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Dried Herbs Global Market Report 2023
Major players in the dried herbs market are McCormick & Company, Inc., Döhler, Pacific Botanicals, Mountain Rose Herbs, Van Drunen Farms, British Pepper & Spice Co Ltd., Synthite Industries Ltd., Catz International, Cherry Valley Organics, Archer Daniels Midland Company, British Pepper & Spice Company, Sorich Organics, Hamps Bio Private Limited, Maduras Herbals, and Avi Naturals.
New York, March 07, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Dried Herbs Global Market Report 2023" - https://www.reportlinker.com/p06325431/?utm_source=GNW
The global dried herbs market grew from $5.8 billion in 2022 to $6.17 billion in 2023 at a compound annual growth rate (CAGR) of 6.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The dried herbs market is expected to grow to $7.93 billion in 2027 at a CAGR of 6.5%.
The dried herbs market consists of sales of marjoram, thyme, rosemary, oregano, mint, tarragon.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The dried herbs refers to washed, sorted, and sun-dried herbs.These herbs are more convenient and less expensive than fresh herbs.
These dried herbs are the dried leaf or stem parts of green plants that provide a longer-lasting and savory flavor. Dried herbs are ideal for moist cooking methods such as soups, stews, and braised dishes, where they impart their flavors and aromas.
Western Europe was the largest region in the dried herbs market in 2022, and it is expected to be the fastest-growing region in the forecast period. The regions covered in the dried herbs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main forms of dried herbs are whole herbs and powdered herbs.The whole herbs refer to a form of dried herbs, which are generally dried and encapsulated.
The various nature of dried herbs includes organic and conventional.They are dried by several methods such as air drying, vacuum drying, and microwave drying.
The main products of dried herbs include oregano, rosemary, sage, savoury, mint, thyme, and bay leaves.
The increase in consumption of processed food is expected to propel the growth of the dried herbs market going forward.The rising disposable income due to economic growth has led to increased demand for processed foods.
This consumption habit of processed foods in urban and young population have entered due to a lack of time for domestic cooking.Processed foods use dried herbs and other ingredients for flavoring or coloring to reduce the cooking times, leading to increasing demand for dried herbs by food processing companies.
For instance, in April 2021, according to a report published by the Ministry of Commerce & Industry, India’s export of processed food products increased by 26.51 % during April-February (2020-21) compared to the same period during the previous year. Furthermore, in the first 11 months of the fiscal year (2020-21), exports of miscellaneous processed items such as Indian snacks, sauces, starch products, and vegetable flours increased by 36%. The total value of processed product exports was INR 437,980 million ($5.5 billion). Therefore, increasing consumption of processed food is expected to boost the demand for dried herbs during the forecast period.
Strategic partnerships are the key trend gaining popularity in the dried herbs market.Companies operating in the dried herb market are partnering with relevant companies to leverage each other’s resources to develop new products and expand their presence into new markets.
For instance, in February 2021, Feyecon Development & Implementation B.V , a Netherland-based company operating in providing an innovative solution for drying food products partnered with VNK BV , and developed herb flavor powders from waste materials on the base of green CO2 technology. VNK BV is a Netherlands-based company operating in drying leaf herbs and herbal roots.
In March 2021, GM Marketing, a UK-based FMCG company, acquired Favourit Food for an undisclosed amount.This deal consists of developing GM Marketing’s strategy and future growth plans in the herbs & spices SECTOR and allowing them to invest in creating new job opportunities within the local area.
Favourit Food is a UK-based manufacturer of herbs & spices.
The countries covered in the dried herbs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The dried herbs market research report is one of a series of new reports that provides dried herbs market statistics, including dried herbs industry global market size, regional shares, competitors with a dried herbs market share, detailed dried herbs market segments, market trends and opportunities, and any further data you may need to thrive in the dried herbs industry. These dried herbs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06325431/?utm_source=GNW
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