BAY LEAF MARKET ANALYSIS

Bay Leaf MarketSize and Trends

Market Dynamics:-

Bay leaf finds its major application in food & beverages industry for the seasoning of processed and cooked foods owing to its great flavor and health benefits. It is also used in beverages to enhance taste and nutritional value. Growing demand for processed food & beverages owing to increasing population and changing lifestyle is expected to propel demand for bay leaf during the forecasted period. For instance, according to Institute for Plant and Food Research, New Zealand, global food & beverages industry was pegged at US$ 5.8 trillion in 2016, and expected to reach US$ 20 trillion by 2030, with 5% annual growth.

Bay leaf contains 1.5-2.5% essential oil by weight, which has various applications in the cosmetics and personal care industry. It is used in shampoo and oil to treat dandruff, Bay leaf oil is also used in soaps and detergents. Growing cosmetics & personal care industry is expected to provide major traction to global bay leaf industry. For instance, according to European Commission, Directorate General for Enterprise and Industry, in 2016, the cosmetic industry in Europe was valued at US$ 115.44 billion, which is expected to reach US$ 178.8 billion by 2026, with a CAGR of 4.45%.