Press release
Organic Spices and Herbs Market is projected to grow at a CAGR over 3.72% during the period 2017- 2023
Organic spices and herbs market is projected to grow at 3.72% during the forecasted period 2017 to 2023. APAC region is estimated to dominate the market with more than 70% of market share in the year 2017 followed by North America. Asia Pacific region will witness higher growth rate in organic and herbs market due to increasing production of organic spices in India, China and other Asian countries. APAC holds major market share in organic garlic and mint market it projected to grow 4.38% and 6.86% respectively during the forecast period.
Competitive Analysis
The major key players in Global Organic Spices and Herbs Market are
• Organic Spices Inc.(U.S.)
• Frontier Natural Products Co-op (Norway)
• Rapid Organic Pvt Ltd (India)
• Earthen Delight (India)
• Yogi Botanical Pvt Ltd (India)
• The Spice Hunter, Inc. (U.S.)
• Starwest Botanicals, Inc. (U.S.)
Market Forecast
Global Organic Spices and Herbs market is projected to reach 298,522 kilo tons by 2023 with CAGR of 4.56% in terms of volume. Chilies market share was estimated to be around 50% in the organic spices and herbs market followed by Garlic and Ginger in the year 2017. Strong historical usage and recognition as household and basic essential for daily usage has supported increase in use of chili, garlic and ginger across the globe. Mint is dominate the market with major market share in the organic spices and herbs market followed by oregano and marjoram in the year 2017. Increasing demand of herbs for medicinal uses is driving the organic herbs market across globe.
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By Application Analysis
Increasing importance of herbs & spices for various flavors in foods and medicinal properties has resulted in higher demand for herbs & spices. On the other hand, rising awareness for food safety related to pesticide residues in herbs & spices and related health hazards has triggered higher demand or organic herbs & spices. Demand for organic foods has been slower due to reluctance among farmers to shift from traditional methods of farming to organic farming. Change in food trends and adoption of various international food forms encouraging herbs & spices consumption in raw form further encourages demand for organic herbs & spices.
Increasing consumer interest in healthy diet is directly proportional to the rising growth of dietary supplements products. Dietary supplements provide various vitamin, mineral, fatty acids and many more. The dietary supplements offer various health benefits by strengthening immune system and also provides prevention from cold & flu, migraine headaches, cholesterol, and arthritis.
Regional Analysis
The Global Organic Spices and Herbs market is segmented into North America, Europe, Asia Pacific and Rest of the World (RoW). Among this Asia Pacific region has the major market share followed by North America. Asia Pacific region is expected to maintain its dominant position in upcoming years due to presence of various agro-climatic zones and seasons support various organic spices and herbs production in this region. Vietnam and Indonesia will witness higher growth in organic spices and herbs market during the forecast period (2017 to 2023) due to increasing production of chilies and pepper in these countries. Spain and Ukraine are one of the fastest growing countries in organic spices and herbs market in the Europe region as increasing demand for high quality organic herbs is playing key role in Europe region. Chili, Parsley, Mint and Marjoram are dominating the North America region due to increasing popularity of organic spices and herbs in developed countries especially in U.S. and Canada.
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Market Segmentation
Global Organic Spices and Herbs Market is segmented by spices type, herbs type, form, application and region.
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