Basil Leaves Market's Global Expansion: A Spicy Success Story by 2032
Future Market Insights research indicates that the Basil Leaves Market is projected to grow at a compound annual growth rate (CAGR) of 4.1% during the forecasted period. The industry's value is estimated to rise from US$ 1,515.1 Million in 2023 to US$ 2,264.3 Million in 2033. By the end of 2022, the Basil Leaves Market had reached a value of US$ 1,456.8 Million.
Basil is a fragrant herb that is widely used in cooking and is native to tropical regions of central Africa and southeast Asia. It is a staple ingredient in many Mediterranean and Asian dishes and is known for its pungent, sweet flavor and aroma.
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Fresh basil leaves are usually used in recipes that require a raw, uncooked herb, such as pesto sauce, bruschetta, and salads. They can also be added to soups, sauces, and stews to add flavor and fragrance, or used as a garnish for a finished dish. Dried basil leaves can also be used, although they tend to be less flavorful than fresh basil and are often used in spice blends, rubs, and marinades.
Increasing demand for non-GMO basil seeds is expected to bode well for the basil farming, thereby propelling the basil leaves market. Further, introduction of new refreshing beverages with mint flavors is likely to augur well for the basil leaves market.Basil is a nutritious herb, containing high levels of vitamins A, C, and K, as well as antioxidants and other beneficial plant compounds. It is also low in calories and fat, making it a healthy addition to any diet.
Owing to the traditional popularity of basil leaves as a herbal plant with important health benefits, basil is categorized as ultra-niche and high-value crop. As basil farming requires small acreages, fresh basil leaves market is regulated through direct sales to multiple end users. Farmers involved in export business in the basil leaves market are required to comply with the Global GAP Certification.
In addition, as the nature of the product remains delicate, basil leaves collection and storage require special maintenance to ensure longer shelf-life of the fresh as well as products manufactured form basil leaves. Considering the exponential demand for basil leaves, the basil leaves market is expected to witness healthy growth in the coming years.
Global Basil Leaves Market: Introduction
The global market for basil leaves caters to end use segments such as essential oils, medical and pharmaceuticals, herbal supplements, food preparations, etc. Basil leaves are cultivated and marketed in forms such as dried basil leaves, fresh basil leaves, basil leaves pastes, etc.
Basil leaves are popularly marketed at supermarkets, hypermarkets, mom and pop stores at food retail outlets, etc. The global market for basil leaves is co-related with the supply capabilities of the region. Production of basil leaves is widespread in Africa and Asia Pacific region. The African continent is marked by presence of more than 50 variety species of basil leaves.
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Global Basil Leaves Market: Market Dynamics
Basil leaves are considered as a member of the mint herbs. Basil leaves are popular as sweet basil leaf, as they provide a crisp and aromatic element to food and beverage products. Basil leaves have gained popularity in major global cuisine. Basil leaves have over the years become part of several processed and cooked food products. Basil leaves are popular in usage in vegetable preparations, seafood preparations, meat preparations, etc. The global basil leaves market caters to application of basil leaves such as sauces, stews, sausages and garnishes.
Among end use market segments, basil leaves are popularly used in essential oils which form key ingredients for flavored foods products. The essential oil market segment is characterized by lack of stable quality and inconsistency in supplies. Such issues have encouraged essential oil manufacturers to depend on alternatives such as synthetic oils.
The growing popularity of fast food products and on the go breakfast outlets have resulted into growing demand for ingredients for garnishing. Basil leaves are gaining market preference particularly for garnishing on fast food products like pizza and other baked and on the go foods. Basil leaves are dried and roasted for aromatic addition to the baked foods. The global market for basil leaves consumed for garnishing application segment is expected to generate considerable incremental opportunity.
Basil leaves have emerged as a significant market segment in the global food ingredients market. Food ingredients market is expected to witness healthy year on year growth rate during the forecast period 2017-2027. Basil leaves market is expected to generate considerable incremental opportunity during the forecast period on the backdrop of growing food ingredients market.
Global Basil Leaves Market: Regional Outlook
The global basil leaves market is segmented into 7 key regions including North America, Latin America, Eastern Europe, Western Europe, Middle East and Africa (MEA), Asia Pacific Excluding Japan (APEJ) and Japan. Ocimum basilicum is the botanical name for basil leaves and are native to geographic region such as South East Asia and North East Africa.
Common and popular variety of basil leaves across the globe include Thai Basil or Bai Horapa and Bai Gaprow. Basil leaves cultivated in different parts of the globe have different significance, considering the end use application. The U.S. followed by Japan and Europe are major end use markets for essential oils. Due to heavy concentration of manufacturers of essential oils in European and North America region, the demand for basil leaves is expected to sustain lucrative market prospects.Global Basil Leaves Market: Competitive Landscape
Some of the players operating in the global basil leaves market include McCormick & Company, Inc, Great American Spice Company, etc.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Global Basil Leaves Market: Segmentation
The global basil leaves is segmented on the basis of product type and by end use
On the basis of product type the basil leaves market is segmented as follows:
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The global basil leaves market is segmented on the basis of end use as follows:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 13, 2023
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