The global market for spices and herbs is set to witness growth at a value CAGR of 4.8% and top a valuation of US$ 126 Bn. Sales of spices and herbs are being driven by rising demand for flavoured foods as well as increasing health concerns. Consumers currently seek high-quality food items with a strong emphasis on flavour. Spices and herbs are utilized in the food & beverage industry as taste and scent enhancers. Consumers’ eating habits are shifting toward healthier, more natural foods, which is having an impact on every food & beverage segment. Another positive aspect driving market growth is rising influence of organic products, which is fueling demand for organic spices and herbs. The capacity to impart strong flavours, many health advantages, and the addition of zest to food products has led to a surge in the use of herbs and spices in the F&B sector.
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Major players are extending their product offerings and expanding their regional as well as international footprint through acquisitions and mergers. The market for spices and herbs is anticipated to increase as a result of these strategic collaborations amongst key industry participants.
Key Takeaways from Market Study
- The spices and herbs market is expected to expand at CAGRs of 4.7% and 5.1% in countries of Oceania and Europe, respectively, by the end of 2032.
- Market shares of East Asia and North America are around 29% and 11%, respectively.
- The Latin America spices and herbs market is currently pegged at 1,035,743 tons.
- Growing consumer preference for healthy and nutritious beverages is increasing the sales of spices and herbs across global markets. Based on nature, the organic segment is expected to expand at a CAGR of 4.6%.
- Although by end use the food and beverage industry holds the highest market share, the foodservice industry is set to progress at a CAGR of 3.8%.
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Competitive Landscape
Companies are offering consumers a variety of spices and herbs that can be used to impart various flavors and variations to food. Leading manufacturers are pursuing growth and acquisition strategies with the goal of boosting production capacity.
In order to obtain a competitive advantage, manufacturers are also attempting to appeal to the growing number of health-conscious consumers with the launch of new and innovative of flavors.
- In 2021, McCormick announced the launch its mustard buns, which are developed with Piantedosi Baking Company, a New England-based wholesale bakery more than 100 years old.
- In 2021, Cinnatopia announced the completion of its 3rd brand new facility for Organic Foods Processing with IFS standards. This facility will help the company in the processing of organic food products and ingredients.
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