Organic Spices Market - Forecast(2021 - 2026)
Organic Spices Market Overview
Organic Spices Market size is projected to reach $3,858.4 million by 2026, growing at a CAGR of 5.3% over 2021-2026. Herbs and spices are considered organic if they have not been subjected to any chemical treatment. Also, the finished outcome has not been irradiated with gamma rays or anything similar, to kill bacteria or to preserve them from decay. There should not be any wax sprayed on the fruits to maintain its shiny look. Some of the key factors attributed to market expansion include increase in number of health-conscious consumers and rising in awareness regarding the health benefits associated with the consumption of organic spices. Moreover, However, high production and logistics costs coupled with trade regulations for certain specific regions resulting in higher price margins for importing countries are deemed to hamper the organic spices market growth. Furthermore, increasing adoption of organic spices in pharmaceutical industry and rising research and development activities is set to further enhance the overall market demand for Organic Spices Market for the period 2021-2026.
Organic Spices Market Report Coverage
The report: “Organic Spices Market Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Organic Spices Market.
By Product Types: Spices, and Herbs
By Form: Whole, Raw, Powder, Seeds
By Distribution Channel: Hypermarket and Supermarkets, Convenience stores, Retail Stores, Online Stores, and Others
By Application: Food and Beverage Industry, Pharmaceutical Industry, and Others
By Geography: North America (U.S., Canada, Mexico), Europe (U.K, Germany, Italy, France, Spain, Russia, Rest of Europe), Asia Pacific (China, Australia, Japan, South Korea, India, Rest of Asia Pacific), South America (Brazil, Argentina, Others) and Rest of the World (Middle East, Africa)
Organic Spices Segment Analysis – By Application
The Organic Spices Market based on Application can be further segmented into Food and Beverage Industry, Pharmaceutical Industry, and Others. The Food and Beverage Industry segment registers for the highest Organic Spices market share in 2020. This is mainly owing to increased consumption of convenience foods such as soups, sandwiches, frozen and bakery items, as well as novelty of new flavors in the convenience food market. The Pharmaceutical Industry segment is forecasted to register the fastest CAGR of 6.5% over 2021-2026. This is mainly owing to increasing uses of spices for medicinal purposes increase the use of spices in pharmaceutical industry that are increasing the growth of Organic Spices market.
Organic Spices Market Drivers
Increase in Customer Inclination Towards Organic Foods
Rising consumer demand towards organic foods is a major factor that is increasing the growth of this market. According to the 2020 Organic Produce Performance Report, the sales of organic produce have raised to $8.5 billion in 2020 and the highest year-over-year sales increases were observed in herbs and spices. This rapid rise in the demand for organic spices and herbs owing to the growing awareness among customers is propelling the growth of the market over 2021-2026.
Increasing Adoption of Organic Spices and Herbs in the Pharmaceutical Industry
Increasing demand of organic spices and herbs in pharmaceutical industry increasing the growth of this Market. Pharmaceutical companies across the world are increasing their efforts to incorporate organic herbs and spices in drug formulations to improve the health conditions of people with various chronic diseases and to meet the growing customer’s preference for organic and natural pharmaceutical products, which is estimated to enhance the growth of the organic spices market.
Covid-19 Impact:
COVID-19 pandemic had greatly impacted the growth of Organic Spices Market. Lack of supply of basic raw material to the various end-use industry including the food industry, pharmaceutical industry, and others owing to the temporary shutdown of factories, blockage of roads, reduced access to input and services, labor movement, and various other factors is hampering its market growth. Owing to this pandemic, the manufacturers are usually unable to come up with a wide range of organic spices, which is eventually hampering its market growth. This has led to a tremendous loss for various end-use industries.
Organic Spices Market Challenges
Stringent Government Regulations
The factors that is set to impede the growth of the Organic Spices Market are the stringent government regulations for the approval of organic spices and difficulties in the maintenance of cleanliness during exporting of organic spices that is set to create hurdles for the Organic Spices Market.
Organic Spices Market Landscape
Product launches, acquisitions, collaboration, joint ventures, and geographical expansions are key strategies adopted by players in the Organic Spices Market. Organic Spices top 10 companies are PDS Organic Spices, Olam International Ltd., Kalsec Inc., ITC Limited, The Watkins Co., S&B Foods Inc., The C.F. Sauer Company, Husarich GmbH, Rapid Organic Pvt. Ltd., and ,McCormick & Company.
Developments
In July 2020, ITC Limited has acquisition with Sunrise Foods Pvt Ltd. in order to strengthen the spices business and are increasing the growth of this market.
In January 2019, McCormick acquired Botanical Food Company and increased the sales of Gourmet Garden spices brand that increases the demand of this product and market growth.
Organic Spices Market size is projected to reach $3,858.4 million by 2026, growing at a CAGR of 5.3% over 2021-2026. Herbs and spices are considered organic if they have not been subjected to any chemical treatment. Also, the finished outcome has not been irradiated with gamma rays or anything similar, to kill bacteria or to preserve them from decay. There should not be any wax sprayed on the fruits to maintain its shiny look. Some of the key factors attributed to market expansion include increase in number of health-conscious consumers and rising in awareness regarding the health benefits associated with the consumption of organic spices. Moreover, However, high production and logistics costs coupled with trade regulations for certain specific regions resulting in higher price margins for importing countries are deemed to hamper the organic spices market growth. Furthermore, increasing adoption of organic spices in pharmaceutical industry and rising research and development activities is set to further enhance the overall market demand for Organic Spices Market for the period 2021-2026.
Organic Spices Market Report Coverage
The report: “Organic Spices Market Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Organic Spices Market.
By Product Types: Spices, and Herbs
By Form: Whole, Raw, Powder, Seeds
By Distribution Channel: Hypermarket and Supermarkets, Convenience stores, Retail Stores, Online Stores, and Others
By Application: Food and Beverage Industry, Pharmaceutical Industry, and Others
By Geography: North America (U.S., Canada, Mexico), Europe (U.K, Germany, Italy, France, Spain, Russia, Rest of Europe), Asia Pacific (China, Australia, Japan, South Korea, India, Rest of Asia Pacific), South America (Brazil, Argentina, Others) and Rest of the World (Middle East, Africa)
Key Takeaways
In 2020, Asia Pacific dominated the Organic Spices Market owing to growing consumer awareness regarding products that are both affordable and high-quality and changing taste profile increases the demand of organic spices.
Increasing consumer inclination towards organic foods are enhancing the growth of Organic Spices Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Organic Spices Market report.
Stringent Government regulations for the approval of organic spices is set to create hurdles for the Organic Spices Market.
Organic Spices Market Size, By Application 2020-2026 (USD Million)
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Organic Spices Segment Analysis – By Product Type
The Organic Spices Market based on Product Type can be further segmented into Spices, and Herbs. The Spices segment is the major segment producing revenue in 2020. This is mainly owing to the large-scale application as a preservative or coloring agent in various cuisines. Moreover, spices has been enduring demand from both households as well as commercial sectors that increases the demand of spices. The Herbs segment is estimated to register the fastest CAGR of 5.99% for the period 2021-2026. This is mainly owing to its health benefits that increases the demand of herbs and increases production of herbs which in turn enhancing the market growth.
In 2020, Asia Pacific dominated the Organic Spices Market owing to growing consumer awareness regarding products that are both affordable and high-quality and changing taste profile increases the demand of organic spices.
Increasing consumer inclination towards organic foods are enhancing the growth of Organic Spices Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Organic Spices Market report.
Stringent Government regulations for the approval of organic spices is set to create hurdles for the Organic Spices Market.
Organic Spices Market Size, By Application 2020-2026 (USD Million)
For More Details on This Report - Request for Sample
Organic Spices Segment Analysis – By Product Type
The Organic Spices Market based on Product Type can be further segmented into Spices, and Herbs. The Spices segment is the major segment producing revenue in 2020. This is mainly owing to the large-scale application as a preservative or coloring agent in various cuisines. Moreover, spices has been enduring demand from both households as well as commercial sectors that increases the demand of spices. The Herbs segment is estimated to register the fastest CAGR of 5.99% for the period 2021-2026. This is mainly owing to its health benefits that increases the demand of herbs and increases production of herbs which in turn enhancing the market growth.
Organic Spices Segment Analysis – By Application
The Organic Spices Market based on Application can be further segmented into Food and Beverage Industry, Pharmaceutical Industry, and Others. The Food and Beverage Industry segment registers for the highest Organic Spices market share in 2020. This is mainly owing to increased consumption of convenience foods such as soups, sandwiches, frozen and bakery items, as well as novelty of new flavors in the convenience food market. The Pharmaceutical Industry segment is forecasted to register the fastest CAGR of 6.5% over 2021-2026. This is mainly owing to increasing uses of spices for medicinal purposes increase the use of spices in pharmaceutical industry that are increasing the growth of Organic Spices market.
Organic Spices Segment Analysis – By Geography
Asia Pacific dominated the Organic Spices Market with major share of 45% in 2020. This is owing to growing consumer’s awareness regarding products that are both affordable and high-quality and changing taste profile increases the demand of organic spices and are rising the growth of this region. India is the world's leading producer, consumer and exporter of spices, producing approximately 75 of the 109 varieties mentioned by the International Organization for Standardization (ISO) that are increasing the growth of Organic Spices market.
However, Europe is projected to grow at a fastest CAGR of 6.5% during the forecast of 2021-2026. This is mainly owing to rising demand of spices and herbs that increases the production.
Asia Pacific dominated the Organic Spices Market with major share of 45% in 2020. This is owing to growing consumer’s awareness regarding products that are both affordable and high-quality and changing taste profile increases the demand of organic spices and are rising the growth of this region. India is the world's leading producer, consumer and exporter of spices, producing approximately 75 of the 109 varieties mentioned by the International Organization for Standardization (ISO) that are increasing the growth of Organic Spices market.
However, Europe is projected to grow at a fastest CAGR of 6.5% during the forecast of 2021-2026. This is mainly owing to rising demand of spices and herbs that increases the production.
Organic Spices Market Drivers
Increase in Customer Inclination Towards Organic Foods
Rising consumer demand towards organic foods is a major factor that is increasing the growth of this market. According to the 2020 Organic Produce Performance Report, the sales of organic produce have raised to $8.5 billion in 2020 and the highest year-over-year sales increases were observed in herbs and spices. This rapid rise in the demand for organic spices and herbs owing to the growing awareness among customers is propelling the growth of the market over 2021-2026.
Increasing Adoption of Organic Spices and Herbs in the Pharmaceutical Industry
Increasing demand of organic spices and herbs in pharmaceutical industry increasing the growth of this Market. Pharmaceutical companies across the world are increasing their efforts to incorporate organic herbs and spices in drug formulations to improve the health conditions of people with various chronic diseases and to meet the growing customer’s preference for organic and natural pharmaceutical products, which is estimated to enhance the growth of the organic spices market.
Covid-19 Impact:
COVID-19 pandemic had greatly impacted the growth of Organic Spices Market. Lack of supply of basic raw material to the various end-use industry including the food industry, pharmaceutical industry, and others owing to the temporary shutdown of factories, blockage of roads, reduced access to input and services, labor movement, and various other factors is hampering its market growth. Owing to this pandemic, the manufacturers are usually unable to come up with a wide range of organic spices, which is eventually hampering its market growth. This has led to a tremendous loss for various end-use industries.
Organic Spices Market Challenges
Stringent Government Regulations
The factors that is set to impede the growth of the Organic Spices Market are the stringent government regulations for the approval of organic spices and difficulties in the maintenance of cleanliness during exporting of organic spices that is set to create hurdles for the Organic Spices Market.
Organic Spices Market Landscape
Product launches, acquisitions, collaboration, joint ventures, and geographical expansions are key strategies adopted by players in the Organic Spices Market. Organic Spices top 10 companies are PDS Organic Spices, Olam International Ltd., Kalsec Inc., ITC Limited, The Watkins Co., S&B Foods Inc., The C.F. Sauer Company, Husarich GmbH, Rapid Organic Pvt. Ltd., and ,McCormick & Company.
Developments
In July 2020, ITC Limited has acquisition with Sunrise Foods Pvt Ltd. in order to strengthen the spices business and are increasing the growth of this market.
In January 2019, McCormick acquired Botanical Food Company and increased the sales of Gourmet Garden spices brand that increases the demand of this product and market growth.
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