(Food-Beverage-News.Com, August 11, 2018 ) Global Organic Spice Market size is estimated to exceed USD 40 billion by 2024; according to a new research report by Global Market Insights, Inc.
Rising awareness among consumers regarding the medicinal properties and health advantages of natural spices consumption will primarily drive the industry growth. Shifting preference towards chemical free ingredients owing to their notable health benefits including anti-inflammation and pain-relieving properties is expected to propel the organic spice market growth.
The increasing preference for international cuisines and gourmet products have enhanced the natural ingredients demand particularly for flavoring applications. Since the product is usually sold at premium prices, its demand can boost the export revenue in the countries with its high production over the coming years. However, higher price trend and low shelf life may hamper the organic spice market growth.
The industry has witnessed huge investments from the government as well as private investors that paves opportunistic ways for the market participants to increase profitability. Various countries are making various efforts to increase the consumption of naturally grown food by expanding land for its cultivation and enabling favorable regulations.
Garlic is expected to showcase dominance in organic spice market, generating more than 2.5 million tons by 2024. High revenue generation is attributed to rising demand for flavoring agents in numerous domestic and international dishes across the globe. Proliferating demand for various applications such as culinary, RTE and savory foods will further support the industry dominance.
Ginger will exhibit over 6% CAGR from 2018 to 2024 owing to its high usage in processed food industry. High consumer preference due to its indigenous medicinal properties coupled with high rising demand from numerous variants including ginger bread and premium sauces will drive the organic spice market growth.
Asia Pacific organic spice market is expected to value more than USD 15 billion by 2024. Substantial production across the region, particularly in Vietnam, India, and China will support the industry demand. The region witnesses presence of established and high-yielding agricultural practices, that result in high quality products, further driving the industry growth. Europe will exhibit growth over 5.5% from 2018 to 2024 owing to rising production across the region owing to the increasing consumer preference towards the product.
Culinary contributed for dominating share accounting for over 30% of the organic spice market in 2017. Regular usage of ingredients including garlic, ginger, coriander, and chilli for preparing numerous cuisines along with their benefits will contribute significantly towards the revenue generation. Snacks and convenience foods will witness notable gains in forecast period owing to their rising consumption, especially among millennials across the globe.
The competitors continuously focus on engaging in R&D and implementing strong promotional events to spread alertness among the consumers. Some key participants in the industry include Sapthsathi Agriculture Project, Earthen delight, Organic Spices, Rapid Organic, Frontier Natural Products, Plantrich and Yogi Botanicals Private Limited. They are focused on producing premium quality products by using modern technologies. This helps in retaining the quality of the product and food safety standards.
TABLE 6 Global organic spice market estimates by product, 2013 - 2016 (Kilo tons)
TABLE 7 Global organic spice market estimates by product, 2017 - 2024 (Kilo tons)
TABLE 8 Global organic spice market estimates by product, 2013 - 2016 (USD Million)
TABLE 9 Global organic spice market estimates by product, 2017 - 2024 (USD Million)
TABLE 10 Global organic spice market estimates by application, 2013 - 2016 (Kilo tons)
TABLE 11 Global organic spice market estimates by application, 2017 - 2024 (Kilo tons)
TABLE 12 Global organic spice market estimates by application, 2013 - 2016 (USD Million)
TABLE 13 Global organic spice market estimates by application, 2017 - 2024 (USD Million)
TABLE 14 Global organic spice market estimates by region, 2013 - 2016 (Kilo tons)
TABLE 15 Global organic spice market estimates by region, 2017 - 2024 (Kilo tons)
TABLE 16 Global organic spice market estimates by region, 2013 - 2016 (USD Million)
TABLE 17 Global organic spice market estimates by region, 2017 - 2024 (USD Million)
TABLE 18 Industry impact forces
TABLE 19 Competitive landscape
TABLE 20 Global chilli market (Kilo tons), 2013 – 2016
TABLE 21 Global chilli market (Kilo tons), 2017 – 2024
TABLE 22 Global chilli market (USD Million), 2013 – 2017
TABLE 23 Global chilli market (USD Million), 2017 – 2024
TABLE 24 Global chilli market, by application (Kilo tons), 2013 – 2017
TABLE 25 Global chilli market, by application (Kilo tons), 2017 – 2024
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
