By 2032, the global organic spices market is estimated to be worth US$ 15.4 billion, with sales increasing at a 4.6 percent compound annual growth rate (CAGR).
Spices are in high demand in both the commercial and domestic sectors, not only for their flavor and taste but also for their health benefits. Consumers are willing to spend a higher price for products that are high in quality, ecologically friendly, and organic.
Food that is savory, appealing, and colorful attracts customers. To increase the flavor, aroma, color, and shelf life of bread goods, snacks, confectionery, and beverages, organic spices are being used.
Manufacturers are being compelled to introduce products with all-natural and organic components, with full transparency of the ingredient lists, due to a surge in demand for clean-label and organic food items around the world. This trend is likely to continue during the projection period, boosting sales of organic spices.
Key Takeaways:
• Sales in the power sector are expected to expand at a 3.5 percent CAGR, accounting for 50 percent of the entire market share, based on form.
• The food industry is predicted to lead the end-use segment, accounting for more than 40% of total market share and growing at a CAGR of 3.2 percent over the forecast period.
• Turmeric demand is expected to exceed 15% in 2022, with a 2.3 percent compound annual growth rate (CAGR) through 2032.
• Direct sales of organic spices will account for around 65.4 percent of the total market share in 2022, with a CAGR of 2.8 percent.
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With sales growing at a 2.8 percent CAGR, the United States will continue to dominate the North American organic spice market.
• Over the assessment period, demand for organic spices in Germany will grow at a CAGR of 2%.
• From now until 2032, India will account for 30% of the market for organic spices in South Asia.
Competitive Environment
To develop creative and unique product offerings, major players in the global organic spices market are investing in R&D. In addition, they plan to extend their geographical footprint and increase existing production capacity through mergers, acquisitions, and joint ventures. • In July 2017, McCormick & Company, Inc. purchased Reckitt Benckiser’s Food Division to increase the flavoring division’s production capacity.
More Insights Can Be Found Here
In a new study, Future Market Insights presents an unbiased analysis of the global organic spices market, including historical data (2017-2021) and future statistics for the forecast period of 2022-2032.
The research covers seven major regions and includes information on the form (powder & granules, flakes, pasta, whole/fresh), product type (ginger, turmeric, basil, cumin, cinnamon, clove, pepper, garlic, others), end-use (food, beverage, food service, retail), and distribution channel (direct, indirect).
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