The global herbs and spices market is poised for significant growth, with a projected Compound Annual Growth Rate (CAGR) of 3.6% from 2023 to 2033, according to an analysis by Future Market Insights (FMI). The industry’s value is set to surge from US$ 171 billion in 2023 to a robust US$ 243 billion by the end of 2033.
Herbs and spices, revered for their aromatic and flavor-enhancing qualities, have long been integral to culinary experiences globally. FMI’s analysis indicates a rising trend in consumer exploration of diverse cuisines, propelling an increased demand for these natural additives. Additionally, a surge in the popularity of veganism is further bolstering the market, as consumers opt for plant-based diets enriched with herbs and spices.
One noteworthy development is the market’s entry into the digital domain, with producers now offering their products online for enhanced consumer convenience. However, the online herbs and spices market is still in its nascent stage, with a substantial number of consumers preferring direct purchases to ensure the quality of the products.
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Key Takeaways from the Herbs and Spices Market:
- China Leading the Way: The herbs and spices market in China is expected to lead globally, generating the largest revenue of US$ 36.7 billion by 2033, driven by rising consumer expectations and enhanced manufacturing capabilities.
- South Korea’s Rapid Growth: South Korea emerges as the fastest-growing economy in the global herbs and spices market, forecasted to represent a CAGR of 5.5% over the forecast period, propelled by an increasing number of consumers exploring global cuisines.
- Japanese Culinary Enhancement: In Japan, herbs and spices are utilized to uplift cooking, acting as flavor enhancers. The market in Japan is projected to reach US$ 7 billion by 2033, exhibiting a CAGR of 3.6%.
- Herbs in High Demand: Under the product type category, herbs witness heightened demand, driven by the health benefits associated with their consumption. The herb segment is projected to grow at a CAGR of 3% for the forecast period.
- Food Segment Expansion: Herbs and spices find increased inclusion in food products, supported by the prolific consumption of food globally and the opening of new food stores. The segment is expected 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
Product type:
- Herbs
- Spices
- Paprila (Hot Pepper)
- Cumin
End Use:
- Food
- Sauces, Dressings, and Condiments
- Bakery and Confectionery
- Breads/Cakes
- Biscuits
- Snacks
- Candies
- Other Baked Goods
- Dairy Products
- Flavored Milk
- Cheese/Cheese Products
- Butter Ice Creams
- Other Dairy Products
- Snacks & Savory Products
- Processed Food
- Soups
- Flavored/Infused Oils
- Others
- Beverage
- Food Service
- Retail
Form:
- Powder & Granules
- Flakes
- Paste
- Whole/Fresh
Sales channel:
- Direct
- Indirect
- Store-based Retailing
- Online Retail
Nature:
- Organic
- Vegan
- Natural
- Non-GMO
- Conventional
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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