The herbs and spices market is projected to rise at a moderate 3.6% CAGR for the period of projection from 2021 to 2031. Globalization of regional culinary practices, the rapid rise of the internet, and growth in the volume of international trade are key factors that contribute to the growth of the herbs and spices market. Consumers are increasingly wary of chemicals and additives in foods and are seeking clean label and organic products, despite higher prices. This trend is expected to have a long-term impact on developments within the market.
“The growing demand for a wide range of herbs and spices will be met by branded ethnic spice blends, which can be attributed to the popularity of regional cuisines, combined with higher awareness about healthy consumption habits, and lucrative applications in processed foods and beverages. This will especially remain true for younger consumer demographics, influencing sales strategies,” says the FMI study.
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Herbs and Spices Market – Important Takeaways
- Meat and poultry applications are expected to display strong growth owing to changing quality and aesthetic requirements.
- Herbs are anticipated to reflect faster growth owing to applications in food and medicinal products.
- India and China will hold major market share, supported by high consumption in daily cuisines.
- United States is a rapidly growing market owing to the rising popularity of international ethnic foods.
Herbs and Spices Market – Driving Factors
- High awareness about international ethnic cuisines and the resultant demand for ready-to-use spice mixes are expected to bolster market prospects.
- Health benefits such as antioxidant properties are bolstering the consumption of herbs and spices.
- Strong growth of the processed food sector and easy availability of spice mixes support sales.
Herbs and Spices Market – Leading Constraints
- Concerns over microbial and chemical contaminant in spice and herb products remains a challenge to sales prospects.
- Fluctuation in costs owing to environmental effects on agricultural yield is expected to hinder growth in the industry.
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Expected Impact on Market by Coronavirus Outbreak
The global covid-19 pandemic had a moderately adverse effect on the herbs and spices market. Restrictions on industrial operations and social distancing guidelines have limited production and agricultural activities during the crisis. In addition, restraints on international trade has impacted distribution of herb and spice yields.
On the other hand, demand for herbs and spices has remained strong from home cooks and the food processing sector, which has partially mitigated losses to manufacturers during the pandemic. Demand is expected recover steadily over the coming decade, with continued global interest in international cuisines.
Competition Landscape
Some of the major players participating in the herbs and spices market are Dell Technologies, IBM Corporation, HPE, Intel Corporation, Lenovo, Vertiv and Perle among others
Players in the herbs and spices market are largely involved in bolstering distribution channels with strategic acquisitions with the aim of geographical expansion objectives, and expanding product portfolios suitable to regional consumer demographics.
For instance, in March 2021, GM Marketing announced the acquisition of Favorit Foods, based out of Northern Ireland to make its entry into the Irish food service and retail sector for food ingredient sales. Amatheon Agri’s ZUVA brand, is an agribusiness based out of Germany has unveiled chakalaka, bobotie, and chermoula flavored quinoa-based snack products for the African consumer base. In August 2020, Premier Foods announced its entry into the herbs and spices segment with an agreement with South Africa based Cape Herb & Spice to distribute products such as grinders, chili tins, and spice rubs in the United Kingdom.
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More on the Report
FMI provides in-depth insights on the herbs and spices market. The market is segmented in terms of product type (herbs, spices, paprika, and cumin), end use (food, beverage, food service, and retail), form (powder & granules, flakes, paste, and fresh/whole), sales channel (direct and indirect), and nature (organic, vegan, natural, non-GMO, and conventional), across ten regions (North America, Latin America, Europe, Switzerland, East Asia, South Asia, Oceania, Nigeria, GCC Countries, and Middle East & Africa).
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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