Herbs and Spices Market Projected to Surpass $23.5 Billion by 2030, Reports MarkWide Research
MarkWide Research, in its latest report titled, “Herbs and Spices Market,” forecasts significant growth in the global market for herbs and spices. The market is projected to exceed a valuation of $23.5 billion by 2030, with an estimated compounded annual growth rate (CAGR) of 5.2% during the forecast period from 2023 to 2030. Herbs and spices, cherished for their culinary, medicinal, and aromatic qualities, continue to play a vital role in the global food and beverage industry and traditional medicine.
The herbs and spices market is driven by increasing consumer interest in diverse cuisines, healthy eating, and the discovery of new therapeutic applications.
Key Findings from the Report:
- Culinary Exploration: Consumers are increasingly experimenting with global cuisines, driving demand for a wide range of herbs and spices to enhance flavor profiles.
- Health and Wellness: Growing awareness of the health benefits of herbs and spices, including antioxidant properties and potential medicinal uses, is boosting market growth.
- Sustainable Sourcing: Ethical and sustainable sourcing practices are becoming crucial for market players and consumers alike, leading to a focus on organic and fair trade options.
- Cosmetic and Nutraceuticals: Herbs and spices are gaining prominence in cosmetic formulations and nutraceutical products due to their natural and skin-enhancing properties.
Segmentation of the Herbs and Spices Market:
The herbs and spices market is segmented based on type, form, end-use, distribution channel, and region.
By Type:
- Basil
- Mint
- Oregano
- Cinnamon
- Turmeric
- Pepper
- Others
By Form:
- Whole
- Ground/Powder
- Liquid
- Others
By End-Use:
- Food and Beverages
- Pharmaceuticals
- Cosmetics and Personal Care
- Nutraceuticals
- Others
By Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Retail
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Regional Insights:
- North America: North America is expected to lead the global herbs and spices market, with a diverse culinary landscape and growing consumer interest in wellness and natural ingredients.
- Europe: Europe is witnessing substantial growth in the market, particularly in the organic and sustainable herbs and spices segment.
- Asia Pacific: The Asia Pacific region is poised for rapid expansion, attributed to the rich culinary traditions and the increasing adoption of herbs and spices in traditional medicine.
- Latin America and Middle East & Africa: These regions are experiencing growth as demand for unique flavor profiles and herbal remedies continues to rise.
Competitive Landscape:
The herbs and spices market features numerous players, from traditional spice companies to organic and sustainable-focused brands. Leading companies are investing in research and development to introduce new products and meet evolving consumer preferences.
Some of the prominent players in the herbs and spices market include:
- McCormick & Company, Inc.
- Döhler GmbH
- Olam International
- Sensient Technologies Corporation
- Synthite Industries Ltd.
- Kerry Group
- Takasago International Corporation
- The Hershey Company (Sampaquita Foods Corporation)
- Naturex S.A.
- EHL Ingredients
Future Outlook:
The global herbs and spices market is poised for substantial growth, with an expected market size of over $23.5 billion by 2030. As the importance of flavor, health, and sustainability in food and wellness trends continues to grow, herbs and spices will remain integral to various industries. MarkWide Research’s comprehensive report offers valuable insights into market trends, innovative product developments, sustainable sourcing practices, and regional opportunities, making it an indispensable resource for businesses, culinary professionals, and stakeholders interested in capitalizing on the diverse herbs and spices market.