Spices and Herbs Market - Size and Forecast [2024-2031]
The Spices and Herbs Market is expected to register a CAGR of 5.1% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The Spices and Herbs Market Report is segmented by Type into the following subsegments: Herbs (including Basil, Mint, Oregano, Parsley, Rosemary, and others) and Spices (including Turmeric, Pepper, Paprika, Chilies, Cinnamon, Cumin, Cloves, Ginger, and others). It is also segmented by Category, including Organic and Conventional products. The market is further divided by End Use, including Food Processing, Foodservice, and Food Retail. The global analysis is broken down at the regional level and by major countries. The market evaluation is presented in US$ for the above segmental analysis.
Purpose of the ReportThe report Spices and Herbs Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Spices and Herbs Market Segmentation
Type- Herbs
- Spices
- Organic
- Conventional
- Food Processing
- Foodservice
- Food Retail
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Spices and Herbs Market Growth Drivers- Heightened Consumer Interest in Health and Wellness: It increasingly utilizes natural, organic ingredients as people are seeking healthier life options.
- Growth of Food Service Industry: When the restaurant business, fast food chains, and catering services expand to cater to the customers, then the need for spices and herbs increases mainly for global cuisines.
- Emergence of Ethnics and Internationals into Cuisines: Globalization and market availability of various foods are increasing the demand for exotic spices and herbs in both retail and food service.
- Organic and Natural Products: Organic and non-GMO spice sales are rising, because of the consumers' tendency to want to have cleaner, more sustainable food choices.
- E-commerce Growth: The trend of more online platforms and digital grocery stores adds to the importance of spice and herbs and gives entry to the international and specialty varieties.
- Sustainability Initiatives: There is a high application of sustainability initiatives, especially in sourcing and packaging. This is because companies have to identify environmentally conscious products in the market to keep up with the increasing demand.
- Growth in Emerging Markets: Opportunity for entry exists in emerging markets where spice consumption is growing sharply, such as Asia and Africa.
- Premium and Exotic Spices: High-value exotic spices-saffron, truffle salt-have opportunities in high-end lines and more affluent markets.
- Herb and Spice Infused Wellness Product: Blending spices and herbs into wellness products, such as teas and supplements is a new up-and-comer in the marketplace.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Spices and Herbs Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Spices and Herbs Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Category, End Use, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
Some of the customization options available based on request are additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Major players are SHS GROUP, EVEREST SPICES, DS GROUP, McCormick and Company, Nani Agro Foods, MTR FOODS PVt LTD, Kerry Group PLC, Olam International Limited, Sensient Technologies Corporation,
Key trends in the market include a trend going organic with sustainable sources of spice, demand for functional herbs, and innovation in spice extraction technologies.
The market is expected to register a CAGR of 5.1% during 2023-2031.
The industry's driving factors include growing demand for natural ingredients, health benefits derived from spices, and higher trends in ethnic and organic food.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Spices And Herbs Market - By Type
1.3.2 Spices And Herbs Market - By Application
1.3.3 Spices And Herbs Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SPICES AND HERBS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. SPICES AND HERBS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. SPICES AND HERBS MARKET - GLOBAL MARKET ANALYSIS
6.1. SPICES AND HERBS - GLOBAL MARKET OVERVIEW
6.2. SPICES AND HERBS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. SPICES AND HERBS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. TURMERIC
7.3.1. Overview
7.3.2. Turmeric Market Forecast and Analysis
7.4. PEPPER
7.4.1. Overview
7.4.2. Pepper Market Forecast and Analysis
7.5. PAPRIKA
7.5.1. Overview
7.5.2. Paprika Market Forecast and Analysis
7.6. NUTMEG
7.6.1. Overview
7.6.2. Nutmeg Market Forecast and Analysis
7.7. CARDAMOM
7.7.1. Overview
7.7.2. Cardamom Market Forecast and Analysis
7.8. CUMIN
7.8.1. Overview
7.8.2. Cumin Market Forecast and Analysis
7.9. MUSTARD SEED
7.9.1. Overview
7.9.2. Mustard Seed Market Forecast and Analysis
7.10. CLOVES
7.10.1. Overview
7.10.2. Cloves Market Forecast and Analysis
7.11. GINGER
7.11.1. Overview
7.11.2. Ginger Market Forecast and Analysis
7.12. AND OTHERS
7.12.1. Overview
7.12.2. and Others Market Forecast and Analysis
8. SPICES AND HERBS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. MEAT AND POULTRY PRODUCTS
8.3.1. Overview
8.3.2. Meat and Poultry Products Market Forecast and Analysis
8.4. SNACKS AND CONVENIENCE FOOD
8.4.1. Overview
8.4.2. Snacks and Convenience Food Market Forecast and Analysis
8.5. SOUPS SAUCES AND DRESSINGS
8.5.1. Overview
8.5.2. Soups Sauces and Dressings Market Forecast and Analysis
8.6. BAKERY AND CONFECTIONERY
8.6.1. Overview
8.6.2. Bakery and Confectionery Market Forecast and Analysis
8.7. OTHERS
8.7.1. Overview
8.7.2. Others Market Forecast and Analysis
9. SPICES AND HERBS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Spices And Herbs Market Overview
9.1.2 North America Spices And Herbs Market Forecasts and Analysis
9.1.3 North America Spices And Herbs Market Forecasts and Analysis - By Type
9.1.4 North America Spices And Herbs Market Forecasts and Analysis - By Application
9.1.5 North America Spices And Herbs Market Forecasts and Analysis - By Countries
9.1.5.1 United States Spices And Herbs Market
9.1.5.1.1 United States Spices And Herbs Market by Type
9.1.5.1.2 United States Spices And Herbs Market by Application
9.1.5.2 Canada Spices And Herbs Market
9.1.5.2.1 Canada Spices And Herbs Market by Type
9.1.5.2.2 Canada Spices And Herbs Market by Application
9.1.5.3 Mexico Spices And Herbs Market
9.1.5.3.1 Mexico Spices And Herbs Market by Type
9.1.5.3.2 Mexico Spices And Herbs Market by Application
9.2. EUROPE
9.2.1 Europe Spices And Herbs Market Overview
9.2.2 Europe Spices And Herbs Market Forecasts and Analysis
9.2.3 Europe Spices And Herbs Market Forecasts and Analysis - By Type
9.2.4 Europe Spices And Herbs Market Forecasts and Analysis - By Application
9.2.5 Europe Spices And Herbs Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Spices And Herbs Market
9.2.5.1.1 Germany Spices And Herbs Market by Type
9.2.5.1.2 Germany Spices And Herbs Market by Application
9.2.5.2 France Spices And Herbs Market
9.2.5.2.1 France Spices And Herbs Market by Type
9.2.5.2.2 France Spices And Herbs Market by Application
9.2.5.3 Italy Spices And Herbs Market
9.2.5.3.1 Italy Spices And Herbs Market by Type
9.2.5.3.2 Italy Spices And Herbs Market by Application
9.2.5.4 United Kingdom Spices And Herbs Market
9.2.5.4.1 United Kingdom Spices And Herbs Market by Type
9.2.5.4.2 United Kingdom Spices And Herbs Market by Application
9.2.5.5 Russia Spices And Herbs Market
9.2.5.5.1 Russia Spices And Herbs Market by Type
9.2.5.5.2 Russia Spices And Herbs Market by Application
9.2.5.6 Rest of Europe Spices And Herbs Market
9.2.5.6.1 Rest of Europe Spices And Herbs Market by Type
9.2.5.6.2 Rest of Europe Spices And Herbs Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Spices And Herbs Market Overview
9.3.2 Asia-Pacific Spices And Herbs Market Forecasts and Analysis
9.3.3 Asia-Pacific Spices And Herbs Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Spices And Herbs Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Spices And Herbs Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Spices And Herbs Market
9.3.5.1.1 Australia Spices And Herbs Market by Type
9.3.5.1.2 Australia Spices And Herbs Market by Application
9.3.5.2 China Spices And Herbs Market
9.3.5.2.1 China Spices And Herbs Market by Type
9.3.5.2.2 China Spices And Herbs Market by Application
9.3.5.3 India Spices And Herbs Market
9.3.5.3.1 India Spices And Herbs Market by Type
9.3.5.3.2 India Spices And Herbs Market by Application
9.3.5.4 Japan Spices And Herbs Market
9.3.5.4.1 Japan Spices And Herbs Market by Type
9.3.5.4.2 Japan Spices And Herbs Market by Application
9.3.5.5 South Korea Spices And Herbs Market
9.3.5.5.1 South Korea Spices And Herbs Market by Type
9.3.5.5.2 South Korea Spices And Herbs Market by Application
9.3.5.6 Rest of Asia-Pacific Spices And Herbs Market
9.3.5.6.1 Rest of Asia-Pacific Spices And Herbs Market by Type
9.3.5.6.2 Rest of Asia-Pacific Spices And Herbs Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Spices And Herbs Market Overview
9.4.2 Middle East and Africa Spices And Herbs Market Forecasts and Analysis
9.4.3 Middle East and Africa Spices And Herbs Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Spices And Herbs Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Spices And Herbs Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Spices And Herbs Market
9.4.5.1.1 South Africa Spices And Herbs Market by Type
9.4.5.1.2 South Africa Spices And Herbs Market by Application
9.4.5.2 Saudi Arabia Spices And Herbs Market
9.4.5.2.1 Saudi Arabia Spices And Herbs Market by Type
9.4.5.2.2 Saudi Arabia Spices And Herbs Market by Application
9.4.5.3 U.A.E Spices And Herbs Market
9.4.5.3.1 U.A.E Spices And Herbs Market by Type
9.4.5.3.2 U.A.E Spices And Herbs Market by Application
9.4.5.4 Rest of Middle East and Africa Spices And Herbs Market
9.4.5.4.1 Rest of Middle East and Africa Spices And Herbs Market by Type
9.4.5.4.2 Rest of Middle East and Africa Spices And Herbs Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Spices And Herbs Market Overview
9.5.2 South and Central America Spices And Herbs Market Forecasts and Analysis
9.5.3 South and Central America Spices And Herbs Market Forecasts and Analysis - By Type
9.5.4 South and Central America Spices And Herbs Market Forecasts and Analysis - By Application
9.5.5 South and Central America Spices And Herbs Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Spices And Herbs Market
9.5.5.1.1 Brazil Spices And Herbs Market by Type
9.5.5.1.2 Brazil Spices And Herbs Market by Application
9.5.5.2 Argentina Spices And Herbs Market
9.5.5.2.1 Argentina Spices And Herbs Market by Type
9.5.5.2.2 Argentina Spices And Herbs Market by Application
9.5.5.3 Rest of South and Central America Spices And Herbs Market
9.5.5.3.1 Rest of South and Central America Spices And Herbs Market by Type
9.5.5.3.2 Rest of South and Central America Spices And Herbs Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. SPICES AND HERBS MARKET, KEY COMPANY PROFILES
11.1. SHS GROUP
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. EVEREST SPICES
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. DS GROUP
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. MCCORMICK AND COMPANY
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. NANI AGRO FOODS
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. MTR FOODS PVT. LTD.
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. KERRY GROUP PLC
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. OLAM INTERNATIONAL LIMITED
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. SENSIENT TECHNOLOGIES CORPORATION
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. AJINOMOTO CO., INC.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. SHS GROUP
2. EVEREST SPICES
3. DS GROUP
4. McCormick and Company
5. Nani Agro Foods
6. MTR FOODS PVt. LTD.
7. Kerry Group PLC
8. Olam International Limited
9. Sensient Technologies Corporation
10. Ajinomoto Co., Inc.
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.
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