Over the past few years, owing to rise in the number of Indian, Italian, Mexican and Chinese restaurants across the world, the demand for herbs and spices has significantly increased. According to a new study by Future Market Insights (FMI), the demand is expected to remain high especially as developed countries report increasing influx of people from other nations. Globalization has therefore resulted in increasing demand taco seasoning, cilantro, Jalapeno pepper, chili powder, fajita seasoning mix, cumin, cinnamon, chipotle and paprika and other herbs and spices.
FMI has forecast, the global herbs & spices market to surpass US$ 159. 41 Bn by 2021. Growth projections remain bullish as applications increase across commercial and household sectors alike. Consumers are ready to pay high prices for high quality, sustainable and natural products and are always attracted towards flavourful, tasty, and colourful food.
Also, ready-to-cook herbs and spices are gaining traction among buyers as the category helps in saving their time and is considered more convenient in use. The expansion of fast food restaurants/quick service restaurants (QSRs) will be a boon, especially since food sector is expected to continue accounting for more than 45% of sales registered in the market.
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Key Takeaways from the herbs and spices Market Study
- Despite obstacles witnessed amid COVID-19, herbs and spices sales are poised to surge, exhibiting nearly 5% y-o-y growth in 2021
- Multiculturalism will drive the U.S. market, enabling it account for more than 90% of sales in North America
- Expansion of food sector will enable y-o-y growth at 3.1% within the U.K. in 2021
- Moderate growth is expected in Germany and France
- China will remain dominant, exhibiting high sales in East Asia, Japan and South Korea to catch up in terms of growth rate
“Globally, the demand for herbs and spices is on an upward swing as they increase the sustainability of food products without the requirement of adding sugar and salt which run the risk of adding extra calories in daily diet. Manufacturers are investing in research and development to launch unique herbs and spices products. They are launching various innovative natural, organic, chemical-free herbs and spices offerings, which will aid the overall growth of the market,” said a lead analyst at FMI.
Manufacturers to Focus on Sourcing from Local Suppliers
Herbs and spices are used globally for adding flavor and color to food and beverage products, novel foods, food supplements, and as a source of essential oils and aromatic extracts. The non-availability or inadequacy of standards for checking and assuring the quality of herbs and spices is one of the main problems that arise for players in the food and beverage industries when using such raw materials.
As various herbs and spices are harvested from the wild, standardization is important to assure their quality as it is widely used in the food and beverage industries. Consumers are becoming conscious about the quality as well as the source of the raw material from which food or beverages are made. Manufacturers are preferring local suppliers of raw materials, as they can easily check the quality and source of the raw material. Moreover, this reduces the cost of transportation, which is beneficial for manufacturers.
Who is winning?
Some of the leading companies operating in the Herbs and Spices market are: Givaudan S.A, Kerry Group Plc., Ajinomoto Co., Inc., Firmenich SA, Takasago International Corporation, Olam International, Archer Daniels Midland Company, Robertet SA, Sensient Technologies Corporation, Kalsec Inc., McCormick & Company, Inc., Symrise AG,Frutarom Industries Ltd, Synthite Industries Ltd, International Taste Solutions Ltd.
Key players of herbs and spices are focusing on innovation through research and development. The company is concentrating on acquisition, mergers, and joint venture for the expansion of product portfolio, geographical presence and to increase the production capacity for herbs and spices.
- In July 2016, Dohler GmbH acquired Teawolf a manufacturer of botanical extracts and natural ingredients in the U.S. The aim behind the acquisition was to expand its product portfolio in natural ingredients and to strengthen its position in global botanical extracts market.
- In July 2017, McCormick & Company, Inc. acquired of Reckitt Benckiser’s Food Division. The acquisition aimed to increase the production capacity of the flavouring division.
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Get Valuable Insights into Herbs and Spices Market
Future Market Insights, in its new report, presents an unbiased analysis of the global herbs and spices market, covering historical demand data and forecast figures for the period between 2020 and 2030. The study divulges compelling insights into growth witnessed in the market. Based on product type the market can be segmented into herbs, spices, paprika, and cumin. In terms of nature, the market can be segmented into organic, vegan, natural, Non-GMO, Conventional. Based on form the market can be segmented into powder and granules, flakes, paste, whole or fresh. Based on end use the market can be segmented into food, beverage, food service and retail. Based on distribution channel market can be segmented into direct, indirect and online retail. Regionally, the market covers North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA.
Key Questions Answered in the Herbs and Spices Report
- Which Is The Most Lucrative Market For Herbs And Spices?
Europe is leading the market for herbs and spices. The rising demand from Germany, France, and the U.K. will continue supporting expansion in the region.
- Which Industry is the Primary End User of Herbs and Spices?
According to a study by FMI, the food industry dominates the herbs and spices market with a share of 45.2 %. Herbs and spices are used in preparation of various food items such as sauces, dressings, and condiments, bakery and confectionery, dairy products, snacks & savory products, processed food, soups, flavored/infused oils etc.
- Which Sales Channel is Most Preferred for Herbs & Spices?
Direct sales channel are more preferred by manufacturers of herbs and spices.
- Who are Some of the Leading Companies Offering Herbs and Spices?
Some of the leading companies operating in the herbs and spices market are: Givaudan S.A, Kerry Group Plc., Ajinomoto Co., Inc., Firmenich SA, Takasago International Corporation, Olam International, Archer Daniels Midland Company, Robertet SA, Sensient Technologies Corporation, Kalsec Inc., McCormick & Company, Inc., Symrise AG,Frutarom Industries Ltd, Synthite Industries Ltd, International Taste Solutions Ltd.
- Why Are Herbs and Spices Required in Bakery and Confectionary?
The bakery and confectionary sector has been exhibiting high demand due to the inclusion of various herbs and spices in the preparation of breads, cakes, biscuits, snacks, and other food items.
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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