by The global star anise market is set to witness robust growth, with a projected CAGR of 5% during the period from 2023 to 2030. By the end of 2030, the market is expected to surpass a valuation of one billion dollars.
Key Market Insights
Star anise (Illicium verum), native to China and Vietnam, is a spice derived from the fruit of an evergreen tree. Its name is derived from the distinct star-shaped pod of the seed, which defines the plants appearance. Star anise is a popular spice in various cuisines, especially in Asian and Indian cooking, known for its strong, sweet, and licorice-like flavor. It is a key component of Chinese five-spice powder and is used to flavor a wide range of dishes, including soups, stews, sauces, and marinades. Its growing popularity in the culinary world, particularly in Asian cuisine, is a major driver of market expansion, fueled by increasing demand for organic and herbal products, including herbal teas, health blends, dietary supplements, and herbal medicines.
Star Anise Market Overview
Star anise is sought after for these products due to its potential health benefits, including digestive and respiratory properties. Another contemporary pharmaceutical application of star anise is the extraction of its bioactive components for potential use in herbal supplements and traditional medicines. Star anise is also a crucial ingredient in cosmetics and fragrance products. The wide price range of star anise is attributed to its significant seasonal variations and scarcity. Labor-intensive spice farming and production contribute to the higher cost of star anise compared to other organic items.
Key Report Findings
- The star anise market is expected to nearly double in size during the forecast period from 2023 to 2030.
- The therapeutic properties of star anise contribute to its extensive use in pharmaceuticals and cosmetics industries.
- Demand for organic star anise remains high in the market.
- The spice industry accounted for the largest share of star anise market revenue in 2022.
- Asia Pacific is expected to continue leading the market, while North Americas star anise market will experience the strongest growth by 2030.
Growth Drivers
Sustained Fondness for a Distinct Flavour
The star anise market is expanding due to the increasing preference for unique flavors in global cuisine, especially in the Americas and Asia-Pacific regions. Star anise is used as a flavoring agent in various cuisines, and despite its unusual flavor, it is gaining popularity in both commercial and home cooking. It is increasingly utilized in herbal medicine, further driving demand, especially in India and neighboring regions, where there is a growing interest in herbal medicines.
Growing Use of Spices and Herbs
The star anise market is expected to grow due to the continuously expanding food and beverage sector. Herbal tea manufacturers have a strong demand for star anise, as its flavor complements their products. Star anise is also used in the production of various alcoholic beverages, expanding its applications further. The rise in consumer awareness of the flavor and health benefits of natural and plant-based products, coupled with the culinary and therapeutic uses of star anise, is expected to boost global demand.
Inflammation-Reducing Properties of Star Anise Gain Traction
Studies have shown that star anise can reduce inflammation and oxidative stress, which are linked to various health conditions. Star anise has been found to reduce pain and swelling in animal studies, making it a potential anti-inflammatory agent. It is also a source of antioxidants, which can help reduce inflammation and combat oxidative stress. Positive clinical outcomes in various healthcare applications are expected to drive market growth.
Growth Challenges
Widespread Counterfeiting
The scarcity of star anise and the increasing demand for spices have led to counterfeiting. Intentional or unintentional adulteration is common due to the expanding global spice trade. Star anise is vulnerable to adulteration, as other plants or artificial colors can be substituted for it, and unlisted flavorings may be added. Food fraud is a significant issue in the star anise industry, which may hinder market growth if not addressed promptly.
Overview of Key Segments
Consumption of Organic Star Anise Higher
The market for organic star anise is growing due to its nutritional benefits compared to alternative products. Government initiatives promoting organic farming and production practices, along with consumers preference for higher-quality products and increased awareness of the nutritional benefits of star anise, are driving the organic star anise segment. While organic star anise is priced higher than conventional star anise, it continues to gain popularity due to its unique flavor profiles.
The Spices Industry Leads Demand Generation
The spices industry is driving the demand for star anise, thanks to the growing acceptance of ethnic cuisines and the rise in veganism. Star anise is used in spice blends and spice mixes, particularly in dishes designed to replicate non-vegan flavors. The increase in the number of vegans in the US and the UK has led to the use of star anise in vegetarian substitutes for meat, further boosting its demand.
Growth Opportunities Across Regions
Asia Pacific Leads the Pack
Asia Pacific dominates the star anise market, primarily due to the global popularity of Asian flavors and cuisines. China, Vietnam, Thailand, and India, in particular, have a long history of using star anise in their cuisines. China, the worlds largest producer and consumer of star anise, plays a pivotal role in the market. The growing awareness of star anises unique flavor and its increasing use in food production worldwide will maintain Asia Pacifics lead in the market.
Market Attractiveness of North America on the Rise
North America is expected to experience the highest growth rate in the star anise market, driven by consumer willingness to explore new flavors and the strong demand from Asian immigrants interested in ethnic tastes. The rising popularity of Indian and Asian cuisines, along with the consumption of prepared foods, will be key drivers of growth in the US. The regions preference for natural and organic culinary ingredients and the emergence of new industries utilizing spices like star anise for purposes beyond flavoring food are expected to fuel the star anise markets growth.
Star Anise Market: Competitive Landscape
Leading players in the global star anise market include BTL Herbs & Spices, VLC Spices, Kore International, Union Trading Company, The Counts, Shrih Trading Company Private Limited, Viet Delta Industrial Co., Ltd., THANH HIEN PRIVATE ENTERPRISE, GMEX., JSC, and Organic Way LLC.
Browse Global Star Anise Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Type Coverage, By Application Coverage, By Geographic Coverage and Leading Companies): https://www.fairfieldmarketresearch.com/report/star-anise-market
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This press release first seen on Brilad
COMTEX_441061757/2840/2023-09-27T09:26:00
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.