Bay Leaf Market: Overview
The bay leaves, scientifically known as Laurus Nobilis are leaves of a small tree found in the Mediterranean region. The world over the presence of Laurel trees has now declined due to the changing global climate scenario. The various types of bay leaves include California bay leaf, Bay laurel, Indonesian bay leaf, Indian bay leaf, or Indonesian laurel, West Indian bay leaf and Mexican bay leaf. They are used for culinary and medicinal applications since historical times. They are also used in fish sauces, stews, soups, meat, and confectionaries. The leaves, as well as fruits, contain narcotic, stimulant and properties. The oils extracted from the leaves are also used in the spices and as flavorings in the food. Bay Leaves also have hypoglycemic, anti ulcerogenic, anti-bacterial and anti-fungal properties.
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Bay Leaf Market: Drivers & Restraints
The primary factors driving the growth of the bay leaf market are growing demand for culinary applications, and health benefits widespread in the Asia-Pacific and Mediterranean regions. The rapidly increasing consumption owes to its usage in food & beverage industry, cosmetics markets, mainly hair health improvement products. While the market is submerged with other pharmaceuticals and nutraceutical products, consumers are inclining toward health awareness of the concerns rising from the surplus usage of these type of products. Also, it helps in controlling diabetes, facilitate efficient digestion and nutrient intake, and alleviate respiratory conditions, aids in reducing inflammation caused by sore joints and arthritis, helps in lowering stress hormone level. Bay leaf oil is also used in aromatherapy due to its strong aroma which will fuel growth in the long-term.
There are few restraints of bay leaf market such as the confusion amongst the people between the different plants of this family that might be toxic.
Bay Leaf Market: Market Segmentation
Based on the product type the bay leaf market is segmented into:
- California bay leaf
- Bay laurel
- Indonesian bay leaf,
- Indian bay leaf
- Indonesian laurel
- West Indian bay leaf
- Mexican bay leaf
Based on the application type the bay leaf market is segmented into:
Based on the usage type the bay leaf market is segmented into:
- Food and Beverages Industry
- Consumer Goods
Bay Leaf Market: Regional Outlook
Regarding geography, Bay Leaf market has been categorized into six key regions including North America, Latin America, Europe, APEJ, Japan, and the Middle East & Africa. Bay Leaf market is expected to register healthy growth in upcoming years due to high demand for spices in various end-user application across the globe. Asia-Pacific represents the considerably high market share and grows with the relatively high share in the forecast period. APEJ is experiencing the rapid increase in the production capacity of Bay Leaf as demand for spices, and essential oils are high in the region.
Moreover, the APEJ region accounts for a healthy share regarding consumption of meat products, Spice Ingredients being primarily used for development of food and beverage products. The pharmaceutical consumption in the region is projected to further add value to the Healthcare Industry in the region. Asia-Pacific is projected to dominate the bay leaf market globally backed by the factors including rapid economic development, globalization and increasing demand of the spices in food & beverages industry and its sub-verticals. The global market for Bay Leaf Market is expected to grow significantly by the end of forecast period. Bay Leaf market for the Asia Pacific is also expected to witness rapid growth during the forecast period primarily attributed to the growth of food and beverage industry, especially in China and India.
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Bay Leaf Market: Key Players
Some of the key players identified in the Bay Leaf market are:-
- McCormick & Company, Inc
- Frontier Natural Products Co-op
- Anatoli Spices
- Mars, Incorporated
- Pacific Spice Company, Inc.
- Zizira, Tea Haven
- Just a Little Spice
- Alpina Organic Bay Leaf Company
- Hoby Agriculture and Forest Product Co. Ltd
- Mountain Rose Herbs
- Sultar Ltd