The global spices and herbs market is benefitting from increasing demand for ethnic flavor in the food industry. Growing consumer inclination toward better taste and nutrition is among the contributing factors for the growth of the spices and herbs market. Spices and herbs are associated with multiple health benefits, including anti-bacterial, anti-inflammatory, and immune supporting properties, which leads to a favorable market scenario for the spices and herbs industry.
In recent years, the global spices and herbs market has witnessed substantial growth, and this trend is anticipated to continue over the forecast period of 2020–2030 too, at a significant CAGR of 5%.
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Key Takeaways from Spices and Herbs Market Study
- Paprika is expected to witness a value CAGR of over 8% during the forecast period, owing to its increased application in food to season a variety of dishes and in the preparation of meats and sausages. Application in the cosmetics industry as an antioxidant and it being a rich source of vitamin C also contributes for the high value CAGR.
- Spices and herbs in the food industry, as an end use, will hold the highest volume share of 45% in the year 2020, owing to increased use of spices and herbs as a food additive for enhancing the flavor and color of food products, along with providing immense health benefits.
- Garlic has the highest market share amongst herbs and spices at 45%, attributable to the powerful flavor it imparts to food along with its medicinal benefits that cure various health problems.
- The whole form in the spices and herbs market has the highest value share of 60%, attributable to the longer shelf life of spices and herbs and property of retaining freshness until the intense flavor is extracted.
- Production of spices and herbs has been hampered due to the COVID-19 outbreak. Major producing countries in Asia Pacific such as India and China have seen disruptions in trade. However, with rising demand for essential food products, increase in home cooking, and governments encouraging the supply of food products with minimal restrictions, the impact of the pandemic remains low on the spices and herbs market.
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Global Spices and Herbs Market: Competitive Landscape
Leading manufacturers in the global spices and herbs market space are carrying out various expansion strategies by acquiring companies and integrating business models in order to increase their market presence along with growing their product portfolio.
- In 2020, SOLINA GROUP completed the acquisition of Produits Alimentaires Berthelet. This acquisition reinforced the position of the company in the foodservice market.
- In 2018, Sleaford Quality Foods Ltd. acquired The Great Plains Limited to strengthen its business operations and meet the rising demand for spices and herbs.
In addition, key players in the global spices and herbs landscape are focusing on launching new products in line with the latest market trends to attract more customers and increase their customer base.
- In the year 2018, McCormick & Company, Inc. launched new organic global seasonings under its brand ‘McCormick Gourmet’.
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