Herbs and Spices Market Expected to Thrive, Projected CAGR of 3.6%: Future Market Outlook

Herbs and spices market
Herbs and spices market

The global herbs and spices market is poised for significant growth, with an expected compound annual growth rate (CAGR) of 3.6% from 2023 to 2033, according to an analysis by Future Market Insights (FMI). The industry’s value is expected to grow from US$171 billion in 2023 to a robust US$243 billion by the end of 2033.

Herbs and spices, revered for their aromatic and flavor-enhancing qualities, have long been an integral part of culinary experiences around the world. FMI’s analysis indicates a growing trend of consumers exploring diverse cuisines, leading to increased demand for these natural additives. Additionally, the growing popularity of veganism is further strengthening the market, with consumers opting for plant-based diets enriched with herbs and spices.

A notable development is the entry of the market into the digital domain, with producers now offering their products online for greater consumer convenience. However, the online herbs and spices market is still in its infancy, with a significant number of consumers preferring direct purchases to ensure product quality.

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Key Takeaways from the Herbs and Spices Market:

  1. China leads the way: China’s herbs and spices market is expected to become the global leader, generating the largest revenue of US$36.7 billion by 2033, driven by rising consumer expectations and improving manufacturing capabilities.
  2. Rapid growth of South Korea: South Korea emerges as the fastest growing economy in the global herbs and spices market, growing at a CAGR of 5.5% over the forecast period, propelled by an increasing number of consumers exploring global cuisines .
  3. Japanese culinary improvement: In Japan, herbs and spices are used to enhance cooking, acting as flavor enhancers. The Japanese market is expected to reach US$7 billion by 2033, with a CAGR of 3.6%.
  4. Herbs in high demand: Within the product type category, herbs are seeing increased demand driven by the health benefits associated with their consumption. The herbs segment is expected to grow at a CAGR of 3% for the forecast period.
  5. Expansion of the food segment: Herbs and spices are increasingly featured in food products, supported by prolific global food consumption and the opening of new food stores. The segment is expected to grow at a CAGR of 3.4% over the next decade.

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News featuring market developments by companies supplying herbs and spices:

In December 2020, McCormick & Company Inc. announced the acquisition of FONA International, LLC, a leading producer of clean and natural flavors. The latter caters to a diverse consumer base from various application segments such as beverage, food and nutrition markets. The entire acquisition was worth US$710 million.

In May 2021, Olam Food Ingredients (“OFI”) revealed that it had acquired Olde Thompson, a leading American manufacturer of private label spices and seasonings. The acquisition was completed at an enterprise value of US$950 million.

Herbs and Spices Market by Category

Type of product:

  • Herbs
  • Spices
  • Paprila (hot pepper)
  • Cumin

End use:

  • Food
    • Sauces, dressings and condiments
    • Bakery and Confectionery
      • Breads/Cakes
      • Biscuits
      • Snacks
      • Candies
      • Other bakery products
    • Dairy products
      • Flavored milk
      • Cheeses/Cheese products
      • Butter ice creams
      • Other dairy products
    • Snacks & Savory Products
    • Processed foods
    • Soups
    • Flavored/Infused Oils
    • Others
  • Beverage
  • Food service
  • Retail

Form:

  • Powder and Granules
  • Flakes
  • Dough
  • Whole/Fresh

Sales channel :

  • Direct
  • Indirect
    • In-store retail
    • Online Retail

Nature:

  • Organic
  • Vegan
  • Natural
  • Non-GMO
  • Conventional

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR Certified, Stevie Award Recipient and Member of the Greater New York Chamber of Commerce) provides in-depth insight into the driving factors driving market demand. FMI is the leading global provider of market intelligence, advisory services, advisory services and events to the packaging, food and beverage, consumer technology, healthcare, industry and chemicals. With an extensive team of more than 5,000 analysts worldwide, FMI provides global, regional and local expertise on diverse areas and industry trends in more than 110 countries.

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