Global Lovage Extract Market Report: Recent Trends, Growth Driving Factors, Challenges, Opportunities, Strategies, Recent Developments, Product Segments, and Growth Forecast 2019 – 2028

“Global Lovage Extract Market Report Analysis, Macro Trends, Applications, Industry Growth Forecast 2019 to 2028” is a newly generated report by MarketResearch.biz analysts team. The target market accounted for US$ X Mn in 2019 and is estimated to be valued at US$ X Mn in 2028. The report The global lovage extract market report has been segmented on the basis of origin, form, application, and region/ country.

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Lovage Extract: Product Overview

Lovage, also known as Maggi plant or sea parsley, is a perennial herbaceous plant, which is native to Europe and Southwestern Asia. The leaves are used as herbs and seasoning and the smell and flavor are similar to that of celery; whereas, the seeds are like fennel seeds and are used as an authentic spice. In addition, lovage roots are used as a vegetable, especially in Southern European countries. The lovage extract offers an exquisite aroma which has its applications as flavoring agent in soups and salads. It is also used as alternative medicine to treat gastrointestinal diseases and as an ingredient in manufacturing cosmetics and soaps.

Lovage Extract Market Driving and Growth Limiting Factors

Increasing consumer awareness regarding health benefits of lovage and related products, growing pharmaceutical industry, coupled with extensive utilization of lovage extract in pharmaceutical industry are some of the key factors driving global market growth. In addition, increasing prevalence of various stomach-related issues such as stomach bloating, indigestion, intestinal gas, and heartburn among others is another factor fueling target market growth. Properties offered by lovage plant makes it efficient alternative for celery plant, and this along with rising consumer inclination for Mediterranean diet are among some of the factors expected to support global market growth.

However, lack of awareness about lovage and its benefits could hamper growth of the target market to some extent. In addition, overutilization of lovage extract might increase skin sensitivity to sun and lead to skin rashes, sunburn, and to an extent to skin cancer as well. Moreover, overconsumption and high amount of sodium in lovage can lead to high blood pressure. Lovage is not recommendable for pregnant women or patients suffering from damaged kidneys. These side-effects of lovage extract is another key factor that could result in low adoption of the products and thereby hindering market growth.

Lovage Extract Market: Analysis by Segment

By Origin:

Among the origin segments, the root extract segment is expected to register moderate revenue growth in the next 10 years, due to increasing demand for lovage extract in manufacturing medicines. The shoot extract segment is projected to register higher growth rate in terms of revenue owing to increasing demand for lovage as flavor and salad dressing.

By Form:

Among the form segments, the powder and paste segments are expected to register significant revenue growth in the next coming years, owing to its use as spice and seasoning in soups, salads, etc. The liquid segment is widely used in industries such as beverages and pharmaceuticals.

By Application:

Among the application segments, the flavoring agent segment is expected to account for significant revenue share, due to its excellent aroma and various therapeutic properties.

Analysis by Region

The North America market is expected to account for highest revenue share in the global market due to growing use of herbs as flavor spices among consumers and increasing demand for lovage extract as a diet component by individuals in the US and Canada. The Europe market is expected to witness a moderate revenue growth rate in the target market. Increasing adoption of lovage extract in food & beverage industry is a factor anticipated to fuel growth of the Europe market in the coming years. The Asia Pacific lovage extract market is expected to grow at the highest CAGR in the next 10 years, due to rapid urbanization, high disposable income, and increasing health consciousness among consumers. The markets in Latin America and MEA are projected to register moderate revenue growth rate, steady rate of consumer awareness regarding various properties of lovage among population in countries in these regions.

Global Lovage Extract Market Segmentation:

Segmentation by Origin:

• Shoot Extract
• Root Extract

Segmentation by Form:

• Liquid
• Paste
• Powder

Segmentation by Application:

• Spice
• Alternative Medicine
• Flavoring Agent

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa