Thyme Extract Market Share, Size, Trends, Industry Analysis Report, By Form (Powder and Liquid); By Nature; By Application; By Region; Segment Forecast, 2024 – 2032
- Published Date:Mar-2024
- Pages: 120
- Format: PDF
- Report ID: PM4732
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global thyme extract market was valued at USD 132.62 million in 2023 and is expected to grow at a CAGR of 5.6% during the forecast period.
The drastic shift in consumer preferences from conventional pharmaceuticals and cosmetic products to herbal extract and organic products and surging products used with the blend of various other herbal extracts due to their numerous beneficial properties, such as antiseptic and anti-inflammatory, are among the leading factors fostering the global market growth. Additionally, the growing availability of organic thyme extract for health-conscious consumers all over the world and the increasing implementation and adoption of various advanced technologies for the product extraction process are further likely to create huge growth potential for the market in the near future.
To Understand More About this Research:Request a Free Sample Report
- For instance, in April 2023, Fresh Thyme Market announced the launch of its new Fresh Thyme Market Pickup, which makes the thyme product easier to access and shop with in-store prices online and offers customers unbeatable freshness, quality, and higher convenience.
Moreover, several large companies in the market are focusing on the incorporation of advanced techniques or technologies in spectroscopy, chromatography, and DNA-based authentication techniques, which will help them to ensure the quality and authenticity of thyme extract by confirming the presence of genuine thyme species, thereby propelling the market growth at a significant pace.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the T\thyme extract market. The emergence of the deadly virus has resulted in changes in consumer spending behavior, shifting priorities, and economic uncertainty that have largely impacted the product demand in food, cosmetics, and many other applications. The pandemic also led to huge disruptions in global supply chains across industries, that have affected the distribution as well as production of thyme extract globally.
Industry Dynamics
Growth Drivers
- Rising product use in the food & beverages industry as a flavoring agent is likely to spur thyme extract market growth.
The significant growth in the usage of thyme extract in the food & beverage sector to enhance their flavor and provide consumers with a unique taste experience while preventing the oxidative spoilage of food products is a key factor boosting the demand and growth of the market. Since the exponential rise in the food & beverage industry and continuously changing consumer dietary preferences, resulting in higher adoption of products with natural-based ingredients, the demand for the product has also risen at a rapid pace.
- Growing product adoption as an alternative to synthetic additives is also driving thyme extract market growth.
Increasing adoption of thyme extract across various end-user industries, including pharmaceuticals, personal care, and cosmetics, as a natural alternative to synthetic preservatives and additives in order to meet and align with consumer preferences and demand for clean-label and natural products is anticipated to foster the growth of the market exponentially in the near future.
Report Segmentation
The market is primarily segmented based on form, nature, application, and region.
|
By Form |
By Nature |
By Application |
By Region |
|
|
|
|
To Understand the Scope of this Report:Speak to Analyst
By Form Analysis
- Liquid segment is estimated for the largest market share in 2023
The liquid segment accounted for the largest market share both in terms of revenue and volume in 2023 and is likely to retain its market position throughout the study period. The growth of the segment market can be mainly driven by its widespread use by various end-users and an increasing number of consumers globally seeking natural and organic ingredients in industries like food, cosmetics, and pharmaceuticals, along with the growing prevalence of product incorporation into health drinks, herbal teas, and functional beverages.
The powder segment is anticipated to exhibit a significant growth rate over the next coming years on account of its potential to be used in a wide range of applications, including dietary supplements, personal care items, and herbal remedies. Besides this, powder-based thyme extract can be transported more easily or conveniently and is less likely to be spoiled or damaged during the transportation process, which makes it highly preferred to be used in different industrial applications.
By Nature Analysis
- The organic segment held a substantial market share in 2023
The organic segment held a substantial thyme extract market share in terms of revenue in 2023, which is majorly driven by surging awareness among consumers about the potential health benefits of consuming organic products and exponential growth in the clean label movement globally, which emphasizes transparency in both ingredient sourcing and production processes.
Moreover, the drastic growth in the need and demand for herbal supplements, mainly due to increasing consumer interest in natural remedies and traditional medicine, along with the growing focus on major government regulatory authorities towards the certifications supporting organic farming and sustainable production processes, have also contributed to the growth of organic segment market in the recent years. For instance, according to the FoodNavigator USA, the sales of herbal supplements or dietary ingredients in the United States grew by over USD 1 billion in 2021, which makes it the second-strongest annual sales growth.
By Application Analysis
- The food & beverages segment is anticipated to witness the highest growth.
The food & beverages segment is anticipated to grow at the highest growth rate throughout the study period, mainly due to increasing demand for the product to be used in a variety of dishes and cuisines ranging from soups & sauces to snacks & beverages to enhance their flavor and taste coupled with the growth in consumer interest in exploring various cuisines and different flavors with authentic taste experiences.
The pharmaceuticals segment led the industry market with a considerable share in 2023, which is largely accelerated by a drastic shift towards health-conscious lifestyles and a growing focus on preventive healthcare, leading to greater adoption of product antimicrobial and antioxidant properties along with the rising use of thyme extract as an effective alternative to synthetic compounds.
Regional Insights
- Asia Pacific region dominated the global market in 2023
The Asia Pacific region dominated the global market for thyme extract with a considerable share in 2023 and is projected to maintain its dominance over the forecast period, which is largely attributable to an exponential rise in the food & beverage industry and increased demand for natural & herbal products, as a result of rise in population in countries like India and China and surge in per capita consumption of consumers across the region. Apart from this, thyme has been widely used in traditional medicine practices for various ailments, which has significantly supported the demand for thyme extract in the region over the years.
The North American region is anticipated to be the fastest growing with a healthy CAGR during the forecast period, owing to the increasing number of studies being performed in countries like the United States and Canada to explore the potential benefits of thyme in various applications in cosmetics, pharmaceuticals, antiseptic creams, and others.
Key Market Players & Competitive Insights
The thyme extract market is highly competitive, with the presence of various regional and global market players. The major market players are highly focusing on the adoption of various business development strategies including new product launches, collaboration with different brands, acquisitions, and partnerships, mainly to expand their market reach and broaden the customer base worldwide.
Some of the major players operating in the global market include:
- Ecuadorian Rainforest LLC
- Foodchem International Corporation
- IL Health & Beauty Natural Oils Co. Inc.
- MB-Holding GmbH & Co. KG
- NOW Health Group Inc.
- Penta International Corporation
- Reincke und Fictner GmbH
- Shaozing Marina Biotechnology
- Sigma-Aldrich Co. LLC.
- The John D. Walsh Company Inc.
- The Lebermuth Co. Inc.,
- Treatt Plc
Recent Developments
- In January 2021, BioSafe Systems announced that they have entered into a strategic partnership with Lidan Inc. in order to manufacture, market, and distribute its new crop protection solution “Guarda,” having thyme oil as a key ingredient.
- In September 2022, Able C&C, a leading global manufacturer of K-beauty skincare and cosmetics, introduced its new herb-and-root based skin care products brands named ‘Chogongjin.’ The brand’s new proprietary formulation features thyme extract, Korean angelica extract, Cornelian cherry extract, and ginseng, and the new line consists of five collections catering to different skin needs.
Thyme Extract Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2024 |
USD 139.66 million |
|
Revenue Forecast in 2032 |
USD 216.04 million |
|
CAGR |
5.6% from 2024 – 2032 |
|
Base year |
2023 |
|
Historical data |
2019 – 2022 |
|
Forecast period |
2024 – 2032 |
|
Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
|
Segments Covered |
By Form, By Nature, By Application, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Customization |
Report customization as per your requirements with respect to countries, regions, and segmentation. |
FAQ's
Thyme Extract Market Size Worth $216.04 Million By 2032
The top market players in Thyme Extract Market Foodchem International Corporation, Penta International Corporation, Treatt Plc
Asia Pacific contribute notably towards the Thyme Extract Market
The global thyme extract market is expected to grow at a CAGR of 5.6% during the forecast period.
Thyme Extract Market report covering key segments are form, nature, application, and region.
© 2024 Polaris Market Research and Consulting. All rights reserved
