Rising Demand for Organic Spices to Propel Herbs & Spices Market Forward: FMI
The herbs & spices market has acquired an impressive growth trajectory, which is attributable to preference for eating tasty foods. The market is poised to reach a value worth US$ 2.4 Mn by the end of the 2020-2030 forecast period.
Herbs And Spices Market
A recent market study published by Future Market Insights on the Herbs & Spices market...
Besides enhancing the food taste, consumers are increasing spice consumption due to their multifarious health benefits. Moreover, the preference for organic and clean-label products is providing massive traction to the herbs & spices market. Addition of additives in conventional spices is prompting consumer to shift to natural alternatives.
Various legislations and certifications across countries concerning food safety have proved an important catalyst for the proliferation of organic herbs & spices. These are prompting vendors to manufacture more clean-label products. Despite their high price, consumers are demanding more organic products as health concerns take precedence.
Herbs & Spices Market- Key Takeaways
- Global herbs & spices market is likely to register a CAGR of 3.9% from 2020-2030
- Organic spices to witness maximum sales, estimated at 491 MMT by 2030-end
- By application, the food segment is likely to be dominant, reaching US$ 1 Mn by the end of the forecast period
- Europe is anticipated to emerge as the hegemon, accounting capturing over a quarter of the global market
- Online retailing to emerge as the new normal for marketing herbs & spices due to rising digital literacy
“Prominent herbs & spices manufacturers are seeking to strengthen regional distribution networks to penetrate lucrative markets, along with launching innovative and customized products to remain afloat,” comments an FMI analyst.
COVID-19 Impact Analysis
In the initial months of the COVID-19 pandemic, massive downswings in the food & beverage sector were recorded, attributed to the imposition of nationwide lockdowns. This significantly hampered the growth prospects of the herbs & spices market. Gradually, this downswing has experienced a slight improvement as lockdowns are being relaxed.
In the past few months, consumers have shifted toward consuming more plant-based products, including spices, to strengthen their immunity and counter the pandemic. Therefore, demand has surged, compelling manufacturers to undertake supply chain risk management. Also, farmers have increased spice production, countering any supply shortages.
Thus, a V-shaped growth curve is anticipated to prevail throughout the forecast period, with growth eventually picking up pace in the latter half of 2021.
The presence of several small and mid-sized players has rendered the market fragmented over a long time. Prominent players are concentrating on product innovations, mergers & acquisitions and expansion of productive capacities.
For instance, in 2017, Dohler GmBh collaborated with Fraunhofer ICT-IMM to examine how microfluidic solutions can assist beverage manufacturers in detecting microorganisms in their formulations. This helps vendors ensure that product quality is maintained and consistently recorded.
To ensure that restaurants remain functional during the pandemic, McCormick and Company Inc. has partnered with the Maryland Restaurant Relief Fund and provide financial aid to multiple eateries. This ensures that the supply of food is not hampered across households.
In 2018, Kerry Group plc announced the acquisition of Fleischmann’s Vinegar Company Inc. and AATCO Food Industries LLC in order to expand the spices product portfolio.
More Insights on the Herbs & Spices Market
A recent market study published by Future Market Insights on the herbs & spices market offers global industry analysis for 2015-2019 & opportunity assessment for 2020–2030. The study offers a comprehensive assessment of the most important market dynamics. The market includes an in-depth analysis based on form (powder & granules, flakes, paste & whole/fresh), nature (organic and conventional), end-use (food, beverage, food service and retail), product type (herbs, spices, organic products such as tobacco, rice, bran and other grains, nuts, teas, chamomile & medicinal herbs, dried mushrooms, dried legumes, dried cereals, dried fruits & dehydrated vegetables), distribution channel (direct and indirect) and region (North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA).
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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