LONDON--(BUSINESS WIRE)--The global bay leaf market is expected to post a CAGR close to 6% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the multiple applications of bay leaf. The demand for bay leaf is expected to increase further during the forecast period due to its varied applications in cooking, beauty and skin care, nutraceutical applications, and as an insect repellent. For instance, in the beauty and skin care application, bay leaf helps in cleansing and smoothening the skin. It also helps to reduce pigmentation and achieve an even skin tone. Bay leaf powder can be mixed with coconut oil and applied to the scalp, which helps to strengthen the hair follicles. Similarly, such widespread applications of bay leaf in different industries will drive the growth of the global bay leaf market during the forecast period.
As per Technavio, the increasing popularity of organic bay leaf due to concerns about the environment will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global bay leaf market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Bay Leaf Market: Increasing Popularity of Organic Bay Leaf Due to Concerns About the Environment
At present, the governments of several countries provide incentives to farmers that adopt organic farming. Moreover, government certification adds authenticity to organic products, thereby making it viable for farmers. The rising demand for organic products, including organic bay leaf, globally has encouraged many farmers to adopt organic farming techniques. Another major factor that influences consumers to purchase organic food is growing environmental concerns. Organic bay leaf farming does not use toxic chemicals, pesticides, or fertilizers. Hence, it helps control soil and air pollution. Hence, the demand for organic bay leaf is increasing due to concerns about the environment and the association of environmental protection with organic farming.
“Along with the increasing popularity of organic bay leaf, growing private label brands is one other factor that is boosting market growth. Globally, major retailers are introducing their own brand of bay leaf. During the past 10 years, the private label product segment has grown in terms of scope and size. For instance, the sale of private-label products in the first half of 2019 increased in terms of both volume and revenue in the US compared with 2018. Thus, the increasing demand for private-label products among consumers will support the growth of the global bay leaf market during the forecast period,” says a senior analyst at Technavio.
Global Bay Leaf Market: Segmentation Analysis
This market research report segments the global bay leaf market by product (conventional bay leaf and organic bay leaf) and geographical regions (North America, APAC, Europe, MEA and South America).
The North American region led the market in 2018, followed by APAC, Europe, MEA and South America respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the rising awareness among consumers about its health benefits such as anti-microbial and anti-ulcerogenic properties.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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