World Garlic Extract Market Estimated to Grow at CAGR of 3.7% by Forecast 2018 to 2023 | Asserts MRFR

Market Overview:

The wide application of garlic extract in food and beverage industry is one of the major drivers of the global garlic extract market. The extensive use of garlic extract as a flavoring and condiment agent in various cuisines all over the world is fueling the expansion of the global garlic extract market. The evolution of food and beverage industry has led to the rise in usage of garlic for adding innovative flavors, this, in turn, is generating demand for garlic extract in the market. The application of garlic in the medical industry, due to its antibacterial and anti-fungal properties, is inducing demand for garlic extract in the healthcare sector and is impacting positively on the growth of the global garlic extract market. Usage of garlic extract in the cosmetic industry is also considered to be a significant driving factor for the expansion of the garlic extract market, globally. The various health benefits of garlic such as cholesterol level reduction, strengthening the immune system and others are inclining the consumers towards inclusion of garlic in their daily diet, leading to increased demand of high-quality garlic extract in the global market. The allergic reaction and bad breath and body odor caused due to garlic consumption are likely to hamper the expansion of the global garlic extract market. 

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Competitive Analysis:

The increasing presence of small and medium scale players in the global garlic extract market has led the leading players to take strategic initiatives for spreading their business to the maximum extent in order to dominate the competitive environment around the world. Increasing investments by the players for new product launch and expansion of business are fueling the competition in the global garlic extract market.  In May 2018, Dabur (India) has announced a planned investment of INR 250-300 Cr for capacity expansion and is looking forward for acquisitions in the domestic market for FY19.  

The prominent players of the global garlic extract market are McCormick & Company, Inc. (U.S.), NOW Foods (U.S.), Mars Incorporated (Australia), Woolworths Limited. (Australia), NILON'S. (India), Dabur (India).

Market Segmentation:

The global garlic extract market has been segmented on the basis of product form, application and distribution channel. Based on product form, the market has been segmented into powder, granulated, paste and others. Among these, the paste segment is currently dominating the global market due to the extensive use of garlic paste as a primary cooking ingredient.

On the basis of application, the garlic extract market is segmented into pharmaceuticals, cosmetics, and food and beverage industry. The food and beverage industry includes culinary, sausage, beverage, spices, seasoning, condiment and others. Due to the widespread usage of garlic extract in food and beverage segment, this segment is observed to be dominating the global garlic extract market. 

On the basis of distribution channel, the garlic extract market is segmented into store-based and non-store based. Among these, the store-based segment is dominating the global market owing to the one-stop shopping experience. 

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Regional Analysis:

Based on region, the global garlic extract market is segmented into North America, Europe, Asia-Pacific (APAC) and the rest of the world. Among these regions, the global garlic extract market is being dominated by the Asia-Pacific region as garlic extract is extensively used as one of the primary ingredients in different cuisines of this region. The garlic extract market in the North American region is projecting a significant growth due to the increasing inclination of consumers towards inclusion of garlic in their diets. Along with this, the rapidly expanding cosmetic and medical industries in this region are inducing demand for garlic extract in the market. The garlic extract market in the European region is considered to be growing remarkably due to the presence of prominent consumers in this region. The increasing attraction towards garlic flavored food products is fueling the expansion of the garlic extract market in the rest of the world.