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 2023 to USD 407.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.26% during the forecast period (2023 - 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 2022-2030. 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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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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