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The global bay leaf market is majorly being driven by the food industry and the rising demand for bay leaf oil. The bay leaf oil has numerous characteristics that make it an essential oil. It is used for many food services, personal care, and cosmetics. The primary use of the oil is in cosmetics and used in hair growth products. The bay leaf oil is also commonly used as cooking oil in gourmet restaurants and at home because of the advantages of bay leaf oil for decongestants and pulmonary issues.
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In the pharmaceutical, nutraceutical, and cosmetic industries, several products have been made with bay leaves or with their essences. Bay leaf is used as a flavouring agent in the cooking process. Therefore, in different products, the cosmetics market uses bay leaves due to its ability to prevent skin pigmentation and to make the skin smooth. Whole bay leaves are also being used as repellents for insects. Bay leaves also have several medical benefits. Daily bay leaves consumption can control blood sugar levels. They even have anti-cancer characteristics. Such vast uses of bay leaves have expanded their usage worldwide, which will drive the growth of the bay leaf market over the forecast period.
In 2018, the Asia Pacific was among the largest bay leaf markets. In the Asia Pacific, the consumption of bay leaves is increasing as their health benefits such as anti-microbial and anti-ulcerogenic properties are becoming better known. The region is also seeing a rise in online sales of bay leaves, owing to the growing internet penetration and smartphone adoption. Bay leaf is available in packaged forms on e-commerce platforms like Amazon (NASDAQ: AMZN).
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The major key players in the global bay leaf market include companies like Alpina Organic Co., ANATOLI SPICES SA, McCormick & Co., Inc. (NYSE: MKC), Mother Organic, and Pacific Spice Co. Inc., among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.
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