Bay leaf is an aromatic dried leaf of bay tree, majorly cultivated in the Mediterranean region. Bay leaf finds its major application as culinary herb for flavor in food preparation. Apart from cooking, it also possesses medicinal benefits and used to control blood sugar level, kidney stones, appetite stimulant, and others. Bay leaf has high content of lauric acid, which is used to produce insect repellant.
Bay leaf finds its major application in food & beverages industry for the seasoning of processed and cooked foods owing to its great flavor and health benefits. It is also used in beverages to enhance taste and nutritional value. Growing demand for processed food & beverages owing to increasing population and changing lifestyle is expected to propel demand for bay leaf during the forecasted period. For instance, according to Institute for Plant and Food Research, New Zealand, global food & beverages industry was pegged at US$ 5.8 trillion in 2016, and expected to reach US$ 20 trillion by 2030, with 5% annual growth.
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Bay leaf contains 1.5-2.5% essential oil by weight, which has various applications in the cosmetics and personal care industry. It is used in shampoo and oil to treat dandruff, Bay leaf oil is also used in soaps and detergents. Growing cosmetics & personal care industry is expected to provide major traction to global bay leaf industry. For instance, according to European Commission, Directorate General for Enterprise and Industry, in 2016, the cosmetic industry in Europe was valued at US$ 115.44 billion, which is expected to reach US$ 178.8 billion by 2026, with a CAGR of 4.45%.
Europe held the dominance in the consumption of bay leaf in the global market, owing to its multiple applications in food & beverages, pharmaceutical and personal care & cosmetics industries in the region. The region is also expected to witness high growth rate in the bay leaf market during the forecast period. For instance, according to Eurostat Database 2018, Germany imported 409 tons of bay leaves in 2015, which increased to 522 tons in 2017.
Key Players in the Global Bay Leaf Market:-
Key players operating in the global bay leaf market include Augustus Oils Ltd., Alpina Organic Company, Naturevibe Botanicals, Zizira, McCormick & Company Inc., Masterfoods Australia New Zealand Ltd., Aldera Co. Ltd., Hoby Agriculture and Forest Product Co. Ltd., Mountain Rose Inc. and Pacific Spice Company Inc.
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