Heightened Interest in Global Cuisines to Brighten the Expansion Prospects of Herbs and Spices Manufacturers: Industry Predicted to Rise at 3.6% CAGR | Future Market Insights Inc.
FMI has projected the US to remain one of the most lucrative markets throughout the forecast period with a market share of more than 16.6% in terms of the value of the herbs and spices market. The rising immigrant population from Asia and Mexico to North America and their influence on local food platters is expected to increase the demand for spices and herbs in this region.
NEWARK, Del: The herbs and spices market is predicted to grow at a CAGR of 3.6% over the forecast period, according to FMI’s analysis. The industry’s value is anticipated to increase from US$ 171 Bn in 2023 to US$ 243 Bn by 2033 end.
Herbs and spices are traditionally incorporated into food and beverages to add fragrance, flavor, taste, and variety. They are also added to food products as additives or antibacterial condiments. Developers utilize herbs and spices to enhance the food quality and taste, along with increasing its shelf life.
Expanding curiosity for ethnic food products and customer willingness to explore different cuisines is leading to expanded item contributions. Increasing customer interest in high-quality food products, tastes, and an assortment of spices is projected to boost market expansion.
The growing popularity of veganism is boosting the demand for a plant-based diet that utilizes herbs and spices. Additionally, the producers of herbs and spices have stepped into the digital realm, selling the condiments online for buyer convenience. However, the online market for herbs and spices is still in its emerging stage. This is because the majority of customers still prefer buying directly to be sure of the quality of herbs and spices they are purchasing.
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Key Takeaways from the Herbs and Spices Market:
- The China herbs and spices market is projected to lead the global market. By 2033, the market is forecast to generate the largest revenue of US$ 36.7 Bn, accelerating at a CAGR of 3%. Rising consumer expectations, along with the dramatic increase in manufacturing capabilities in China, are positively influencing the market growth.
- South Korea is emerging as the fastest-growing economy in the global herbs and spices market. The country is projected to represent a CAGR of 5.5% over the forecast period. An increasing number of consumers exploring global cuisines via countries’ traditional sauces is expected to result in market expansion.
- In Japan, herbs and spices are used to uplift the cooking. They are used as flavor enhancers to accentuate the other ingredients instead of modifying their natural flavors. The Japan herbs and spices market is projected to be valued at US$ 7 Bn by 2033, exhibiting a CAGR of 3.6%.
- Under the product type category, herbs are witnessing heightened demand, reflected in its CAGR of 3% for the forecast period. Health benefits associated with consuming and incorporating herb-enriched meals in the meal plan are projected to propel the demand for herbs.
- Herbs and spices are observing increased inclusion in food. The growth in the food segment can be backed by the profuse consumption of food products the world over and the opening up of new food stores in its response. The segment is projected to grow at a CAGR of 3.4% in the next decade.
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News Featuring Market Developments by Companies Providing Herbs and Spices:
In December 2020, McCormick & Company Inc. unveiled that it has acquired FONA International, LLC, which is a leading producer of clean and natural flavors. The latter caters to diversified consumer base from various application segments like beverage, food, and nutritional markets. The complete acquisition was worth US$ 710 million.
In May 2021, Olam Food Ingredients (“OFI”) revealed that it has acquired Olde Thompson, a leading US private label manufacturer of spices and seasonings. The acquisition was completed at Enterprise Value of US$ 950 million.
Herbs and Spices Market by Category
- Paprila (Hot Pepper)
- Sauces, Dressings, and Condiments
- Bakery and Confectionery
- Other Baked Goods
- Dairy Products
- Flavored Milk
- Cheese/Cheese Products
- Butter Ice Creams
- Other Dairy Products
- Snacks & Savory Products
- Processed Food
- Flavored/Infused Oils
- Food Service
- Powder & Granules
- Store-based Retailing
- Online Retail
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Table of Content
- Executive Summary | Herbs and Spices Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Market Background
3.1. Market Dynamics
Explore FMI’s related ongoing Coverage on Food and Beverage Domain
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Organic Spices Market Analysis: The organic spices market is set to thrive at an average CAGR of 4.5% during the forecast period. The market is expected to hold a share of US$ 10.9 billion in 2023 while it is anticipated to cross a value of US$ 17.0 billion by 2033.
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Turmeric Oleoresin Market Trends: According to Future Market Insights research, during the projected period, the Turmeric Oleoresin market is expected to grow at a CAGR of 5.20%.
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