Herbs and Spices Market Scope
Spices are the most revered product in the commodity trade, and as a result, it is aptly said that the history of spice trade is the history of trade. India and China are the two largest spice exporting countries in the world, and the United States and Europe are the two largest spice consumers. Pepper, cardamom, ginger, turmeric, chilli, cinnamon, nutmeg/mace, cloves, pimento, and vanilla are the most common tropical spice crops, while cumin, coriander, sesame seeds, mustard, oregano, and mint are the most important non-tropical spice crops. The Demand for Natural and Organic Ingredients has flourished across nations, this has derived huge demand for herbs and spices. Another reason for the demand is the fast pace growth in end use industries such as cosmetics and Pharmaceuticals.
The Herbs and Spices market study is segmented by Type (Herbs and Spices), by Application (Food and Seasoning, Beverage, Cosmetics and Pharmaceuticals) and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States, German, and Indian Vendors will contribute to the maximum growth of Global Herbs and Spices market throughout the predicted period.
Olam International (Singapore), Kerry Group Plc. (Ireland), Ajinomoto Co. Inc. (Japan), Firmenich SA (Switzerland), Takasago International Corporation (Japan), Archer Daniels Midland Company (United States), Sensient Technologies Corporation (United States), Kalsec Inc. (United States), McCormick & Company Inc. (United States) and Symrise AG (Germany) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Frutarom Industries Ltd (Israel), Synthite Industries Ltd (India), Husarich GmbH (Germany), G. C. Products Private Limited (India), Plantrich (India) and EHL Ingredients (United Kingdom).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
AdvanceMarketAnalytics has segmented the market of Global Herbs and Spices market by Type, Application and Region.
On the basis of geography, the market of Herbs and Spices has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On 11th December, 2018 - EHL Ingredients launched Special Herb and Spice Blends for Christmas. Six New Herb and Spice Blends Are Among the New Ingredients, Which Promise to Give Food Producers and Caterers an International Spin on Traditional Christmas Recipes. and On 12th July, 2020 - Naturevibe Botanicals Launched New Range of Ayurvedic Herbs, this New Ayurvedic Segment Includes Herbs with Immune Boosting Properties. Motive Behind the Launch was to Cater to Covid hit Economy.
FSSAI Regulations and Guidelines on Spices - The Food Safety and Standards Regulation Specifies Standards For 30 Spices and Condiments, Including Cardamom, Chilies, Cinnamon and Others. Sale of Loose Powdered Spices and Condiments Is Forbidden By FSSAI. It Also Makes It Illegal to Distribute Compounded Asafoetida in Amounts Greater Than One Kilogramme Unless It's in A Sealed Container with Proper Marking. and United States, Food and Drug Administration; CFR - Code of Federal Regulations Title 21 – Provides a Comprehensive List that Defines and Classifies Herbs and Spices along with Codes, these are Essential for any Seller to abide to Ensure Proper Labelling and Classification. Any New Entrant is Required to Acquire Regulatory Approval for Sale Across United States.
- Increasing Demand for Ready-to-Eat Foods
- Demand for Natural and Herbal Products
- Growth in Cosmetic and Pharma Industry
- Willingness to Pay Premium Price
- Presence of Counterfeit Products
- Fierce Competitive Pressure
Key Target AudienceHerbs and Spices Producers, Herbs and Spices Distributors and Suppliers, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
Frequently asked questions:1. Is it possible to have certain customization in the study?
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a study that suits your business objectives.
2. How big is the Herbs and Spices Market?
Yes, the study does represent market size by key business segment, application/end users and major geographies forecasted till 2026.