market Engineering and Econometric Modelling
2.4.4 Expert Validation
3. Key Findings
4. Market Dynamics
4.1.1 Increased Availabilty of International Cuisines in the Major Economies.
4.1.2 Shifting Consumer Focus Towards Natural Products
4.1.3 Increasing Demand for Convenience Foods
4.2.1 Inconsistencies in the Prices of Spices and Herbs
4.2.2 Availability of Substitute Products
4.3.1 Positive Prospects for Small and Medium-Sized Exporters by Adopting Sustainability Measures
4.3.2 Increasing Demand for Flavor Variation in the Food Products
4.3.3 Growing Number of Aging Population
5. Porter's Five Force Analysis
5.1 Bargaining Power of Suppliers
5.2 Bargaining Power of Buyers
5.3 Threat of New Entrants
5.4 Threat of Substitute Products and Services
5.5 Degree of Competition
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