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Lovage Extract Market size is anticipated to witness healthy growth during 2023 to 2032, on account of its growing usage in cosmetics across developing economies. Lovage extract is a compound that it commonly used to impart fragrance in soaps and cosmetics. The oils from lovage plant produce a sweet aroma which is added to cosmetic preparations like perfumes.
Owing to its rich aroma, the plant also finds widescale applications in the food and beverages sector. The leaves, seeds, and other parts of the lovage plant are used to impart a fresh celery flavour to food items.
Lovage extracts are also widely popular among health-conscious consumers owing to its medicinal properties. It is a frequently used natural remedy for health issues such as joint pain, indigestion, and sore throat among others. It is also used as irrigation therapy for inflammation of lower urinary tract to prevent kidney stones and normalize urine flow in patients with urinary tract infections and fluid retention. Additionally, the plant is also used for treating kidney damage in people with diabetes.
With respect to application, lovage extract market from flavouring agent segment grow substantially through 2032, fueled by the growing food and beverages industry. Lovage extracts are extensively used as flavouring agents in food products owing to their intense celery-like flavour. They can be used to add flavours to sauces, stews, stocks, and a wide variety of soups. They are also used for garnishing salads and imparting aromas.
Based on origin, lovage extract market from the root segment is slated to record a considerable valuation by 2032, driven by its growing usage in the development of medicines. Lovage plan roots boast of strong medicinal properties, which grants it access to the lucrative pharmaceutical sector. In fact, in a study, Canephron N, the herbal combination product loaded with lovage root, rosemary leaves, and centaury herb, was found to lower microalbuminuria among 59 people with diabetic nephropathy. It also demonstrated a positive outcome on lipid peroxidation levels.
From the regional perspective, Europe lovage extract market will gain remarkable momentum during the forecast timeline, fostered by rising awareness about medicinal properties of lovage herbs among people in the region. Lovage is native to Southern Europe and consumers in the region use it as a skin conditioner, gastric balm, menstrual aid, and other applications. In fact, the seeds, leaves, and roots of flavourful and herbaceous lovage plants are used in many cuisines of Southern Europe.
The list of leading lovage extract market players includes names such as Carrubba Incorporated, Kahikatea Farm, Danièle Ryman, Vege Tech Company, Frutarom Ltd (International Flavors & Fragrances, Inc.), Albert Vieille SAS (Givaudan), ActiveHerb, and Flavex Naturextrakte. Many of these firms are focusing on new product innovations to keep ahead of the competition. Citing an instance, in March 2021, Knorr, a German food and beverage company, launched its Zero Salt Bouillon cube prepared from spices, vegetables, and herbs such as turmeric, rosemary lovage, and nutmeg to impart an umami flavour to cooking.
Citing another instance, in February 2023, Givaudan, a Swiss manufacturer of flavours and active cosmetic ingredients announced plans for the acquisition of major cosmetic ingredients from Amyris, a US-based biotechnology company. As a part of the agreement, Amyris will manufacture ingredients for Givaudan for cosmetic applications.
The Russia-Ukraine war had a negative impact on lovage extract industry on account of disruptions in agricultural practices across the region. Europe is a major producer of lovage plant, but the geopolitical tensions have severely disrupted trade in the region, hindering industry outlook. The conflict has also hampered operations across the region’s food and beverages and cosmetics sectors, which are major end-users of lovage extracts. However, joint efforts by world governments towards bringing the war to an end are likely to bring the industry back to normalcy.