The global Bay Leaf Market Growth Accelerated by Rising Convenience Food Demand

 

Bay leaves are aromatic leaves that are used as a seasoning or herb in various cuisines. They add flavor and fragrance to soups, stews, rice dishes, sauces, baked goods and meats. The demand for processed and convenience food products has been growing significantly, fueled by changing lifestyles and busy schedules. Bay leaves are widely used in processed foods and convenience meals for its fragrance and flavor enhancing properties.

The global Bay Leaf Market is estimated to be valued at US$ 887.4 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The growing demand for convenience food has been a key driver accelerating the growth of the bay leaf market. Bay leaves are commonly used seasoning in instant noodles, soups and other ready-to-eat meals due to its distinctive aroma and taste. With rising urbanization and busy lifestyles, consumers are increasingly opting for convenience food products that can be prepared quickly. This has significantly boosted the demand for bay leaves from food processors and restaurants. According to industry estimates, the global convenience food market was valued at over US$ 900 Bn in 2020 and is projected to grow at a CAGR of 5% during the forecast period. The rapid growth of the convenience food industry will continue to drive the uptake of bay leaves in the coming years.

Segment Analysis

The global bay leaf market is dominated by the dried sub-segment, which accounts for around 60% of the market share. Dried bay leaves have a longer shelf life and are thus preferred by restaurants, food manufacturers and households for daily use in various cuisines. Dried bay leaves also have a stronger flavor than fresh leaves and are thus used in smaller quantities in cooking. This helps reduce costs and makes dried bay leaves popular among consumers.

Key Takeaways

The global bay leaf market is expected to witness high growth over the forecast period of 2023-2030. The global Bay Leaf Market is estimated to be valued at US$ 887.4 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023-2030.

South Asia as the fastest growing region. Countries like India, Sri Lanka and Bangladesh consume large quantities of bay leaves due to their widespread use in various curries and biryani preparations. Households in these regions utilize dried bay leaves on a daily basis to enhance the flavors of meat and vegetable dishes.

Key players operating in the bay leaf market are House of Spices (India) Inc., Mars Incorporated, Goya Foods, Olam International, McCormick & Company Incorporated, Frontier Natural Products Co-op Inc., Anatoli Spices, Pacific Spice Company Inc., Zizira, Alpina Organic Company, Mountain Rose Inc., The Spice Hunter Inc. McCormick & Company and House of Spices have a significant market share due to their international presence and diverse product portfolios. New product launches catering to regional tastes will help key players increase consumer base and strengthen market position.

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