The global organic spices market is expected to reach a valuation of US$ 15.4 Bn by 2032, with sales growing at a 4.6% CAGR over the forecast period.
Spices are in high demand in commercial and home sectors, not only because of their flavor and taste, but also because of the health benefits they provide. Consumers are willing to pay a premium price for high-quality, environmentally friendly, and organic products.
Consumers are drawn to food that is flavorful, appetizing, and colorful. Organic spices are being incorporated in bakery goods, snacks, confectionary, and beverage to improve the flavor, aroma, color, and shelf life of these products.
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Surging demand for clean-label and organic food products across the globe is compelling manufacturers to introduce products with all natural and organic ingredients, with full transparency of the ingredient lists. This trend is bolstering sales of organic spices, and the trend is expected to continue over the forecast period.
“Growing adoption of herbs and spices to improve the shelf life of food products without adding sugar or salt will drive the organic spices market. In addition to this, rising popularity of global cuisine in various countries will spur demand in the market over the forecast period,” says the FMI analyst.
Key Takeaways:
Based on form, sales in the powder segment are forecast to grow at a 3.5% CAGR, accounting for 50% of the total market share.
The food industry is expected to dominate the end use segment, holding more than 40% of the total market share, expanding at a 3.2% CAGR over the forecast period.
Demand for turmeric is projected to hold more than 15% share in 2022, growing at a 2.3% CAGR through 2032.
Sales of organic spices through direct sales channels will command around 65.4% of the total market share in 2022 and are expected to grow with CAGR of 2.8% CAGR.
The U.S. will continue dominating the North America organic spices market, with sales growing at a 2.8% CAGR.
Demand in the Germany organic spices market will grow at a 2% CAGR over the assessment period.
India will account for 30% of the South Asia organic spices market share through 2032.
Competitive Landscape
Key manufacturers operating in the global organic spices market are investing in research & development to develop innovative and unique product offerings. In addition to this, they are aiming at mergers, acquisitions and joint ventures to expand their geographical presence and increase the existing production capacity. For instance:
In July 2017, McCormick & Company, Inc. acquired Reckitt Benckiser’s Food Division with aim to increase the production capacity of the flavoring division.
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Organic Spices Market By Category
By Product Type:
Ginger
Turmeric
Basil
Cumin
Cinnamon
Clove
Pepper
Garlic
By Form:
Powder & Granules
Flakes
Paste
Whole/Fresh
By End Use:
Food
Beverage
Food Service
Retail
By Distribution Channel:
Direct
Indirect
Store-based Retailing
Hypermarket/Supermarket
Convenience Stores
Traditional Grocery Retailers
Food & Drink Specialty Stores
Online Retail
By Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa
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Key Questions Answered in the Report
How much is the global organic spices market worth?
What is the North America organic spices market outlook?
Who are the key players operating in the organic spices market?
What is the market share of the food industry in the global organic spices market?
At what rate will the organic spices demand grow in India?
Information Source: https://www.futuremarketinsights.com/reports/organic-spices-market