The global basil extract market is expected to witness significant growth over the forecast period.
The driving factors responsible for the growth of basil extract market include growth in demand for stress reducing pills. Basil being the rich source of vitamins also helps in fighting cancer, cardiovascular diseases and treats any type of ulcers. Characteristics such as helping in minimize blood sugar levels and anti-bacterial infection is another driver for the growth of the market. Moreover, growing health awareness in consumers is another significant reason for the growth of basil extract market. Overall, with the driving factors the market is predicted to grow at a higher CAGR for the forecast period.
Basil is most commonly used for cooking and it adds nutritional flavors and other ingredients to the food. Basil is also called as “king of herbs” and is extensively used in medicinal purposes. Several nutrients like calcium, zinc, iron, vitamin A and vitamin C are present in basil. Chemicals present in basil are mainly used for reducing body pain and inflammation and is known to help in coping up with blood sugar levels. Characteristically, basil helps in fighting against different bacteria that reduces septic and infections plus it helps soothing cold cough, sore throat and fever.
Apart from health benefits, basil offers commercial benefits too. It has economic importance and mainly used for industrial processing. Basil oil is valued in the global market and widely used in condiments, cosmetics and medicinal industries. From the medicinal point of view, basil can be used in making cough syrups, skin ointments, juices and pulps. Commercially, basil oil is used for massage in health spa owing to anti-stress properties.
On the basis of application, the global basil extract market is segmented into pharmaceuticals and personal care products. Pharmaceuticals segment is expected to be the dominant segment during the forecast period owing to benefits offered by basil and its easy availability.
On the basis of form, the global basil extract market is segmented into powder, capsule and oil. Oil segment is the most popular in the market and is expected to dominate the global market during the forecast period.
On the basis of geographic segmentation, the global market spans North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Middle-East and Africa. Asia-Pacific regions are expected to dominate the global market and being the largest base for production and consumption of basil extract. Asia Pacific’s regions like India and China are the major markets in terms of revenue. North America is the second largest market in terms of revenue and is a significant contributor in the basil extract market.
The key players in the global basil extract market include Penta Manufacturing Company, Martin Bauer Group, Kefiplant, A.M., Cepham Inc., Amoretti, Todd Botanical Therapeutics, FLAVEX Naturextrakte GmbH, DaXingAnLing Lingonberry Organic Foodstuffs Co., Ltd., and NOW Foods.
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The demand for nutraceuticals & functional foods is expected to witness an upward surge owing to consumers opting for immunity boosting supplements during the COVID-19 pandemic. Furthermore, a decline in the consumption of poultry, meat and seafood products across the globe is expected to increase the demand for plant and animal-based protein supplements in the near future. The report will account for Covid19 as a key market contributor.