The Increasing Consumer Inclination towards Organic Foods and Increasing Adoption of Organic Spices And Herbs in the Pharmaceutical Industry is Anticipated to Drive the Organic Spices Market during the forecast period. Organic Spices Market size is projected to reach $3,858.4 million by 2026, growing at a CAGR of 5.3% over 2021-2026.
The Organic Spices Market is growing at a significant rate owing to increasing consumer inclination towards organic foods and increasing adoption of organic spices and herbs in the pharmaceutical industry. Herbs and spices are considered organic if they have not been subjected to any chemical treatment. Also, the finished outcome has not been irradiated with gamma rays or anything similar, to kill bacteria or to preserve them from decay. There should not be any wax sprayed on the fruits to maintain its shiny look. Organic herbs and spices are products produced by abiding a certain standard and following certain guidelines ascertained by a number of official bodies throughout the world. They are products that are not been subjected to any chemical treatment in the fertilizer or livestock food. However, high production and logistics costs coupled with trade regulations for certain specific regions resulting in higher price margins for importing countries are deemed to hamper the organic spices market growth. Furthermore, increasing number geriatric population and rising research and development activities is set to further enhance the overall market demand for Organic Spices Market for the period 2021-2026.
Asia Pacific dominated the organic spices market with major share of 45% in 2020. This is owing to growing consumer awareness regarding products that are both affordable and high-quality and changing taste profile increases the demand of organic spices and are rising the growth of this region. India is the world's leading producer, consumer and exporter of spices, producing approximately 75 of the 109 varieties mentioned by the International Organization for Standardization (ISO) that are increasing the growth of Organic Spices market. However, Europe is considered as the fastest growing region owing to rising demand of spices and herbs that increases the production.
Also, in 2020 on the basis of product types can be further segmented into Spices, and Herbs. The Spices segment is the major segment producing revenue in 2020. This is mainly owing to the large-scale application as a preservative or coloring agent in various cuisines. Moreover, spices has been enduring demand from both households as well as commercial sectors that increases the demand of spices. The Herbs is considered as the fastest growing segment owing to its health benefits that increases the demand of herbs and increases production of herbs which in turn enhancing the market growth.
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Organic Spices Market Growth Drivers:
Increase in Customer Inclination towards Organic Foods
Rising consumer demand towards organic foods is a major factor that are increasing the growth of Organic Spices market. According to the 2020 Organic Produce Performance Report, the sales of organic produce have raised to $8.5 billion in 2020 and the highest year-over-year sales increases were observed in herbs and spices. The United States Department of Agriculture (USDA) is creating awareness about the adulteration and health hazards owing to the excessive consumption of synthetic food products and also increasing the customer’s preference to pay for certified organic food products, which is creating a positive impact on the growth of the organic spices market. This rapid rise in the demand for organic spices and herbs owing to the growing awareness among customers is propelling the growth of the market over 2021-2026.
Increasing Adoption of Organic Spices and Herbs in the Pharmaceutical Industry
Increasing demand of organic spices and herbs in pharmaceutical industry is increasing the growth of Organic Spices Market. Pharmaceutical companies across the world are increasing their efforts to incorporate organic herbs and spices in drug formulations to improve the health conditions of people associated with various chronic diseases and to meet the growing customer’s preference for organic and natural pharmaceutical products. Researchers in India have found that the Basil herbs have the ability to address physical, metabolic, and psychological stress through a combination of pharmacological actions and also to counter metabolic stress by normalizing glucose and blood pressure which are further enhancing the growth of the organic spices market.
McCormick acquired Botanical Food Company and increased the sales of Gourmet Garden spices brand that increases the demand of this product and are increasing the market growth.
Falfurrias Capital acquired with C.F. Sauer Company and produced flavor-enhancing condiments, spices, seasonings and extracts that increases the growth of Organic Spices market.
ITC launched a super safe spices under the masterchef brand that are tested for 450 chemicals, toxins and other contaminants and are increasing the growth of Organic Spices market.
The Major Players in this Market Include
The major companies in the Organic Spices Market include PDS Organic Spices, Olam International Ltd., Kalsec Inc., ITC Limited, The Watkins Co., S&B Foods Inc., The C.F. Sauer Company, Husarich GmbH, Rapid Organic Pvt. Ltd., and ,McCormick & Company. In 29 July 2020, ITC Limited has acquisition with Sunrise Foods Pvt Ltd. in order to strengthen the spices business and are increasing the growth of Organic Spices market. The continuous development in organic spices products and rising production by the manufacturer are increasing the opportunities for the growth of Organic Spices Market.
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