Asia-Pacific Spice and Herb Extracts Market – Growth, Trends, and Forecasts (2022 - 2027)
The Asia-Pacific spice and herb extracts market is anticipated to register a CAGR of 6.89%, over the forecast period, 2020 - 2025.
Key HighlightsWith 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 IngredientsThe 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.
Competitive LandscapeThe 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.
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