Herbs and Spices Market Scope
Spices are the most revered product in the commodity trade, and as a result, it is aptly said that the history of spice trade is the history of trade. India and China are the two largest spice exporting countries in the world, and the United States and Europe are the two largest spice consumers. Pepper, cardamom, ginger, turmeric, chilli, cinnamon, nutmeg/mace, cloves, pimento, and vanilla are the most common tropical spice crops, while cumin, coriander, sesame seeds, mustard, oregano, and mint are the most important non-tropical spice crops. The Demand for Natural and Organic Ingredients has flourished across nations, this has derived huge demand for herbs and spices. Another reason for the demand is the fast pace growth in end use industries such as cosmetics and Pharmaceuticals.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Olam International (Singapore), Kerry Group Plc. (Ireland), Ajinomoto Co. Inc. (Japan), Firmenich SA (Switzerland), Takasago International Corporation (Japan), Archer Daniels Midland Company (United States), Sensient Technologies Corporation (United States), Kalsec Inc. (United States), McCormick & Company Inc. (United States) and Symrise AG (Germany) |
CAGR | 5.2% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States, German, and Indian Vendors will contribute to the maximum growth of Global Herbs and Spices market throughout the predicted period.
Olam International (Singapore), Kerry Group Plc. (Ireland), Ajinomoto Co. Inc. (Japan), Firmenich SA (Switzerland), Takasago International Corporation (Japan), Archer Daniels Midland Company (United States), Sensient Technologies Corporation (United States), Kalsec Inc. (United States), McCormick & Company Inc. (United States) and Symrise AG (Germany) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Frutarom Industries Ltd (Israel), Synthite Industries Ltd (India), Husarich GmbH (Germany), G. C. Products Private Limited (India), Plantrich (India) and EHL Ingredients (United Kingdom).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Herbs and Spices market by Type , by Application (Food and Seasoning, Beverage, Cosmetics and Pharmaceuticals) and Region with country level break-up.
On the basis of geography, the market of Herbs and Spices has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In May 2023, ADM and Ingredion partner to develop new plant-based flavor solutions, potentially impacting the demand for certain herbs and spices
In March 2022, Chr. Hansen launches a line of "culinary cultures" - blends of herbs, spices, and probiotics - targeting the growing demand for gut health-promoting foods
FSSAI Regulations and Guidelines on Spices - The Food Safety and Standards Regulation Specifies Standards For 30 Spices and Condiments, Including Cardamom, Chilies, Cinnamon and Others. Sale of Loose Powdered Spices and Condiments Is Forbidden By FSSAI. It Also Makes It Illegal to Distribute Compounded Asafoetida in Amounts Greater Than One Kilogramme Unless It's in A Sealed Container with Proper Marking. and United States, Food and Drug Administration; CFR - Code of Federal Regulations Title 21 – Provides a Comprehensive List that Defines and Classifies Herbs and Spices along with Codes, these are Essential for any Seller to abide to Ensure Proper Labelling and Classification. Any New Entrant is Required to Acquire Regulatory Approval for Sale Across United States.
Influencing Trend:
Increasing Demand for Ready-to-Eat Foods
Market Growth Drivers:
Demand for Natural and Herbal Products and Growth in Cosmetic and Pharma Industry
Challenges:
Presence of Counterfeit Products and Fierce Competitive Pressure
Restraints:
Quality Concerns
Opportunities:
Willingness to Pay Premium Price
Key Target Audience
Herbs and Spices Producers, Herbs and Spices Distributors and Suppliers, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others