Organic Spices Market to reach $406.6 million by 2026 with Leading Key Players are Daarnhouwer & Co, SunOpta Inc, Husarich GmbH, Sabater Spices, AKO GmbH
The organic spices market size was valued at $272.8 million in 2018 and is expected to reach $406.6 million by 2026, registering a CAGR of 5.1% from 2019 to 2026.
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The global organic food & beverages market is expected to be valued at US$80 billion by 2020. Rise in number of health-conscious consumers and increase in awareness regarding the health benefits associated with the consumption of organic spices are the two main factors that drive the growth of the global organic food & beverages market. North America and Europe are the dominant regions in terms of consumption for different types of organic food products. This is attributable to rise in per-capita income and continuous product evolution from the manufacturers' side, in these regions. Furthermore, some of the food manufacturers have been focusing toward availing its food products in organic form due to rise in preferences for organic products. Spices have been gradually enduring the trend of organic format. They are available in different forms as per consumer preferences, i.e., powder, granular, and liquid, which is further expected to drive the market growth. Some of the non-profit organizations such as IOFAM Organic International, Organic Trade Association, Soil Association, USDA, and National Organic Standard Board inspect the processing and production of organic food products in the global market. These same organizations play a key role in the global organic spices market.
According to the USDA, 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.
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.
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The key players profiled for organic spices industry in the report include Organic Spices Inc., UK Blending LTD, The Watkins Co., Daarnhouwer & Co, SunOpta Inc, Spice Chain Corporation, Husarich GmbH, Sabater Spices, AKO GmbH, and Pacific Spice Company, Inc.
Key Findings of the Organic Spices Market :
In 2018, based on product type, the turmeric segment accounted for around 34.8% organic spices market share, growing at a CAGR of 4.9% from 2019 to 2026.
In 2018, based on form, the powder segment accounted for 32.3% share of the organic spices market and is expected to growth at the highest CAGR of 4.7%.
In 2018, based on region, Asia-Pacific accounted for a prominent market share and is anticipated to grow at a CAGR of 4.7% throughout the forecast period.
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