Spice and Herb Market Size Expected to Reach US$ 275.01 Billion by 2034 | Fact.MR Report

The use of spices and herbs is increasing in functional food products to improve their health-promoting properties and attractiveness

/EIN News/ -- Rockville, MD, Dec. 19, 2024 (GLOBE NEWSWIRE) -- According to a new industry report compiled by Fact.MR, a market research and competitive intelligence provider, valuation of the global spice and herb market is analyzed to reach US$ 172.08 billion in 2024 and expand at 4.8% CAGR throughout the projection period (2024 to 2034).

The growing need for spices and herbs is largely driven by the food processing industry, which uses them extensively in several goods such as seasonings, sauces, ready-to-eat meals, and snacks. To meet consumer demand for delicious, quick meals, manufacturers are utilizing herbs and spices to enhance flavor while highlighting a natural and clean ingredient profile. The demand for species and herbs is also growing because businesses in this industry are always focusing on releasing new goods to hold onto or surpass their competitors' positions in the market.

The North American region is analyzed to account for a leading position throughout the projection period due to the rising demand for organic and functional spices. Products with several health benefits such as turmeric and ginger, are growing in popularity among customers.

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Key Takeaways from Market Study

• The worldwide market for spices and herbs is forecasted to reach US$ 275.01 billion by the end of 2034.
• The market in East Asia is approximated to touch a value of US$ 38.55 billion in 2024.
• China is estimated to account for 9% of the market share in East Asia in 2024.
• The North American region is evaluated to account for 3% of the worldwide market share by the end of 2034.
• Worldwide sales of powder/granule spices and herbs are projected to increase at 3% CAGR from 2024 to 2034.
• Demand for spices and herbs in South Korea is forecasted to reach US$ 14.67 billion by 2034-end.
• Based on product, the herbs segment is analyzed to account for 5% revenue share in 2024.

“To meet a wider variety of culinary applications and dietary needs, prominent spice and herb manufacturers are expanding the selection of spices, herbs, and blends in their product lines. This includes gluten-free, organic, and functional mixes,” says a Fact.MR analyst

Leading Players Driving Innovation in the Spice and Herb Market:

Key players in the spice and herb industry are Koninklijke Euroma BV, DF World of Spices GmbH, McCormick & Company, Inc., Sleaford Quality Foods Ltd., RAMÓN SABATER S.A.U., Everest Spices, Mahashian Di Hatti Pvt. Ltd., SOLINA GROUP, Verstegen Spices & Sauces B.V., Paulig Group, Elite Spice, Royal Spices, Starwest Botanicals, Grace Foods, Freddie Hirsch Nigeria.

Growing Preference for Powder/Granule Spices and Herbs:

The demand for spices and herbs in powder and granule form is higher than in other forms. Because powdered spices and herbs are easy to use and accessible, they are quickly integrated into recipes without requiring further preparation. Because they have a longer shelf life when maintained properly, they are more beneficial to people. Powdered forms have a strong flavor and aroma due to the liberation of essential oils and compounds by grinding. This enhances the overall taste experience.

Aside from this, the fact that these versatile spice and herb forms are used in several recipes is driving up demand for them due to their use in a growing number of cuisines and the trend of home cooking.

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Spice and Herb Industry News:

• An increasingly well-known African manufacturer of flavors and ingredients, Freddie Hirsch Nigeria, announced in October 2024 the launch of a new line of seasonings with African characteristics that are intended to add a real touch to a variety of cuisines.
• The Caribbean food and beverage distributor Grace Foods United Kingdom debuted a new product line in August 2024 called Jamaican Honey Jerk Seasoning. This blends the delicious, spicy, and sweet flavor of Jamaican jerk seasoning with the sweetness of real Jamaican honey.
• With the introduction of Eco-Pouch, a new line of herbs and spices, in February 2023, Starwest Botanicals, the leading provider of organic herbs, spices, and teas, is anticipated to meet the rising demand from customers for culinary and wellness botanicals.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the spice and herb market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product (spices [cardamom, cinnamon, clove, nutmeg, paprika, pepper, turmeric, cumin seed, garlic, mustard], herbs [oregano, parsley, mint, basil, rosemary]), form (whole, powder/granule, oil), nature (organic, conventional), end use (food processing [soups, sauces & dressings, processed foods, bakery & confectionery, meat & seafood, dairy & frozen products], beverages [alcoholic, non-alcoholic], foodservice, retail/household), and distribution channel (business to business, business to consumers [hypermarkets/supermarkets, convenience stores, specialty stores, online retail]), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

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The global spice market is analyzed at US$ 53.08 billion in 2024 and is projected to expand at a CAGR of 5.1% to achieve a value of US$ 87.28 billion by the end of 2034.

The global seasoning and spice market is projected to grow from $42.7 billion in 2024 to $73 billion by 2034, with a CAGR of 5.5%, according to Fact.MR.

The global dried spices market is anticipated to progress at a CAGR of 4.7% from 2023 to 2033. The market is set to reach a valuation of US$ 5.8 billion in 2023 and climb to US$ 9.2 billion by 2033 - end.

Fact.MR, in its recently published research report, reveals that, expanding at a CAGR of 5.2%, the global flavor enhancers market is projected to rise from a valuation of US$ 3.66 billion in 2023 to US$ 6.08 billion by 2033-end.

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