Analysis of Thyme Extract Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The thyme extracts are used for chemicals that help in bacterial and fungal infections. This was found effective in treating cough conventionally and also in many other situations such as hair loss and dementia. Thyme is mostly used in cosmetics, fragrances, culinary, pharmaceutical, and food & beverage industries. The increasing trend of personal grooming amongst consumers is fuelling the demand for cosmetics and personal care products, which is boosting the demand for the market.
These extracts also possess various medical properties such as antimicrobial and anti-inflammatory properties which is why they gave preference over synthetic substitutes. As it’s an excellent food flavoring agent which fuels the demand for products in the market. Thyme-based products are gaining traction in the market owing to the shift in consumer preference towards herbal extract-based products from conventional products. All these factors collectively will account for a hike in demand in the market over the forecast period.
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Thyme is distinct in terms of taste and has remained a culinary staple. It always demanded its cosmetic and medicinal properties. Thyme is effective in fighting acne and lowering blood pressure. Alongside this, it helps in preventing immunity.
As confirmed by the U.S department of agriculture thyme contains helpful nutrients that are good for our skin, eyes, and hair. It is rich in vitamins A, vitamin C, copper, fiber, manganese, and Iron.
In 2022, the global market has noticed a growth of over 16% more than that of previous years. The growing segments under cosmetic arcade are - haircare, skincare, and perfume products. Skincare was the leading category in 2021, accounting for 41% of the total market share. While the haircare segment amounted to 22% in the same year.
As a result of the projected growth potential in the cosmetic industry, there is an expected rise in demand for natural products in the forecast period 2023- 2033. Increasing awareness among consumers about the side effects of chemical ingredients is one of the major growth drivers for the market.
Furthermore, the numerous medicinal properties of thyme extract, such as anti-inflammatory and antiseptic properties coupled with aromatic properties, are the reason for the growth in the usage of thyme in the pharmaceutical industries, contributing towards the rise of the market.
As flavoring of food remains the main thyme application segment its microbial activities and antioxidants are considered supplementary benefits of thyme. Enhanced flavor and prevention of oxidative spoilage of food are key reasons for food producers giving preference to thyme usage.
The food and beverage industry is growing exponentially these days which is leading to an increase in demand for flavoring agents and thereby, increasing demand in the market. The demand for products with natural based ingredients is witnessing persistent growth aiding an increase in the demand in the market. several forms of thyme are being under scrutiny as natural antimicrobial agents for food preservation.
This plant is effective in improving shelf life that may vary from 3 to 15 days in seafood. Furthermore, the decreasing microbial actions in food, as a result, it’s been in demand as a preservative in the seafood segment.
However, there are some allergic reactions post-consumption of thyme that might affect the adoption of this product. These further can include dizziness and upset stomach in some people. Moreover, there is less reliable information regarding product safety is a key concern likely to affect the market in the forecast period. As thyme is part of the sensitive mint family so if one is allergic to mint they might develop an allergy to thyme. Its respiratory sensitizer can elevate respiratory issues.
The key players in the industry are-
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The increased growth of the cosmetics trade globally is increasing the demand for herbal products, which is a major factor aiding the growth in demand in the market. Regions, such as North America and Europe, will witness growing demand owing to the increasing consumer base for cosmetics and personal care products. The demand will also pace up over the forecast period due to growing applications as a food flavoring and preserving agent.
Regions, such as the Asia Pacific, will also witness growing demand due to increasing per capita consumption of consumers and the growing food and beverage industry. These extracts are also used in nutraceuticals and pharmaceuticals as it helps in preventing and curing several ailments. Sensing lucrative growth opportunities, a lot of new market players are anticipated to enter the market over the forecast period.
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The global market is likely to progress at a CAGR of 5.6% through the forecast period.
Growing demand for natural-ingredients-based cosmetic products and rising health consciousness are propelling the demand.
MB-Holding GmbH & Co. KG, IL Health & Beauty Natural Oils Co., The Lebermuth Co. Inc., The John D. Walsh Company Inc., and Foodchem International Corporation are prominent suppliers in the industry.
Thyme is preferred in the food sector application due to its preservation capacity, and antimicrobial properties.
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