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Organic Spice Market 2024: Key Insights, Demand Trends, and Growth Prospects
Organic Spice Market 2024
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According to The Business Research Company's, The organic spice market size has grown strongly in recent years. It will grow from $29.1 billion in 2023 to $31.73 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to increased health awareness, shifting consumer preferences, stringent regulations and certifications for organic products, increased interest in global cuisine and culinary experimentation, adoption of sustainable farming practices.
The organic spice market size is expected to see strong growth in the next few years. It will grow to $45.08 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to rising demand for ethnic and authentic flavors, increasing sustainability initiatives, e-commerce growth, increasing demand for organic spices due to their flavorful impact on food items, increasing demand from the food processing industry. Major trends in the forecast period include innovative product offerings, collaboration and partnerships, advanced agricultural methods including steam treatment and dry heat method, local sourcing and regional flavors, incorporation of functional spices.
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Market Drivers and Trends:
An increase in demand for organic food products is significantly contributing to the growth of the organic spice market. Organic food is in great demand because people believe that it is healthy and better for immunity. Organic food demand, on the other hand, is expanding at a steady rate, which is giving rise to the demand for organic herbs, spices, and seasonings. For instance, in May 2023, according to Organic Trade Associations (OTA), a US-based trade organization, in 2022, sales of organic food in the US reached $60 billion for the first time. Therefore, the increase in demand for organic food products propelled the growth of the organic spice market .
Product innovations are the key trends gaining popularity in the organic spice market. The major players in the market are developing innovative products for market growth. For instance, in March 2022, Simply Organic Inc. a US-based company that specializes in organic spices launched vanilla bean paste and dairy-free cheese sauce mixes. Vanilla bean paste is a velvety, smooth paste that enhances the taste and appearance of dishes that use a lot of vanilla, such as pudding, creme brulee, and ice cream. Dairy-free cheese sauce mixes are a simple, dairy-free method to give your favorite foods, such nachos, noodles, and broccoli cheese soup, a rich, creamy flavor .
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Major Key Players of the Market:
Rapid Organic Pvt. Ltd., Organic Spices Inc., Yogi Botanicals International, The Spice Hunter Inc., Frontier Co-op, Live Organics Pvt. Ltd., Starwest Botanicals Inc., Rocky Mountain Spice Company, The Spice House, Spices Inc., UK Blending Ltd., The Watkins Company, Spice Chain Corporation, McCormick & Company, International, Pacific Spice Company Inc., Simply Organic Pvt. Ltd., Atlantic Spice Company, Bart Ingredients Ltd., Biova GmbH, Earthen Delight Agro Products Pvt. Ltd., Green Earth Products Pvt. Ltd., Herbs Egypt Co., Husarich GmbH, Kancor Ingredients Limited, Live Organics Pvt. Ltd., Mountain Rose Herbs, Naturex Ltd., Organic Wise Chemical Ltd., P.F. Harris Manufacturing Company LLC
Organic Spice Market 2024 Key Insights:
• The organic spice market size is expected to see strong growth in the next few years. It will grow to $45.08 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• Elevated Demand For Organic Food Products Fuels Growth In The Organic Spice Market
• Innovative Product Offerings Fuel Growth In The Organic Spice Market
• Asia-Pacific was the largest region in the organic spice market in 2023
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