Fresh Herbs Market Size, Strategies & Key Players Review by Forecast to 2032
Market Synopsis
According to the
research conducted by Market Research Future Reports (MRFR), the worldwide Fresh
Herbs market industry is projected to grow from USD 165.2 Billion in 2024 to
USD 407.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of
16.26% during the forecast period (2024 - 2032). The increased preference for
packaged fresh herbs is estimated to drive the global fresh herbs market 2020.
Besides, the growing demand for organic fresh herbs is estimated to produce a
conducive environment for several growth opportunities. In addition, there has
been an increased popularity in cross-cultural cuisines, which has propelled
the market. Moreover, globalization has resulted in increased global trade.
Also, with increased tourism, there has been a rise in demand for ethnic
cuisines. The increased popularity of Asian food in Europe and North America
has led to a rise in the consumption of herbs such as holy basil, coriander,
and bay leaf. Therefore, the adoption of cross-cultural cuisines has led to significant
growth in the market.
The fresh
herbs market insight is experiencing robust growth driven by increasing
consumer demand for healthier and more flavorful food options.
However, the
fluctuating prices of commodities are estimated to be the most crucial factor
impeding the market growth of the global fresh herbs market during the review
period. Also, the outbreak of novel coronavirus is estimated to bring a
significant impact on the supply chain. Various regions remained under the
state of lockdown, which has immensely affected the market. We will provide an
impact analysis report on COVID-19.
Market
Segmentation
The worldwide
fresh herbs market can be distinguished on the grounds of category, type,
distribution channel, and region.
On the grounds
of category, the worldwide fresh herbs market can be segmented into
conventional and organic.
On the grounds
of the type, the worldwide fresh herbs market can be segmented into basil,
chives, coriander, parsley, mint, Salicornia, and others.
On the grounds
of the distribution channel, the worldwide fresh herbs market can be segmented
into foodservice and food retail.
On the grounds
of the geography, the worldwide fresh herbs market can be distinguished into
North America, Europe, Asia-Pacific, and the rest of the world.
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Geographical
Analysis
Based on the
geography, the global market can be classified into North America, Europe,
Asia-Pacific, and the rest of the world. As per the research at MRFR, the
worldwide market is predicted to increase generously during the review period.
The study has revealed that the global market is likely to be dominated by the
APAC region. The APAC zone is projected to procure a maximum market share of about
40% in 2020. China is projected to play a vital role in market expansion. The
European market is projected to grow at the highest CAGR during the review
period. The region is witnessing a rise in demand for fresh culinary herbs,
which is leading to the rise in the regional market. Europe is anticipated to
record a CAGR of 4.15% during the assessment period from 2024-2032.
The fresh
herbs market outlook is poised for growth due to increasing consumer
demand for healthier and flavorful culinary options.
Key Players
The renowned
players of the worldwide fresh herbs market are Fresh Herbs market, including
Spisa Group, GrowUp Farms Group, Kerry Group PLC, Pacific Botanicals, Langmead
Herbs, Organic Herb Trading Company, Nomad Foods, Rocket Farms, Vitacress,
Shenandoah Growers Inc.
Industry News
August 2020
Nomads Foods,
the UK based company, has announced that it may permanently shift towards
frozen produce. Frozen food has proven to be the fastest-growing category in
the last four months, amidst the COVID-19 lockdown.
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