Bay leaf is majorly grown in the Mediterranean region and has an application as a culinary herb for flavor in food preparation. In addition to this, it also possesses medicinal benefits as it is used to control blood sugar levels, kidney stones, appetite stimulants, and others. Moreover, Bay leaf has a high content of lauric acid, which is used to produce insect repellants.
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.
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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