September 02, 2021
According to the recent research report titled ‘Global Organic Spices Market 2019-2028’, available with Market Study Report, global organic spices market is projected to expand with a CAGR of 9.26% over 2019-2028.
As per the report findings, surging demand for processed food, increasing preference for spicy food items, and rising inclination towards organic products are the key factors fueling global organic spices market growth. Moreover, rising demand for clean-labeled food items and increasing rate of internet penetration are creating lucrative prospects for market expansion.
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Considering challenges, adulteration of products, low product penetration in untapped markets, and heavily priced items are likely to restrain the industry expansion over the forecast timespan. Besides, climate uncertainties in several spice-producing economies are negatively impacting the business scenario.
Based on distribution channel, the market is split into indirect and direct. As per form gamut, the industry comprises of raw, extract, granular, and powder. With respect to product type, the market is divided into mustard, nutmeg, cinnamon, pepper, clove, turmeric, ginger, and others. Among these, turmeric segment currently accounts for a major portion of the overall industry share. Whereas, cinnamon segment is expanding at a robust pace.
Regionally, Middle East & Africa, Latin America, Asia Pacific, Europe, and North America are the major growth avenues for worldwide organic spices market. The report states that Asia Pacific currently holds majority market share, with China at the forefront. The climatic condition in APAC is ideal for the cultivation of various spices, thus it produces the highest-quality spices and subsequently attracts large competitors into the regional market.
Meanwhile, spices are in high demand in the United Kingdom, the United States, Germany, and the United Arab Emirates, and a significant amount of these items are exported to these geographies.
Elaborating on the competitive landscape, Bart Ingredients Co. Ltd., Live Organic, Goya Foods Inc., Frontier Co-op, Olam International, UK Blending Ltd., The J.R. Watkins Co., SunOpta Inc., Spice Chain Corporation, Ramon Sabater S.A.U. (Sabater Spices), Pacific Spice Company Inc., Organic Spices Inc., Husarich GmbH, Daarnhouwer & Co BV, and AKO GmbH are the major firms operating in global organic spices market sphere.