Lovage Extract Market size is slated to proliferate at an appreciable rate over 2022-2028, on account of the growing popularity of the product among health-conscious consumers. Studies have revealed that the lovage root extract, an agri-food residue, can function as a source of valuable bioactive compounds and has vast exploration scope for its biological properties, contributing to a potentially circular economy for both the food and pharmaceutical industries.
Lovage is a plant that is used commonly as a condiment and possesses certain medicinal properties. It is used as a medical product and irrigation therapy for swelling (inflammation) and pain of the lower urinary tract to prevent kidney stones and enhance urine flow among people with fluid retention and urinary tract infections.
Mounting product demand from the food & beverages industry, alongside the accelerating product applications in soaps and cosmetics, are the key trends stimulating the lovage extract industry forecast. The stem and leaves of the lovage plant, also known as sea parsley, can add intense celery-like flavor to pork and poultry dishes, stews and soups, as well as potato dishes. In addition, the essential oils extracted from the plant can produce a spicy, sweet aroma and are added in the manufacture of cosmetic preparations like perfumes. These lovage oil benefits and subsequent adoption in various end-use industries will add significant impetus to the industry expansion over the estimated timeline.
In terms of segmentation by origin, the root extract segment is poised to exhibit a considerable growth rate through 2028, considering its escalating usage in the manufacturing processes of medicines, as well as its strong medicinal properties. For example, Canephron N, an herbal combination product containing lovage root, centaury herb, and rosemary leave was found to have lowered microalbuminuria in an open-label clinical study conducted among 59 subjects with diabetic nephropathy receiving enalapril.
Regionally, Europe is anticipated to play a prominent role in driving lovage extract market share over the upcoming years. This is attributable to the strong awareness about the medicinal properties of lovage herbs in the region. Consumers across the region also use this product as a condiment, for anti-inflammatory, menstrual support, skin conditioner, and gastric balm, among other applications.
Prominent lovage extract market players include Botanical Specialties, Carrubba Incorporated, Albert Vieille SAS (Givaudan), Kahikatea Farm, Biofirst, ActiveHerb, Danièle Ryman, Flavex Naturextrakte, Vege Tech Company, Horner International Co, Frutarom Ltd (International Flavors & Fragrances, Inc.), Bio-Botanica Inc, Carrubba Inc, and Changsha Vigorous-Tech Co., Ltd, among others. These firms are employing strategies and efforts such as new product launches and M&A to sustain their position across the global market.
For instance, in March 2021, Knorr unveiled its Zero Salt Bouillon cube made from vegetables, spices, and herbs such as lovage, nutmeg, rosemary, and turmeric to enhance the flavors in foods and bring an umami flavor to cooking.
COVID-Related Restrictions & its Influence on Lovage Extract Market Outlook:
The ongoing coronavirus pandemic and its resultant lockdown have severely impacted major sectors of the economy, and the pharmaceutical sector is not an exception. In view of the situation, the government of India had taken significant steps to remove the financial and technical barriers and spur the regional pharmaceutical industry. For example, the GoI has proposed an incentive package worth INR 13.76 billion to promote domestic production of crucial medical devices, APIs, and other materials.
Since the outbreak, there has also been rapid adoption of TCM (traditional Chinese medicine), especially CHM (Chinese herbal medicine) including Szechuan Lovage Root and other components, with an objective to contain the virus. These extensive R&D activities, coupled with the high awareness about the significant lovage medicinal uses, will help the lovage extract market regain traction over the coming years.