The global herbs and spices market share is estimated to be US$ 171,563.1 million in 2024 increasing from US$ 167,874.1 million in 2019. FMI expects the global herbs and spices industry to grow at a 3.6% CAGR through 2033 to reach US$ 244,124.7 million by 2034.
The use of herbs and spices in convenient meals is growing because of their rich aroma taste and many health advantages., as consumers are now aware of the negative effects of artificial chemicals, they are gravitating toward foods and drinks that include real herbs and spices.
The sales of herbs and spices are being driven by the shifting preferences of consumers toward low-sugar food items and an increased curiosity about unique flavors. The need for herbs and spices has been fueled by a rise in the use of processed food items like sauces, dressings, and condiments.
The market is likely to witness considerable growth in sales of herbs and spices in the powder and granule form. The direct sales channel is expected to account for over 50% of the market share for herbs and spices, and it is anticipated to continue growing steadily during the forecast year.
Key Takeaways from the Herb and Spice Market Study Report
- The herb and spice industry in the United States is anticipated to register the most lucrative CAGR of 5.9% through the forecast years.
- In Europe, Germany is expected to witness the most promising CAGR of 4.2% in sales of herbs and spices through 2034.
- Demand for herbs and spices is projected to increase at a rate of 4% per year till 2034 in China.
- India is likely to hold the most lucrative market for herbs and spices in Asia thriving with a CAGR of 4.3% between 2024 and 2034.
Competitive Landscape for the Herb and Spice Market Players
The overall market is highly diversified and competitive owing to the presence of several market players at different levels. Key participants in the herbs and spices industry have extended their distribution networks, broadened their product offerings, and boosted production capacity as a result of acquiring small and medium-sized businesses.
“Quick-serve restaurants are anticipated to play a crucial role in the market growth of herbs and spices in the coming days. QSRs frequently employ dried herbs in their preparation and include sachets of dried herbs for customers to add to their dishes.” – says a lead analyst at FMI
Recent Developments by the Herb and Spice Industry Participants
In November 2022, Spice Story, an ethnic food company, expanded into the offline market by partnering with Jayanti Herbs and Spice. Spice Story was a direct-to-consumer business with 1200 physical storefronts with plans to open 15000 outlets by March 2023. The firm is expected to benefit from Jayanti Herbs & Spice’s 23,000-strong distribution network of contemporary, multi-brand retail locations, including national and regional chains.
In November 2022, Bart Ingredients introduced a variety of 19 herb and spice refill cartons into Morrisons. The cardboard boxes, which included items like smoked paprika, pink Himalayan salt, bay leaves, and black peppercorns, were delivered to 422 of the retailer’s locations. According to Bart Ingredients, these boxes are “92% lighter” than conventional glass jars and help to cut down on transportation-related emissions.
Key Players Profiled in the Herb and Spice Market Report
- Givaudan S.A
- Kerry Group Plc.
- Ajinomoto Co., Inc.
- Firmenich SA
- Takasago International Corporation
- Olam International
- Archer Daniels Midland Company
- Robertet SA
- Sensient Technologies Corporation
- Kalsec Inc.
- McCormick & Company, Inc.
- Symrise AG
- Frutarom Industries Ltd
- Synthite Industries Ltd
- International Taste Solutions Ltd.
Key Segments Covered by Herb and Spice Industry Survey Report
By Product Type:
- Herbs
- Spices
- Paprika (Hot Pepper)
- Cumin
By End Use:
- Food
- Sauces, Dressings, and Condiments
- Bakery and Confectionery
- Bread/Cakes
- Biscuits
- Snacks
- Candies
- Other Baked Goods
- Dairy Products
- Flavored Milk
- Cheese or Cheese Products
- Butter Ice Creams
- Other Dairy Products
- Snacks & Savory Products
- Processed Food
- Soups
- Flavored or Infused Oils
- Other Foods
- Beverage
- Food Service
- Retail Sales
By Form:
- Powder & Granules
- Flakes
- Paste
- Whole or Fresh
By Sales channel:
- Direct Sales
- Indirect Sales
- Store-based Retailing
- Online Retail
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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