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Basil Extracts Market Size
Basil Extracts Market size was valued at USD 1.1 billion in 2022 and is estimated to expand at a CAGR of 3.3% between 2023 and 2032. Basil extracts are widely used in the food and beverage industry to enhance flavors in various dishes, sauces, dressings, and beverages. Basil is perceived as having potential health benefits due to its antioxidant and anti-inflammatory properties, driving demand for basil extracts in supplements and functional foods.
Consumer preference for natural and organic ingredients in food, beverages, and personal care products contributes to the demand for basil extracts as a natural flavouring and ingredient. The use of basil in traditional and ethnic cuisines, such as Italian, Thai, and Mediterranean, fuels the demand for basil extracts in global food markets.
Basil is a seasonal herb, and its availability can be limited to specific times of the year. Ensuring consistent quality and standardization of basil extracts can be challenging due to variations in basil varieties, growing conditions, and extraction methods. Basil cultivation can put strain on water resources and face challenges related to pesticide use and soil health.
What factors are influencing basil extracts industry growth in the U.S.?
U.S. market recorded USD 255.1 million revenue in 2022, owing to the presence of diverse population and the higher demand for basil extracts in various cuisines, including Italian, Thai, and Mediterranean in the region.
Who are the key basil extracts market players?
Naturex (now part of Givaudan), Arjuna Natural Pvt. Ltd., Nutra Green Biotechnology Co., Ltd., Indena S.p.A., Amoretti, Synthite Industries Ltd., Mountain Rose Herbs, Nature's Answer, and NutraMarks, Inc. are some of the major basil extracts companies worldwide.
Why is the demand for liquid basil extracts growing?
The liquid form segment was valued at USD 575 million revenue in 2022, on account of its ability to enhance the flavor of various food and beverage products for catering to consumer taste preferences.
How big is the basil extracts market?
The market size of basil extracts reached USD 1100 million in 2022 and is set to cross USD 1552 million by 2032, due to the increasing consumer preference for natural and organic ingredients in food, beverages, and personal care products worldwide.