The global bay leaf market has the potential to grow by USD 9.83 million during 2019-2023, and the market’s growth momentum will accelerate throughout the forecast period.
This report provides a detailed analysis of the market by geography (APAC, Europe, MEA, North America, and South America) and product (conventional bay leaf and organic bay leaf). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Alpina Organic Co., ANATOLI SPICES SA, McCormick & Co. Inc., Mother Organic, and Pacific Spice Co. Inc.
Browse TOC and LoE with selected illustrations and example pages from bay leaf market report
The market is currently fragmented, and the degree of fragmentation will increase during the forecast period. Most of the vendors are focusing on increasing their sales through private label brands and online platforms. Alpina Organic Co. and ANATOLI SPICES SA are a few of the significant market participants. Although the accelerating market growth momentum will offer immense business opportunities, the presence of popular alternatives will challenge the growth of vendors. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market positions, this bay leaf market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of the companies. The report also covers details on the market’s competitive landscape and offers information on the solutions offered by various companies. This bay leaf market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading bay leaf companies, including:
APAC was one of the largest markets for bay leaf in 2018. The consumption of bay leaves is increasing in APAC owing to the rising awareness about their health benefits such as anti-microbial and anti-ulcerogenic properties. Because of the rising penetration of the Internet and the increasing adoption of smartphones, the region is also witnessing an increase in the online sales of bay leaves.
Over 34% of the market’s growth will originate from APAC during the forecast period, and market growth in this region will be faster than that of the growth of the market in other geographies. Nepal, India, Myanmar, and Bhutan are the key markets in APAC.
Conventional bay leaves are cultivated in large scales. This is primarily because conventional bay leaves do not have to adhere to strict guidelines from certified bodies. Also, cultivating conventional bay leaves is less costly and cumbersome than organic bay leaves as the latter needs expensive natural fertilizers. As a result, the cost of conventional bay leaves is lower than organic bay leaves, supporting their high sales volume.
However, the growth of the conventional bay leaf market segment will be slower than the organic bay leaf segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the bay leaf market size.
Bay Leaf Market: Key Drivers and Trends
Pharmaceutical, nutraceutical, and cosmetics industries have been using bay leaves or their essence in manufacturing many products. Bay leaves are used as a flavoring agent in cooking. Moreover, the cosmetics industry includes bay leaves in various products because of its ability to reduce skin pigmentation and render an even skin tone. Whole bay leaves are also being used as insect repellents.
Additionally, bay leaves have several health benefits. The regular consumption of bay leaves can regulate blood sugar levels. They also have anti-cancer properties. Such wide applications of bay leaves have increased their usage across the world, which will fuel bay leaf market growth over the forecast period.
The increasing popularity of organic bay leaf because of the concerns about the environment is one of the key bay leaf market trends.
The rising demand for organic products will lead to a rise in organic bay leaf farming that involves the use of green manure and compost.
Consumers prefer organic produce, which is mostly certified by governments.
Organic bay leaves are being sold at a premium price, helping farmers in increasing their profits.
As a result, farmers will increasingly prefer organic farming techniques.
Such factors will drive bay leaf market growth at over 6% CAGR during 2019-2023.