NEWARK, Del, Feb. 08, 2023 (GLOBE NEWSWIRE) — The organic spices market is likely to thrive at an average CAGR of 4.5% between 2023 and 2033. The market is anticipated to cross a share of US$ 17.0 billion by 2033 while it is anticipated to be valued at US$ 10.9 billion in 2023.
- The wave of organic food items including spices being in trend is fueling the sales of organic spices in the marketplace. Furthermore, the fresh flavors with no chemicals mixed are liked by the end-users.
- Expanding restaurant and hotel businesses with changing tastes and enhanced culinary flavors are creating a high demand for organic flavors as they enrich the food.
- The government’s support of organic farming and organic products for the better health of its citizens leads to soil-friendly agricultural practices. Thus, business enthusiasts adopt organic spices.
- Extensive research and development programs along with social media influences are thriving the sales of organic spices. Furthermore, the conservation of rare spices through organic farming is fueling the demand for organic spices.
- Higher consumption of food items like soups, sauces, condiments, and dressings requires fresh spices like pepper and cumin. Therefore, the demand for organic spices is expected to rise in the future.
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- The United States market leads the space in terms of market share and CAGR. The market is anticipated to cross a value of US$ 3.4 billion by 2033. The regional market is expected to thrive at a CAGR of 4.3% between 2023 and 2033. The growth is attributed to the expanding restaurant businesses, growing organic farming, and frequent social media trends.
- The Chinese organic spices market is another significant market in the Asia Pacific. It thrives at a CAGR of 3.9% during the forecast period. The market is likely to reach a value of US$ 2.4 billion by 2033. The excessive growth is attributed to the famous Chinese cuisines requiring fresh spices and conventional spice farming methods.
- Powder and granules are likely to thrive in the form category as it is the most common and convenient form of mixing spices in food while cooking. It is expected to thrive at a CAGR of 4.2% during the forecast period.
- The direct sales segment is expected to top the distribution channel category with a CAGR of 3.8% between 2023 and 2033. The growth is attributed to easy availability and bulk consumption.
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The key competitors are focused on increasing the organic content while expanding the distribution channels. Key competitors also merge, acquire, and partner with other companies to increase the supply chain and distribution channel. The key players in the market are SunOpta Inc., Organic Spices Inc., Live Organics, Unilever, and S&B Foods Inc.
- SunOpta Inc. has introduced its agreement to sell its global ingredients segment to Amsterdam commodities. The company is likely to participate in the 25th annual ICR conference.
- Organic Spices Inc. has started producing organic spices through different procedures like steam treatment, and dry heat methods. The company also works on renewable energy and green business model.
By Product Type:
- Powder & Granules
By End User:
- Food Service
By Distribution Channel:
- Store-based Retailing
- Convenience Stores
- Traditional Grocery Retailers
- Food & Drink Specialty Stores
- Online Retail
- North America
- Latin America
- Asia Pacific (APAC)
- The Middle East & Africa (MEA)
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Table of Content
1. Executive Summary | Organic Spices Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
Old Source: Organic Spices Market Witness Skyrocketing Sales Due to Increased Global Demands for Organic Spices – Future Market Insights, Inc.
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