As per a recent study conducted by Transparency Market Research on vegetable extracts, it was found that the market is growing at a value CAGR of 6.7%, and is expected to reach US$ 60,945.3 Mn by 2031.
Vegetable extracts are widely used by food manufacturers in producing a variety of food products such as snacks & savory products, infant foods, soups, salads, and dressings and sauces. They also have a huge market in foodservice as well as the retail/household sectors.
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The East Asian market accounts for the highest value share of the global vegetable extracts market at 29.4% in 2021. The East Asia market is currently valued at US$ 9,358 Mn and is set to reach a valuation of US$ 20,026.6 Mn by the end of forecast period.
Demand-Supply Uncertainties Associated with Seasonal Vegetables Fueling Demand for Vegetable Extracts
The increased instability in raw material availability, manufacturing, and pricing due to seasonal variations is a major factor encouraging people to consume vegetable extracts. Furthermore, the rising year-round demand for foods made with seasonal ingredients is fueling the market's expansion.
Moreover, seasonal demand shifts have significant effects on businesses in the fresh food supply chain. The increased demand from consumers for seasonal food tastes and flavors at any time of the year is leading food manufacturers and processors to introduce seasonal vegetables in extract form.
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Vegetable extracts are also a practical approach for reducing wastage, as powders can be used to repurpose raw vegetables that are otherwise discarded. They are also a lot easier to transport after manufacturing. Manufacturers are also attempting to guarantee that taste is not compromised while nutritious requirements are met. These characteristics can make for a very appealing nutritional label.
Vegetable Extracts Market: Key Players
- Some of the key players in the market are
- Aarkay Food Products Ltd.
- Alpspure Lifesciences Pvt. Ltd.
- K. Dehy Foods
- Del-Val Food Ingredients
- Foods & Inns Ltd.
- Givaudan S.A.
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Surge in Production of Vegetables in Developing Countries to Offer Growth Opportunities
Companies are setting up new production plants in developing countries to decrease costs. Vegetable extracts are produced in almost all developed countries. Despite the high production of vegetables in many developed countries, prices of vegetable extracts are high due to their processing costs.
High labor costs, high raw vegetable prices, and costly electricity add more value to the finished product. The production of dehydrated vegetables in developing countries, which are also major producers of vegetables, can be useful in reducing costs due to the availability of cheap labor, cheap vegetable costs, and cheap electricity.
Countries such as India and China offer a wide variety of vegetables at affordable prices. Manufacturing in these countries can reduce the prices of vegetable extracts and, in turn, increase the market size.
Vegetable Extracts: Market Frontrunners
- Vegetable extracts are available in dehydrated and fluids & paste forms, which can be extracted through various methods such as air drying, spray drying, freeze drying, drum drying, and vacuum drying. The market for vegetable extracts in dehydrated form is expanding a CAGR of 7% during the forecast period.
- The vegetable extracts are sourced from different vegetables such as carrots, onions, potatoes, broccoli, beans, peas, and others. Based on product type, the volume of potato extract is pegged at 36,74,655 MT in 2021 and is expected to reach 56,71,011 by 2031.
- Plant-based products have created a vast market in a short time, and the market is growing continuously at a high growth rate. Products that are derived from vegetables provide significant health benefits and can be utilized as food additives in vegan food items. Thus, vegetable extracts are used as nutritional ingredients in vegetarian and vegan diets, which directly impacts the market growth.
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