Vegetable Extracts Market: Introduction
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.
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.
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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.
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Vegetable Extracts Market Segmentation
Vegetable Extracts Market by Form
- Minced & Chopped
- Powder & Granules
- Slice & Cubes
- Fluids & Paste
Vegetable Extracts Market by Product Type
- Other Types
Vegetable Extracts Market by Extraction Method
- Air Drying
- Spray Drying
- Freeze Drying
- Drum Drying
- Vacuum Drying
Vegetable Extracts Market by End Use
- Food Manufacturers
- Snacks & Savory Products
- Infant Foods
- Salads, Dressings & Sauces
Vegetable Extracts Market by Region
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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