The herbs and spices market size is forecast to grow at a CAGR of 3.6% between 2024 and 2034. The market is expected to incline from US$ 171,563.1 million in 2024 to US$ 244,124.7 million by 2034 end. The accelerating utilization of herbs and spices in food items is fueling market expansion.
The Herbs and Spices market is not just about flavor; it’s a journey through global culinary diversity. Traditionally used for fragrance, flavor, and food preservation, these culinary treasures are witnessing a surge in demand. Ethnic food exploration, a quest for high-quality food experiences, and the rise of veganism are driving market expansion.
Emerging Trends in Dried Herbs and Spices Application
- Increasing demand for unique aromatic food experiences by today’s customers is boosting food experimentation by recipe developers.
- Remarkable interest in global and ethnic food, which reinforces curiosity about flavor mixes and spices
- Growing awareness regarding the medicinal and physiological benefits of herbs and spices, such as antiviral and antibacterial properties
- Ant-aging trend proposes that food can be used as a medicine; for instance, by incorporating cholesterol-lowering herbs and spices in their diets.
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Key Takeaways:
- China’s Culinary Dominance: The China herbs and spices market is set to lead globally, poised to generate a substantial revenue of US$ 36.7 Bn by 2034, fueled by rising consumer expectations and enhanced manufacturing capabilities, with a steady CAGR of 4%.
- South Korea’s Flavorful Ascent: South Korea emerges as the fastest-growing economy in the global herbs and spices market, showcasing a notable CAGR of 5.5%. The trend is attributed to an increasing number of consumers exploring global cuisines through traditional sauces.
- Japan’s Culinary Accent: In Japan, herbs and spices play a role in uplifting cooking, acting as flavor enhancers. The Japan herbs and spices market is anticipated to reach US$ 7 Bn by 2034, exhibiting a CAGR of 4%.
- Herbs Take Center Stage: Herbs, with their associated health benefits, witness heightened demand, showcasing a robust CAGR of 3% for the forecast period.
- Food Segment Flourishes: Herbs and spices find increased inclusion in the food segment, fueled by global consumption patterns and the emergence of new food stores. The segment is poised to grow at a CAGR of 3.4%, reflecting the culinary exploration trend worldwide.
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News Featuring Market Developments by Companies Providing Herbs and Spices:
In December 2020, McCormick & Company Inc. unveiled that it has acquired FONA International, LLC, which is a leading producer of clean and natural flavors. The latter caters to diversified consumer base from various application segments like beverage, food, and nutritional markets. The complete acquisition was worth US$ 710 million.
In May 2021, Olam Food Ingredients (“OFI”) revealed that it has acquired Olde Thompson, a leading US private label manufacturer of spices and seasonings. The acquisition was completed at Enterprise Value of US$ 950 million.
Herbs and Spices Market by Category
Product type:
- Herbs
- Spices
- Paprila (Hot Pepper)
- Cumin
End Use:
- Food
- Sauces, Dressings, and Condiments
- Bakery and Confectionery
- Breads/Cakes
- Biscuits
- Snacks
- Candies
- Other Baked Goods
- Dairy Products
- Flavored Milk
- Cheese/Cheese Products
- Butter Ice Creams
- Other Dairy Products
- Snacks & Savory Products
- Processed Food
- Soups
- Flavored/Infused Oils
- Others
- Beverage
- Food Service
- Retail
Form:
- Powder & Granules
- Flakes
- Paste
- Whole/Fresh
Sales channel:
- Direct
- Indirect
- Store-based Retailing
- Online Retail
Nature:
- Organic
- Vegan
- Natural
- Non-GMO
- Conventional
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