Globally the medicinal spices market is estimated to escalate at a higher growth rate which is supported by increasing demand of natural health products among consumers. Rising awareness among the consumers about health benefits of medicinal spices is supporting the market growth. The growing consumption of organic health supplements is playing key role to create demand for supplements made from spices from last few years. The developing economic conditions of various regions are fueling up the market demand for medicinal spices products.
All these factors contribute to the calculated CAGR of 3.7% of Medicinal Spices market during 2017-2023.
Competitive Analysis-
The major key players in Medicinal Spices Market are
• Able Agro International (India) • Earthen Delight (India) • Yogi Botanicals (India) • Live Organics Pvt Ltd (India) • SOAP (Sapthsathi Medicinal Agriculture Project) (India) • Frontier Natural Products Co-op (U.S) • Sun Impex (Netherland)
Increase in demand in overall health and wellness products with vitamins and other essential nutrients is driving higher demand for Medicinal Spices market. Globally, Medicinal Spices for anti-emetic and diuretic have witnessing huge demand which is driving higher private investments by companies for more R&D of products. Majority of medicinal spices used in powder form as it is more convenient and easy to consume. Growing acceptance of spices as a vital health product due to its medicinal properties will change the market dynamics in upcoming years.
Downstream Analysis-
Medicinal spices are used to treat various health condition and illness. Medicinal Spices which contains various unique properties which includes anti-arthritic, anti-oxidant, anti-cancer, anti-flatulent, anti-emetic, diuretic, anti-microbial, anti-bacterial, antispasmodic and others which is encouraging the key players to introduce more medicinal spices with unique formulation. It is difficult for local vendors to expand their business at global level as high investment is required for product development and bulk processing. Key players are focusing to expand their product portfolio to get an edge over competition. Medicinal spices which are helpful to reduce the weight are in high demand especially in developed countries like U.S., Germany and U.K.
Regional Analysis
Global Medicinal Spices Market is segmented into Asia Pacific, North America, Europe, and rest of the world (ROW). Asia Pacific region has the major market share followed by Europe region. Increasing Rising demand of Medicinal Spices for different functions mainly as an antioxidant, anti-aging and beauty products is boosting the market in Asia Pacific region. North America region will witness significant growth backed by growing demand of high quality medicinal spices especially from developed countries like U.S. and Canada. Increasing health awareness about health benefits of Medicinal Spices will play major to gain consumer attraction across the globe.
• Global Medicinal Spices market is segmented by type, form, medicinal properties and region. • Medicinal Spices product has been segmented on the basis of type which includes medicinal spices (turmeric, chili, pepper, cumin, garlic, ginger, clove, cinnamon, nutmeg and others • Medicinal Spices product has been segmented on the basis of form which includes whole, ground/powder, crushed/chopped, minced, flakes, and others • Medicinal Spices product has been segmented on the basis of medicinal properties which includes anti-flatulent, anti-emetic, diuretic, anti-microbial, anti-bacterial, antispasmodic and others
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