The latest report by IMARC Group, titled “Basil Extract Market Report by Type (Powder, Capsule, Oil), Application (Food and Beverages, Pharmaceuticals, Personal Care), and Region 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on the market.
How big is the basil extract market?
The global basil extract market size reached US$ 1.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 2.1 Billion by 2032, exhibiting a growth rate (CAGR) of 5.6% during 2024-2032.
Influences on Basil Extract Industry Growth::
- Increasing Knowledge on Health Advantages:
Growing awareness of the health benefits associated with basil extract is a key driver for the market. Basil is packed with antioxidants, vitamins, and essential oils that offer various health advantages such as reducing inflammation, aiding digestion, and potentially combating cancer. With a heightened focus on health, consumers are turning to natural remedies like basil extract, leading to an increased demand for it. Moreover, the potential stress-relieving and anxiety-managing properties of basil extract are gaining attention, especially in today's fast-paced society. As more scientific studies confirm these health benefits, consumers are integrating basil extracts into their everyday lives, fueling market expansion.
- Food and Beverage Industry Embraces Expanding Use:
The increasing popularity of basil extracts in the food and beverage industry is driven by its adaptable flavor profile, which combines subtle sweetness and a mild peppery taste. Its versatility makes it a preferred ingredient in various culinary applications, including sauces, dressings, marinades, and even sweet treats. As consumers seek novel and exotic flavors, basil extracts are being incorporated into a wide range of dishes. Additionally, the natural green color of basil makes it an attractive alternative to artificial food colorings, contributing to the growing demand for basil extracts in the food and beverage sector. This trend towards clean labeling and natural ingredients has further accelerated the demand for basil extracts.
- Growing Popularity of Herbal and Natural:
The escalating inclination towards natural and herbal products in various industries, such as cosmetics and personal care, is the third driving force. Due to its antibacterial and anti-inflammatory characteristics, this product is becoming increasingly popular in skincare and haircare products. Consumers are actively seeking out plant-based alternatives that align with their sustainable and eco-friendly lifestyles. Additionally, the growing trend towards organic and clean beauty has led to the inclusion of basil extracts in cosmetics, aligning with the demand for gentle, nature-inspired formulations. As a result, the market for basil extracts is experiencing significant growth in this sector.
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Top Companies in the Basil Extract Industry:
- Amoretti
- International Flavors & Fragrances Inc
- Kefiplant
- NOW Foods
- Plant Extracts International Inc.
- Synthite Industries Ltd
- Vidya Herbs Pvt. Ltd
Basil Extract Market Report Segmentation:
By Type:
- Powder
- Capsule
- Oil
Oil dominates the market due to its diverse applications, including cooking, cosmetics, and pharmaceuticals, making it a highly versatile and essential product in various industries.
By Application:
- Food and Beverages
- Pharmaceuticals
- Personal Care
Pharmaceuticals hold maximum number of shares due to the critical role of basil extracts in developing medicines and supplements, harnessing their natural properties for various health benefits and therapeutic applications.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America’s dominance in the basil extract market is attributed to its robust economic infrastructure, high consumer purchasing power, and a well-established market for a wide range of products and services.
Global Basil Extract Market Trends:
The surging popularity of functional foods and nutraceuticals, which offer advantages beyond mere sustenance, has stimulated the demand for basil extracts. These extracts are being integrated into dietary supplements, energy drinks, and functional food products to enhance their nutritional profile, thereby broadening their appeal. Moreover, basil extracts are gaining traction in the pharmaceutical industry due to their potential health-promoting attributes. Investigations into the antimicrobial, anti-inflammatory, and anti-diabetic properties of basil compounds have motivated pharmaceutical companies to explore basil extract formulations for medicinal uses, thereby contributing to market expansion.
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