The global Organic Spice Market was valued at USD 322.9 Mn in 2021. The market is projected to grow USD 440.05 million by 2028, at a CAGR of 4.52%. The market is witnessing the increasing awareness of health-conscious consumers and high demand for organic products.
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According to the Extrapolate, the organic food segment is the fastest growing segment in the food beverages industry in terms of value sales. North America is the dominant region in the global organic food beverages market, owing to rise in number of health-conscious consumers seeking healthy and clean label food products in their day-to-day life. Apart from North America, other key countries around the globe have witnessed a gradual shift in preference for healthy food products, which includes organic food. As per USDA stats, in 2016, more than 180 countries have reported to have untaken organic crop agriculture accounting for nearly 1.2% of the global agricultural land. This has eventually paved a path for organic spices market to generate significant value sales.
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The key players profiled for organic spices industry in the report include Organic Spices is Ajinomoto Co., Inc., Olam International Limited, Sensient Technologies Corporation, UK Blending LTD, Organic Spices Inc., The Watkins Co., Akay, Frontier Co-op, Rocky Mountain Spice Company, Sauer Brands, McCormick Company, Inc., Kerry
Spices have been enduring higher demand from the household and commercial sector around the world. It has been used as an effective coloring agent, flavoring agent, or even as a preservative in various cuisines. Asia-Pacific is the largest market for various types of spices due to higher rate of spicy food consumption. Chinese food, Thai food, and Indian cuisine are prepared and served using these spices.
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Varying and stringent trade regulation is one factor that is expected to hamper the organic spices market growth. Most of the foreign countries impose or regularize its trade regulations, which make it difficult to import organic spices for food manufacturer at one point. They even incur various other costs such as higher transportation cost as well as maintenance cost, which makes the organic spices much costlier. Europe region is dominating the global organic spice market share owing to the largest consumption of organic spices around the world. European food manufacturers are heavily investing in RD and innovative products.
Market Segmentation: -
By Application
- Meat Poultry
- Bakery Confectionary
- Frozen Food
- Snacks Convenience Food
- Others
By Distribution Channel
- Supermarkets/Hypermarkets
- Convenience Stores
- Online
Key Industry Developments
October 2021- Olam Food Ingredients has made a strategic move by a partnership with Agri-Neo to provide organically pasteurized dried onions to expand its product line with the help of pasteurization technology.
April 2021- Olam Food Ingredients has acquired Olde Thompson to strengthen the product portfolio and expansion of private label capabilities across the OFI portfolio.
March 2021- Sensient Technologies Corporation has acquired New Mexico Chili Products Inc., to expand the business and robust the logistics and supply chain.
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