Organic Spices and Herbs Market Share, Regional Opportunities, Key Driven, Insight
Organic Spices and Herbs Market - Overview
Spices and herbs have been an integral part of food preparations around the world. However, spices also have found applications in various sectors and for diverse uses for example in medicinal and pharmaceutical purposes. Organic spices and herbs are different from other spices and herbs because they are not exposed to vermin, bacteria and other pollutants as they are grown. This main distinguishing factor makes organic spices and herbs safer and healthier to consume.
According to a report published by Market Research Future on Organic Spices and Herbs Market Research Report- Forecast to 2023 forecasted that the global market for organic spices and herbs has experienced continual demand during the last few years and is projected to reach around 3,687 kilo tons by the year 2023, at a CAGR of 3.72% during the forecast period 2017 to 2023, with organic chilli and garlic together holding more than 78% of market share in the year 2017. The demand forecasted will grow further based on the discovery of alternative uses especially in segments such as F&B. Herbs and spices are also being used on a massive scale in the medicinal sector in alternative therapies which have also contributed positively to its demand.
Rising awareness levels of food safety have also prompted the increase in consumer demand towards organic spices and herbs. Owing to these factors, Global Organic Spices and Herbs market is projected to reach 298,522 kilo tons by 2023 with CAGR of 4.56%. The cost of organic spices and herbs, reluctance of farmers to adopt organic farming methods and limited awareness are some of the factors that may constraint the growth of the market.
Organic Spices and Herbs Market - Competitive Analysis
With the entry of industry players in the organic spice and herb segment, a trend of solid, volume-driven growth has been observed in the market with the introduction of various assortment of herbs & spices. With companies aiming to capture a considerable share of the market segment as early as possible, they are competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies. With a positive trend observed due to increasing demand, the supply can be considerably increased which allows for the exploration of newer markets and applications. Asia Pacific region is estimated to dominate the market with more than 75% of market share in the year 2017 due increasing production of organic spices in India, China and Vietnam since last few years
The leading market players in the Global Organic Spices and Herbs market primarily are Organic Spices Inc.(U.S.), Frontier Natural Products Co-op (Norway), Rapid Organic Pvt Ltd (India), Earthen Delight (India).Other important players in the market are Yogi Botanical Pvt Ltd (India), The Spice Hunter, Inc. (U.S.) and Starwest Botanicals, Inc. (U.S.)
Industry News:
Nov 2017 Fuchs Group, Germany's largest spice producer, has just bought UK herbs and spice company Bart’s Ingredients From private equity firm Langholm Capital. Through the move, Fuchs aims to continue its international growth strategy and target the UK market segment as it is the third largest market for herbs and spices in Europe.
Oct 2017 Frontier Natural Products Co-op has planned investments to construct a new storage building and “Innovation Center” in Benton County. The Norway-based natural foods company expects to spend about $3.4 million on the project. The expansion would include a 10,000-square-foot building for flammable storage and the Innovation Center to develop cosmetic and food products.
June 2017 US food ingredients manufacturer McCormick and Co. Inc. which sells Kohinoor packaged rice in India, will introduce its McCormick branded spices, herbs and seasonings here by end of this year. It will be launching some of the spices and condiments suited for western food from its global range of brands by December.
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Organic Spices and Herbs Market – Segments
The Organic Spices and Herbs Market has been segmented into:
By Spices Type: Chilies, Garlic, Ginger, Turmeric, Cumin, Pepper, Cinnamon, Cloves, Cardamom and Others
By Herbs Type: Basil, Mint, Marjoram, Parsley, Oregano, Sage, Bay Leaves, Dill, Thyme, Rosemary, Celery, Kaffir Lime Leaves and Others
By Form: Whole, Powder, Crushed/Chopped, Essential Oil and Others
By Application: Culinary, Meat &Poultry Products, Sauces & Dips, Snacks & Convenience Foods, Soups & Noodles, Ready To Eat Meals, Beverages, Personal Care And Other
Organic Spices and Herbs Market - Regional Analysis
The global organic spices and herbs market share is segmented into North America, Europe, Asia Pacific and Rest of the World (RoW). Among these regions, Asia Pacific region has the major market share followed by North America. Asia Pacific region is expected to maintain its dominant position in upcoming years due Presence of various agro-climatic zones and seasons support various organic spices and herbs production in this region. Vietnam and Indonesia will witness higher growth in organic spices and herbs market during the forecast period (2017 to 2023) due to increasing production of chilies and pepper in these countries. Spain and Ukraine are one of the fastest growing countries in organic spices and herbs market share in the Europe region as increasing demand for high quality organic herbs is playing key role in Europe region. Chili, Parsley, Mint and Marjoram are dominating the North America region due to increasing popularity of organic spices and herbs in developed countries especially in U.S. and Canada.
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