Spices and Herbs Market to Achieve US$ 126 Bn by 2032 - Persistence Market Research

The global spices and herbs market has experienced steady growth over the past few years, riding the wave of rising consumer demand for healthier food alternatives and the growing influence of global cuisine on everyday cooking. In 2022, the market was valued at US$ 79.1 Bn, and it is expected to grow at a value CAGR of 4.8%, reaching approximately US$ 126 Bn by 2032. The use of spices and herbs spans across foodservice, nutraceuticals, and even personal care, showcasing their versatility and essential role in modern life.

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South Asia holds the dominant position in the global market, accounting for over 35% of the market share, largely due to the region's deeply rooted culinary culture and reliance on spices in everyday meals. India, in particular, leads this region's growth with high demand for products like garlic, oregano, and origanum spices. Garlic stands out as the leading segment globally, accounting for 31.5% of the market value, driven by its culinary and health benefits.

Key Highlights from the Report:

➤ Global spices and herbs market to reach US$ 126 Bn by 2032 from US$ 79.1 Bn in 2022.
➤ South Asia dominates with over 35% market share, led by India.
➤ Foodservice industry expected to grow at a 5.3% CAGR due to rising demand for exotic flavors.
➤ Garlic holds the highest share among product types with 31.5% global market value.
➤ Business-to-business distribution channel to surpass US$ 95.6 Bn by 2032.
➤ Increasing demand for organic and functional herbs and spices across personal care and nutraceuticals.

Market Segmentation

The spices and herbs market is segmented based on type, form, nature, end use, and distribution channel. Among product types, garlic, pepper, turmeric, and oregano lead the charts due to their diverse applications in culinary and health products. Herbs like basil, parsley, and mint are gaining momentum, especially in the personal care industry.

In terms of form, spices and herbs are available as whole, powder/granules, and oils, offering consumers and manufacturers flexibility in usage. Organic variants are in higher demand as health-conscious consumers seek natural and chemical-free ingredients.

The end-use segmentation shows a wide application base - from the food industry (including processed food, bakery, sauces, meat, and dairy) to personal care, cosmetics, and beverages. The foodservice industry and nutraceutical sector are particularly important growth areas.

From a distribution standpoint, the market is divided into business-to-business (B2B) and business-to-consumer (B2C) channels. B2B is currently the dominant channel due to the increasing demand from large-scale food manufacturers, restaurants, and wellness product makers.

Regional Insights

The South Asia region, particularly India, is the frontrunner in the global market due to its rich culinary traditions and large-scale spice production. Indian consumers' preference for flavorful dishes drives consistent demand, while international markets continue to import large quantities from the region.

East Asia, led by China, is another prominent region, growing at a projected CAGR of 4%. Increasing awareness of health benefits associated with spices is boosting the market. Moreover, traditional Chinese medicine often incorporates herbs and spices, further fueling demand.

North America and Europe are rapidly embracing clean-label, organic, and functional food trends. These regions are also seeing a spike in consumer demand for global cuisines, which has led to increased imports and usage of spices and herbs.

In the Middle East & Africa, spices are culturally integral to daily meals, especially in Gulf countries. Rising urbanization and hospitality industry growth are contributing to increasing demand across these regions.

Market Drivers

The global surge in health consciousness is one of the primary drivers of the spices and herbs market. Spices like turmeric, cinnamon, and cloves are recognized for their anti-inflammatory, antioxidant, and immunity-boosting properties. Consumers are increasingly opting for natural products to avoid synthetic additives in their food and personal care routines.

The growing popularity of international cuisines, coupled with the millennial interest in global food trends, has significantly increased the demand for diverse herbs and spices. Additionally, the expansion of the foodservice industry, driven by busy lifestyles and the growing working population, is boosting the consumption of spices and herbs in restaurants and takeaways.

Market Restraints

Despite its upward trajectory, the market faces several constraints. Adulteration in spice production remains a significant challenge, especially in developing nations where regulatory oversight is minimal. This not only impacts consumer trust but also restricts international exports due to quality concerns.

Another restraint is the high cost of production, particularly for organic spices and herbs. Labor-intensive processes and a lack of modern processing infrastructure in key producing countries such as India and China add to operational costs. Price fluctuations due to climatic conditions and unorganized market practices also hinder market stability.

Market Opportunities

The rise of clean beauty and green cosmetics has opened new opportunities for spice and herb suppliers. Ingredients like calendula, nutmeg, ginger, and basil oil are increasingly used in skincare and haircare products for their therapeutic benefits.

Another key opportunity lies in the nutraceuticals and dietary supplements sector. With consumers striving to meet their daily nutritional needs through natural sources, spices such as garlic, cardamom, and fenugreek are being incorporated into capsules, tonics, and health drinks.

Additionally, the expansion of online retail platforms is providing new avenues for small and medium-sized spice producers to reach a global audience. E-commerce growth allows businesses to offer direct-to-consumer services, reducing dependency on intermediaries.

Reasons to Buy the Report:

✔ Comprehensive evaluation of the global spices and herbs market from 2017 to 2032.
✔ In-depth analysis of major market segments and their growth potential.
✔ Insightful understanding of key regional markets and trends.
✔ Detailed competitive landscape with profiling of major players.
✔ Identification of current and emerging opportunities for investment and expansion.

Company Insights

• McCormick & Company, Inc.
• Koninklijke Euroma BV
• DF World of Spices GmbH
• Everest Spices
• Worlée NaturProdukte GmbH
• Sleaford Quality Foods Ltd.
• Olam International
• Kräuter Mix GmbH
• Mahashian Di Hatti Pvt. Ltd.
• Elite Spice
• Royal Spices
• TOUTON S.A.
• RAMÓN SABATER S.A.U.
• Verstegen Spices & Sauces B.V.
• SOLINA GROUP
• The British Pepper & Spice Company Limited
• Paulig Group
• El Clarín Spices S.L
• Prymat sp. z o. o.
• Cinnatopia

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