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 Billion in 2023 to US$ 243 Billion by 2033 end.
The Herbs and Spices market is not only about flavor; it’s a voyage through worldwide culinary diversity. Traditionally used for aroma, flavor, and food preservation, these culinary wonders are witnessing a spike in demand. Ethnic culinary research, a drive for high-quality eating experiences, and the rise of veganism are driving industry expansion.
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Key Takeaways:
1. China’s Culinary Dominance: The China herbs and spices market is set to lead globally, poised to generate a substantial revenue of US$ 36.7 Bn by 2033, fueled by rising consumer expectations and enhanced manufacturing capabilities, with a steady CAGR of 3%.
2. South Korea’s Flavorful Ascent: South Korea emerges as the fastest-growing economy in the global herbs and spices market, showcasing a notable CAGR of 5.5%. The trend is attributed to an increasing number of consumers exploring global cuisines through traditional sauces.
3. Japan’s Culinary Accent: In Japan, herbs and spices play a role in uplifting cooking, acting as flavor enhancers. The Japan herbs and spices market is anticipated to reach US$ 7 Bn by 2033, exhibiting a CAGR of 3.6%.
4. Herbs Take Center Stage: Herbs, with their associated health benefits, witness heightened demand, showcasing a robust CAGR of 3% for the forecast period.
5. Food Segment Flourishes: Herbs and spices find increased inclusion in the food segment, fueled by global consumption patterns and the emergence of new food stores. The segment is poised to grow at a CAGR of 3.4%, reflecting the culinary exploration trend worldwide.
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.
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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
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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