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Organic Spices Market Share Growing at 5.1% CAGR to Hit USD 406.6 million by 2026

11-30-2023 10:30 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Market Research

/ PR Agency: Allied Market Research
Organic Spices Market

Organic Spices Market

Surge in the number of health-conscious consumers and increase in awareness regarding the health benefits associated with the consumption of organic spices drive the growth of the global organic food and beverages market.

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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 major factors that drive the growth of the global organic food & beverages market. On the other hand, varying and stringent trade regulation hampers the organic spices market growth. However, rise in rate of organic food consumption as well as rise in disposable income specifically in North America and Europe provide lucrative opportunity in the organic spices market forecast.

Leading Key Players

Leading market players analyzed in the research include the Pacific Spice Company, Inc., Organic Spices Inc., AKO GmbH, UK Blending LTD, Sabater Spices, The Watkins Co., Husarich GmbH, Daarnhouwer & Co, Spice Chain Corporation, and SunOpta Inc.

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The granular segment held more than one-fourth of the total market share in 2018 and will maintain its dominance throughout the forecast period. Granular form of organic spices gains its traction from the commercial sector specifically from the foodservice segment. Spices such as pepper, clove, coriander seeds are most preferably available in its granular form. Some of these organic spices are even tabletop food ingredients in the food service sector. However, the raw segment is estimated to register the highest growth rate with a CAGR of 5.7% from 2018 to 2026. The report also explores the powder and extract segment.

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.

Some of the key non-profit organizations have been taking necessary steps to boost the production of organic spices. For instances, in 2015, the Indian Spices Board started promoting the cultivation and export of organic spices from India with special emphasis on organic production of spices in North Eastern states. The Spices Board provides 50% subsidy for various programs such as support for vermicompost units, establishment of bio-agent production units, organic seed banks (production of organic planting materials/nurseries), organic value addition/processing unit, and organic farm certification assistance.

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The turmeric segment accounted for more than one-third of the total market share in 2018 and is expected to maintain its dominance by 2026. This is due to the rise in demand for clean-label products. However, the cinnamon segment is estimated to project the fastest CAGR of 7.0% from 2018 to 2026, owing to rise in demand for organic spices from the commercial sectors specifically in the food service segment. The report also explores the ginger, clove, pepper, nutmeg, mustard seeds, and others segment.

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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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