DUBAI, UAE / ACCESSWIRE / October 5, 2020 / Future Market Insights (FMI) latest research reports on the herbs and spices market is projected to expand at a 3.9% CAGR during the assessment period, 2020-2030. As per the research, the market is witnessing an upswing primarily due to growing concerns regarding health, Furthermore, environmental sustainability is prompting demand for clean-label and organic herbs & spices.
The COVID-19 outbreak significantly impacted the herbs & spices market due to the infliction of nationwide lockdowns. The downswing gradually experienced a slight improvement after the relations of lockdown. FMI anticipated that a V-shaped expansion curve will prevail over the assessment period, with progress eventually picking up speed in the second half of 2021.
Prominent manufacturers of herbs & spices are focusing on strengthening regional distribution networks to infiltrate lucrative markets, together with launching customized and innovative products to remain afloat," comments an FMI analyst.
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Herbs And Spices Market - Key Takeaways
- By nature, the organic products segment is acquiring significant traction and will register a robust 7.5% value CAGR during the assessment period.
- In terms of product type, organic spices and herbs continue to account for the foremost market share throughout the estimated period.
- Based on end-user, the processed food category will be witnessing lucrative sales during 2020-2030.
- Based on the distribution channel, indirect sales channels will gain noteworthy momentum over the projected period, with online sales embracing the bulk business transactions in the coming years.
- By form, fresh/whole will remain dominant in the global market, followed by the powder & granules segment.
Herbs And Spices Market - Key Trends
- The varied health benefits of herbs and spices have opened up impressive growth prospects.
- Growing demand for natural products complementing bolstering market growth.
- The existence of bioactive phytochemicals diversifies applications in the nutraceutical sector will support growth witnessed in the global market.
Herbs And Spices Market - Regional Analysis
- North America herbs & spice market stance seems to be predominately optimistic and will foresee a steady growth exhibiting to a CAGR of 2.8% during the assessment period.
- Europe market for herbs & spices is poised to tower over another regional market, recording a market estimation of US$ 0.5 Million towards the end of 2030.
- South Asia is developing at a rapid pace, reflecting a CAGR of 6% due to wide-ranging use in processed foods all through the assessment period, 2020-2030.
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Herbs And Spices Market - Competitive Landscape
The presence of several medium and small-sized companies has turned in the market fragmented for several years. Major players are focusing on the expansion of productive capacities, mergers & acquisitions, and product innovations.
For instance, Synthite Industries Ltd., a big Indian spice manufacturer, produces the NEAOX, SPRIG, NATXTRA, STRAIGHTS, and KITCHEN TREASURES line of products.
Key players operating in the herbs and spices market include Givaudan SA, McCormick and Company Inc., British Pepper & Spice Company, Takasago International Corporation, Kerry Group Plc., Foodchem International Corporation, Ajinomoto Co. Inc., Sensient Technologies Corporation,Naturex SA, Kalsec Inc., Archer Daniels Midland Company, Olam International, Frutarom Industries Ltd., Robertet SA, Dohler GmBh, Synthite Industries Ltd., Symrise AG. and International Taste Solutions Ltd.
Market Segmentation
Form
- Powder & Granules
- Flakes
- Paste
- Whole/Fresh
Nature
- Organic
- Conventional
End-Use
- Food
- Sauces, Dressings and Condiments
- Bakery and Confectionery
- Snacks & Savory Products
- Processed Food
- Dairy Products
- Ice Creams
- Soups
- Others
- Beverage
- Alcoholic Drinks
- Non-alcoholic Drinks
- RTD Beverages
- Juices, Concentrates and Puree
- Others
- Foodservice
- Retail
Product Type
- Herbs
- Spices
- Seeds
- Organic Products (Tobacco, Rice, Bran and other grains)
- Nuts
- Teas, Chamomile and Medicinal Herbs
- Dried Mushrooms
- Dried Legumes
- Dried Cereals
- Dried Fruits
- Dehydrated Vegetables
Distribution Channel
- Direct
- Indirect
- Store-based Retailing
- Hypermarket/Supermarket
- Convenience Stores
- Traditional Grocery
- Retailers
- Food & Drink Specialty Stores
- Online Retail
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
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Get Valuable Insights into the Herbs And Spices Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global herbs and spices market, presenting historical demand data and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the herbs and spices market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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