Southeast Asia Spices and Herbs Market Report 2031
The Southeast Asia spices and herbs market size is expected to reach US$ 3.51 billion by 2031 from US$ 2.35 billion in 2023; the market is estimated to register a CAGR of 5.1% from 2023 to 2031.
Market Insights and Analyst View:
Spices and herbs have been in use for centuries for both culinary and medicinal purposes. Spices not only enhance the flavor, aroma, and color of food and beverages, but they can also protect from acute and chronic diseases. Herbs and spices consist of various parts of plants cultivated for their aromatic, pungent, or otherwise desirable substances, including rhizomes, bulbs, barks, flower buds, stigmas, fruits, seeds, and leaves. Technically, herbs come from aromatic plants grown in the temperate zone, while spices are products of tropical plants. Both are used to flavor food and are rich in phytochemicals, which are healthful plant chemicals. Spices and herbs possess antioxidant, anti-inflammatory, antitumorigenic, anticarcinogenic, and glucose- and cholesterol-lowering activities, as well as properties that affect cognition and mood. They are also excellent sources of antioxidants with their high content. Additionally, herbs and spices have been widely valued for centuries for their healing properties and their flavor. Moreover, modern research has found numerous evidence for health benefits. The use of certain spices and herbs alone or in blends can replace or reduce salt and sugar in foods, contributing to their increased demand. All these factors are supporting the Southeast Asia spices and herbs market growth.
Growth Drivers and Challenges:
Spices and herbs are used in food seasoning to unveil tempting aromas and enhance the taste and flavor of food products. Herbs and spices can be used as alternatives for less desirable taste promoters, such as sugar, salt, and fat. Saffron is a major spice used as a flavoring and coloring agent in various food items and beverages.
Recently, spices and herbs have gained importance as potential sources of natural food preservatives due to the growing interest in natural preservatives, which have been better alternatives to chemical additives in the food processing industry. They help in delaying the natural process of spoilage by decreasing or eliminating foodborne pathogens, thus increasing the shelf life of the end product. Garlic, celery seeds, tarragon, dill, cinnamon, turmeric, and cumin all have compounds functioning as preservatives. Certain herbs also possess antimicrobial, antifungal, and insecticidal properties.
The antimicrobial properties of herbs and spices control the growth of pathogenic bacteria in dairy products, owing to which the dairy products are protected and their minimal shelf life gets extended subsequently. Apart from preventing microbial infestation, herbs and spices impart unique flavors to cheese—referred to as flavored cheese or specialty cheese.
Owing to their nutritional benefits and flavors, herbs and spices are also used to produce functional beverages and enhanced water that boost the immune system, increase vitality, and fight degenerative diseases.
Thus, a wide range of applications of spices and herbs in various food items and beverages aids in an upward trajectory of the Southeast Asia spices and herbs market.
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Southeast Asia Spices and Herbs Market: Strategic Insights
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Southeast Asia Spices and Herbs Market: Strategic Insights
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Report Segmentation and Scope:
The “Southeast Asia Spices and Herbs Market Analysis and Forecast to 2031” is a specialized and in-depth study with a significant focus on market trends and growth opportunities. The report aims to provide an overview of the market with detailed market segmentation by type, category, and end use. The market has witnessed high growth in the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of spices and herbs in Southeast Asia. In addition, the Southeast Asia spices and herbs market report provides a qualitative assessment of various factors affecting the market performance in Southeast Asia. The report also includes a comprehensive analysis of the leading players in the market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, Southeast Asia spices and herbs market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.
The Southeast Asia spices and herbs market forecast is estimated on the basis of various secondary and primary research findings, such as key company publications, association data, and databases. Further, the ecosystem analysis and Porter's five forces analysis provide a 360-degree view of the market, which helps understand the entire supply chain and various factors affecting the market performance.
Segmental Analysis:
The Southeast Asia spices and herbs market is segmented on the basis of type, category, and end use. Based on type, the market is segmented into chilies, turmeric, ginger, garlic, cumin, oregano, basil, parsley, bay leaves, and others. Other types of spices and herbs are lemongrass, galangal, kaffir lime leaves, pandan leaves, black pepper, and cinnamon, among others. As global culinary trends evolve, there is a growing appreciation for diverse and exotic flavors, encouraging consumers to explore a wider variety of spices and herbs in their cooking. The increasing curiosity and openness to experimenting with new ingredients have increased the demand for spices and herbs beyond the traditional staples. Further, the growing awareness of antioxidant and anti-inflammatory properties in many spices and herbs has contributed to their demand as consumers seek flavorful additions to their meals that promote health benefits.
Based on category, the Southeast Asia spices and herbs market is segmented into organic and conventional. The conventional segment dominated the market, accounting for a larger Southeast Asia spices and herbs market share in 2023. Conventional spices and herbs are produced using traditional farming methods that may involve synthetic pesticides, fertilizers, and other agricultural chemicals. Conventional spices and herbs are often more affordable than their organic counterparts, making them accessible to a broader range of consumers. This contributes to their growing popularity among consumers seeking convenient, cost-effective food options. Overall, the demand for conventional spices and herbs is rising due to their convenience, affordability, and improved quality, meeting the needs of consumers with busy lifestyles.
Based on end use, the market is segmented into food processing, food retail, and food service. The food processing segment dominated the market, accounting for the largest Southeast Asia spices and herbs market share in 2023. The demand for spices and herbs in food processing in Southeast Asia is increasing due growing food & beverages industry and the increasing popularity of Southeast Asian flavors globally. Food manufacturers are incorporating diverse spices and herbs into processed food to cater to the global demand for authentic and flavorful products. In addition, spices and herbs are valued for their taste and natural preservative properties, which enhance the shelf life of processed foods without the need for artificial additives. As consumers become health-conscious, there is a growing preference for natural ingredients, which are perceived to offer health benefits and enhance the nutritional profile of processed food.
Regional Analysis:
Based on region, the market in Southeast Asia was valued at more than US$ 2,351.64 million in 2023. The upsurge in demand for whole spices and herbs in Southeast Asia can be attributed to the region's cultural exchange and culinary diversity. Southeast Asia is at the crossroads of cultures, influenced by various ethnic groups, migrations, and historical trade routes. The cultural exchange has enriched the region's culinary landscape, resulting in a vibrant fusion of flavors and ingredients. Spices and herbs give tantalizing flavors and aromas to various cuisines. As a result, there is a high demand for a wide variety of spices and herbs to recreate traditional dishes and experiment with new flavor combinations. The region's openness to international influences has also led to a growing interest in global cuisines, further driving the demand for diverse spices and herbs. Lemongrass, bird's eye chili peppers, galangal, Thai basil, kaffir lime leaves, torch ginger flower, Vietnamese mint leaves, coriander root, tamarind, pandan leaves, and curry leaves are among the common spices and herbs used in Southeast Asia.
Southeast Asia's cafe and casual dining market is experiencing an increase in the demand for spices and herbs due to a culinary renaissance emphasizing diverse and flavorful dishes. The region's growing preference for innovative cafe concepts, fusion cuisine, and vibrant dining experiences has propelled the need for various spices and herbs to enhance the flavors of dishes served in these establishments. Factors such as rapid urbanization, a rise in the middle-class population, and the influence of Western dining trends contribute to Southeast Asia's spices and herbs market growth. At the same time, the region's rich culinary heritage and the growing interest in food tourism propel the expansion of cafes and the preference for casual dining. Additionally, the increased visibility of Southeast Asian cuisine on social media and food tourism platforms attracts locals and tourists toward Southeast Asian dishes, stimulating the demand for authentic spices and herbs to replicate the region's unique flavors.
Competitive Landscape and Key Companies:
McCormick & Co. Inc., Molinos de la Especia Inc., Badia Spices, Inc., PT. Aroma Maharani Rempah, PT. Sari Bumbu Indonesia, Gyllmarc Ingredients Incorporated, PT. Terra Madia Selaras, PT. Supa Surya Niaga, Natraco Spices Indonesia, and East Java & Co are among the key players profiled in the Southeast Asia spices and herbs market report. The market players focus on providing high-quality products to fulfill customer demand.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
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Segment Covered
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Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Market Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Southeast Asia Spices and Herbs Market Landscape
4.1 Overview
4.2 Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Ecosystem Analysis
4.3.1 Raw Materials Supplier:
4.3.2 Manufacturers:
4.3.3 Distributors:
4.3.4 End User:
4.3.5 List of Vendors:
4.4 List of Potential Buyers
4.5 Number of Establishments in Philippines, by End User Type – (2022)
4.6 Sales Channel: Qualitative Analysis
5. Southeast Asia Spices and Herbs Market – Key Market Dynamics
5.1 Southeast Asia Spices and Herbs Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Wide Range of Applications in Food & Beverage Industries
5.2.2 Health Benefits Associated with Spices and Herbs
5.3 Market Restraints
5.3.1 Challenges Associated with Supply Chain
5.4 Market Opportunities
5.4.1 Rising Preference for Fair-Trade and Sustainably Sourced Spices and Herbs
5.5 Future Trends
5.5.1 High Demand for Organic Spices and Herbs
5.6 Impact of Drivers and Restraints:
6. Southeast Asia Spices and Herbs Market Analysis
6.1 Southeast Asia Spices and Herbs Market Revenue (US$ Million), 2021–2031
6.2 Southeast Asia Spices and Herbs Market Forecast and Analysis
7. Southeast Asia Spices and Herbs Market Analysis – by Type
7.1 Chilies
7.1.1 Overview
7.1.2 Chilies: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Turmeric
7.2.1 Overview
7.2.2 Turmeric: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
7.3 Ginger
7.3.1 Overview
7.3.2 Ginger: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
7.4 Garlic
7.4.1 Overview
7.4.2 Garlic: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
7.5 Cumin
7.5.1 Overview
7.5.2 Cumin: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
7.6 Oregano
7.6.1 Overview
7.6.2 Oregano: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
7.7 Basil
7.7.1 Overview
7.7.2 Basil: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
7.8 Parsley
7.8.1 Overview
7.8.2 Parsley: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
7.9 Bay Leaves
7.9.1 Overview
7.9.2 Bay Leaves: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
7.10 Others
7.10.1 Overview
7.10.2 Others: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
8. Southeast Asia Spices and Herbs Market Analysis – by Category
8.1 Conventional
8.1.1 Overview
8.1.2 Conventional: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Organic
8.2.1 Overview
8.2.2 Organic: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
9. Southeast Asia Spices and Herbs Market Analysis – by End Use
9.1 Food Processing
9.1.1 Overview
9.1.2 Food Processing: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Food Retail
9.2.1 Overview
9.2.2 Food Retail: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Food Service
9.3.1 Overview
9.3.2 Food Service: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
10. Southeast Asia Spices and Herbs Market – Country Analysis
10.1 Southeast Asia Spices and Herbs Market Overview
10.1.1 Southeast Asia Spices and Herbs Market Revenue and Forecast and Analysis – by Country
10.1.1.1 Southeast Asia Spices and Herbs Market Revenue and Forecast and Analysis – by Country
10.1.1.2 Indonesia: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.2.1 Indonesia: Southeast Asia Spices and Herbs Market Breakdown by Type
10.1.1.2.2 Indonesia: Southeast Asia Spices and Herbs Market Breakdown by Category
10.1.1.2.3 Indonesia: Southeast Asia Spices and Herbs Market Breakdown by End Use
10.1.1.3 Singapore: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.3.1 Singapore: Southeast Asia Spices and Herbs Market Breakdown by Type
10.1.1.3.2 Singapore: Southeast Asia Spices and Herbs Market Breakdown by Category
10.1.1.3.3 Singapore: Southeast Asia Spices and Herbs Market Breakdown by End Use
10.1.1.4 Malaysia: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.4.1 Malaysia: Southeast Asia Spices and Herbs Market Breakdown by Type
10.1.1.4.2 Malaysia: Southeast Asia Spices and Herbs Market Breakdown by Category
10.1.1.4.3 Malaysia: Southeast Asia Spices and Herbs Market Breakdown by End Use
10.1.1.5 Thailand: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.5.1 Thailand: Southeast Asia Spices and Herbs Market Breakdown by Type
10.1.1.5.2 Thailand: Southeast Asia Spices and Herbs Market Breakdown by Category
10.1.1.5.3 Thailand: Southeast Asia Spices and Herbs Market Breakdown by End Use
10.1.1.6 Philippines: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.6.1 Philippines: Southeast Asia Spices and Herbs Market Breakdown by Type
10.1.1.6.2 Philippines: Southeast Asia Spices and Herbs Market Breakdown by Category
10.1.1.6.3 Philippines: Southeast Asia Spices and Herbs Market Breakdown by End Use
10.1.1.7 Vietnam: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.7.1 Vietnam: Southeast Asia Spices and Herbs Market Breakdown by Type
10.1.1.7.2 Vietnam: Southeast Asia Spices and Herbs Market Breakdown by Category
10.1.1.7.3 Vietnam: Southeast Asia Spices and Herbs Market Breakdown by End Use
10.1.1.8 Rest of Southeast Asia: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.8.1 Rest of Southeast Asia: Southeast Asia Spices and Herbs Market Breakdown by Type
10.1.1.8.2 Rest of Southeast Asia: Southeast Asia Spices and Herbs Market Breakdown by Category
10.1.1.8.3 Rest of Southeast Asia: Southeast Asia Spices and Herbs Market Breakdown by End Use
11. Competitive Landscape
11.1 Heat Map Analysis
11.2 Company Positioning & Concentration
12. Company Profiles
12.1 McCormick & Co Inc
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Molinos de la Especia Inc.
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Badia Spices, Inc.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 PT. Aroma Maharani Rempah
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 PT. Sari Bumbu Indonesia
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Gyllmarc Ingredients Incorporated
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 PT. Terra Madia Selaras
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 PT. Supa Surya Niaga
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Natraco Spices Indonesia
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 East Java & Co
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
List of Tables
Table 1. Southeast Asia Spices and Herbs Market Segmentation
Table 2. List of Vendors in Value Chain
Table 3. List of Potential Buyers: Southeast Asia Spices and Herbs Market
Table 4. Number of Establishments in Philippines, by End User Type – (2022)
Table 5. Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
Table 6. Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 7. Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by Category
Table 8. Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by End Use
Table 9. Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 10. Indonesia: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 11. Indonesia: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by Category
Table 12. Indonesia: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by End Use
Table 13. Singapore: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 14. Singapore: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by Category
Table 15. Singapore: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by End Use
Table 16. Malaysia: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 17. Malaysia: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by Category
Table 18. Malaysia: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by End Use
Table 19. Thailand: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 20. Thailand: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by Category
Table 21. Thailand: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by End Use
Table 22. Philippines: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 23. Philippines: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by Category
Table 24. Philippines: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by End Use
Table 25. Vietnam: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 26. Vietnam: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by Category
Table 27. Vietnam: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by End Use
Table 28. Rest of Southeast Asia: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 29. Rest of Southeast Asia: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by Category
Table 30. Rest of Southeast Asia: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million) – by End Use
Table 31. Heat Map Analysis
List of Figures
Figure 1. Southeast Asia Spices and Herbs Market Segmentation, by Country
Figure 2. Porter's Five Forces Analysis: Southeast Asia Spices and Herbs Market
Figure 3. Ecosystem: Southeast Asia Spices and Herbs Market
Figure 4. Sales Channel
Figure 5. Impact Analysis of Drivers and Restraints
Figure 6. Southeast Asia Spices and Herbs Market Revenue (US$ Million), 2021–2031
Figure 7. Southeast Asia Spices and Herbs Market Share (%) – by Type, 2023 and 2031
Figure 8. Chilies: Southeast Asia Spices and Herbs Market– Revenue and Forecast to 2031 (US$ Million)
Figure 9. Turmeric: Southeast Asia Spices and Herbs Market– Revenue and Forecast to 2031 (US$ Million)
Figure 10. Ginger: Southeast Asia Spices and Herbs Market– Revenue and Forecast to 2031 (US$ Million)
Figure 11. Garlic: Southeast Asia Spices and Herbs Market– Revenue and Forecast to 2031 (US$ Million)
Figure 12. Cumin: Southeast Asia Spices and Herbs Market– Revenue and Forecast to 2031 (US$ Million)
Figure 13. Oregano: Southeast Asia Spices and Herbs Market– Revenue and Forecast to 2031 (US$ Million)
Figure 14. Basil: Southeast Asia Spices and Herbs Market– Revenue and Forecast to 2031 (US$ Million)
Figure 15. Parsley: Southeast Asia Spices and Herbs Market– Revenue and Forecast to 2031 (US$ Million)
Figure 16. Bay Leaves: Southeast Asia Spices and Herbs Market– Revenue and Forecast to 2031 (US$ Million)
Figure 17. Others: Southeast Asia Spices and Herbs Market– Revenue and Forecast to 2031 (US$ Million)
Figure 18. Southeast Asia Spices and Herbs Market Share (%) – by Category, 2023 and 2031
Figure 19. Conventional: Southeast Asia Spices and Herbs Market– Revenue and Forecast to 2031 (US$ Million)
Figure 20. Organic: Southeast Asia Spices and Herbs Market– Revenue and Forecast to 2031 (US$ Million)
Figure 21. Southeast Asia Spices and Herbs Market Share (%) – by End Use, 2023 and 2031
Figure 22. Food Processing: Southeast Asia Spices and Herbs Market– Revenue and Forecast to 2031 (US$ Million)
Figure 23. Food Retail: Southeast Asia Spices and Herbs Market– Revenue and Forecast to 2031 (US$ Million)
Figure 24. Food Service: Southeast Asia Spices and Herbs Market– Revenue and Forecast to 2031 (US$ Million)
Figure 25. Southeast Asia Spices and Herbs Market Breakdown by Key Countries, 2023 and 2031 (%)
Figure 26. Indonesia: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
Figure 27. Singapore: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
Figure 28. Malaysia: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
Figure 29. Thailand: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
Figure 30. Philippines: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
Figure 31. Vietnam: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
Figure 32. Rest of Southeast Asia: Southeast Asia Spices and Herbs Market – Revenue and Forecast to 2031 (US$ Million)
Figure 33. Company Positioning & Concentration
The List of Companies - Southeast Asia Spices and Herbs Market
- McCormick & Co Inc
- Molinos de la Especia Inc.
- Badia Spices, Inc.
- PT. Aroma Maharani Rempah
- PT. Sari Bumbu Indonesia
- Gyllmarc Ingredients Incorporated
- PT. Terra Madia Selaras
- PT. Supa Surya Niaga
- Natraco Spices Indonesia
- East Java & Co
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.