Global Bay leaf Market Outlook
Bay leaf contains vitamin A, vitamin C and folic acid that makes it a nutrient-dense herb. Consumption of bay leaf extract as a health supplement is increasing the demand of bay leaf in all regions by health-conscious consumers. The rapidly growing urbanization and changing lifestyle had shifted the food preference towards healthy eating owing to the health benefits of herbs and spices. Increased use of the bay leaf as an ingredient in food preparation such as sauces and dressings, personal care and many more gives ample opportunity to the manufactures to grow in the market. Bay leaf owing to its medicinal benefits such as antioxidant properties that heal the body is gaining the attention of health-conscious consumers all over the world.
The increasing awareness of advantage has gained the attention of the consumers thus increasing spice consumption. Bay leaf is used as whole, powder form and bay leaf oil. The spice is also gaining popularity due to its use in French and Indian cuisine. Bay leaf is also used in the flavoring of liquor & vinegar. Consumption bay leaf tea had increased due to its nutritional & healing benefits.
Increasing adaptation of herbs on a daily basis is driving the bay leaf market
The global bay leaf market is expected to witness growth owing to its various health benefits awareness rising among the consumers. The consumption of herbs and spices is fuelling the demand for bay leaf in the global market. The consumers are increasingly adopting herbal tea consumption pattern which increases the demand for spices such as bay leaf which in turn propelling the bay leaf market. The growth in essential oil demand due to the medicinal benefits is also a factor for driving the bay leaf market. Bay leaf essential oil helps to improve the scalp that supports hair strengthen. The anti-inflammatory property of the bay leaf reduces the chances of arthritis and also the consumption of bay leaf improves insulin function which the reason it is beneficial for diabetics. The increasing use of bay leaf by nutraceutical is also driving the global bay leaf market. Spices are becoming popular globally due to the increasing consumption of exotic cuisines and packed foods.
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Global Bay leaf Market – Segmentation
Based on form the global Bay leaf market is segmented as
Based on application the global bay leaf market is segmented as
- Food and beverages industry
- Personal care & Cosmetic
Based on the distribution channel, the global bay leaf market is segmented as
- Business to Business (B2B)
- Business to Consumers (B2C)
Based on the region the global bay leaf market is segmented as
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
Global Bay Leaf Market – Key Players
Some of the major key players of the global bay leaf market are Alpina Organic Company, MOUNTAIN ROSE HERBS, Red Stick Spice Co, Frontier Co-op, McCormick & Company, Inc, Pacific Spice Company, Inc. Anatoli Spices, Hoby Agriculture and Forest Product Co. Ltd and others.
Global Bay leaf Market – Opportunity
Increasing the food and beverage industry around the globe is expected to propel the bay leaf market as well. The Asia Pacific has the largest share owing to the various end-user application. The increasing demand for bay leaf powder and bay leaf essential oil is expected to increase the demand for bay leaf in the global market. Owing to the medicinal benefits of the bay leaf, many supplement manufacturers are providing bay leaf extract capsules which are increasing the demand of bay leaf.
Bay leaf oil is increasing been used as it helps in reducing pigmentation and also cleaning and smoothening skin. The trend of Ayurvedic treatments where essential oils are used is also the major factor for the growing demand of bay leaf.
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Impact of COVID-19 on global Bay leaf Market
The outbreak of coronavirus had brought unprecedented challenges for all the sectors of the world. The outbreak of the Coronavirus and the measures taken to slow its spread is affecting every sector. The demand for food products had rapidly grown owing to the lockdown around the world and the panic buying behavior of consumers. The closure of the HORECA sector had affected the food and food ingredient producers. Consumption of staple food has increased whereas high-value products like meat, specialty cheese, wine, and others had decreased. The demand for a bay leaf from the health supplement industry may witness upsurge graphs as most of the pharmaceuticals and packed food manufacturers are operating in many regions of the world, with the permission of local governmental authorities. Bay leaf is mainly supplied to the food industry and pharmaceutical and both these industries are operating posed this pandemic which may upsurge the demand of the bay leaf.