Herb & Spice Extracts Market grows as demand rises for their health benefits, flavor, and natural appeal in diverse culinary applications.
NEWARK, DE, UNITED STATES, December 20, 2024 /
EINPresswire.com/ -- The global
herbs and spices market is projected to grow at a compound annual growth rate (CAGR) of 3.6% from 2024 to 2034. The market size is anticipated to rise from USD 171,563.1 million in 2024 to USD 244,124.7 million by 2034. This growth is driven by the increasing incorporation of herbs and spices into food products, enhancing flavor profiles and catering to consumer preferences for diverse culinary experiences.
Key Trends Shaping the Herbs and Spices Market
The rising demand for unique aromatic experiences is inspiring recipe developers to explore innovative flavor combinations, catering to consumers' growing interest in distinctive food aromas. This trend aligns with an expanding curiosity about global and ethnic cuisines, which has amplified the demand for exotic spices and diverse flavor blends. Simultaneously, heightened awareness of the medicinal benefits of herbs and spices, such as their antiviral and antibacterial properties, has significantly contributed to their popularity. Additionally, the anti-aging food trend, emphasizing the concept of "food as medicine," has driven consumers to incorporate cholesterol-lowering and health-enhancing spices into their diets, promoting longevity and overall well-being. Together, these factors are shaping the evolving role of herbs and spices in modern culinary and health-conscious practices.
"Herbs and spices are revolutionizing the food and beverage industry, with their use in ready-to-eat meals, spiced beverages, and flavored alcohol. Innovations like cinnamon-flavored Coke reflect the growing consumer demand for exotic and versatile flavor profiles, driving market growth globally." - says Nandini Roy Choudhury, Client Partner at Future Market Insights
Key Factors Supporting Market Growth
1. Medicinal Applications
Many herbs are used medicinally or processed into medicines. Despite the estimated 350,000 plant species on Earth, only a fraction has been scientifically studied for medicinal use. Extracts and essential oils derived from these plants are applied in the treatment and prevention of chronic diseases, bolstering market growth for herb and spice extracts.
2. Food Research and Development
Biomedical research labs continue to evaluate the health impacts, toxicity, and potential benefits of food processed with herb and spice extracts. These extracts are widely used in packaged food to enhance flavor. Before application, herbs and spices undergo processes such as distillation and extraction under varying temperatures to expand their uses in the food industry.
3. Innovative Extraction Technologies
A revolutionary trend in the market is the adoption of steam distillation for extracting essential oils from herbs and spices. This method uses controlled steam to release oils from raw materials without thermal damage, allowing manufacturers to maintain the integrity of the oils. For example, lavender oil is extracted using this process, highlighting its efficiency and versatility for diverse applications.
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Increasing Demand for Global Cuisines Driving U.S. Market Growth
The United States remains one of the most lucrative markets for herbs and spices, projected to grow at a CAGR of 5.9% through 2034. The rising immigrant population from Asia and Mexico has significantly influenced local food preferences, boosting the demand for spices and herbs.
An increasing number of Indian, Italian, Mexican, and Chinese restaurants offering authentic cuisines enriched with diverse ingredients further drive this trend. Additionally, ready-to-cook spice mixes are gaining popularity among U.S. consumers, catering to their busy lifestyles with convenient meal solutions.
Clean-Label Herbs and Spices Fueling Growth in Germany
Germany is expected to remain a dominant market for herbs and spices in Europe, with a projected CAGR of 4.2% through 2034. Rising consumer awareness about the health benefits of natural and organic products has led to increased demand for clean-label herbs and spices.
Manufacturers in Germany are responding to this trend by emphasizing the production of clean-label offerings, aligning with consumer preferences for healthier and more transparent food options.
Strong Preference for Herbal Products Boosting China’s Market
China’s herb and spice market is projected to grow at a CAGR of 4% during the forecast period, driven by the functional benefits of these ingredients in food products. Herbs and spices with digestion-resistant properties are increasingly being incorporated into functional foods, supporting their rising demand.
Additionally, herbs and spices play a significant role in traditional Chinese medicine, and consumers display a strong inclination for herbal products. Prominent companies like Infinitus (China) Co., Ltd. are further boosting sales through innovative offerings.
Expansion Strategies Fueling Japan’s Herb and Spice Market
Japan’s market for herbs and spices is forecast to grow at a CAGR of 4% between 2024 and 2034. With a heavy reliance on imports from South and East Asia, the Japanese market is witnessing strong demand for cholesterol-lowering herbs and spices such as pepper, ginger, cinnamon, and cloves due to their health benefits.
Key industry players are employing expansion strategies to cater to the growing demand, contributing to the positive outlook for the seasonings industry in the region.
India’s Leading Role in the Global Herb and Spice Trade
India continues to be a major supplier of herbs and spices, including cumin, ginger, chili, and turmeric, with annual sales projected to grow at a rate of 4.3% during the forecast period.
Herbs and spices in India are predominantly used in food and beverage applications, along with traditional remedies for human ailments using ingredients like aloe vera, clove, mint, cinnamon, and black pepper. This strong domestic and international demand underscores India's prominent position in the global herbs and spices trade.
Competitive Landscape for Herb and Spice Market
Innovations in the food and beverage industry are being made to meet the demand for healthy food products for human consumption without negotiating on the flavor, taste, texture, and nutritional qualities of the product.
Companies are focusing on generating more sales by developing sustainable herbs and spices packaging to cater to the evolved demand of consumers. Multinational companies producing herbs and spices are focusing on the expansion of their manufacturing facilities and acquiring local players that would complement their product offerings.
Notable Developments in the Global Herb and Spice Market
• In May 2022, Jhaveri Spices Private Limited, based in India, introduced several new herb and spice blends that included Rajashahi Garam Masala, Kitchen King Masala, and Pav Bhaji Masala. These blends are manufactured using premium ingredients and uniquely blended extracts.
• In January 2017, Givaudan S.A, acquired Activ International to expand its product offerings by providing organic and natural flavors, seafood, and marine extracts.
• In November 2022, LifeSpice India introduced the first Science-baked spice mix product. The firm offers these innovative spice ingredients in kits consisting of four jars.
• Ajinomoto Co., Inc. In August 2016, Ajinomoto Co., Inc. invested USD 21.8 million to increase the production capacity of the company by approximately 40% for the flavor seasoning brand name Ros Dee
® in Thailand.
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Key Players Profiled in the Herb and Spice Market Report
• 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 Segments Covered by Herb and Spice Industry Survey Report
By Product Type:
• Herbs
• Spices
• Paprika (Hot Pepper)
• Cumin
By End Use:
• Food
o Sauces, Dressings, and Condiments
o Bakery and Confectionery
Bread/Cakes
Biscuits
Snacks
Candies
Other Baked Goods
o Dairy Products
Flavored Milk
Cheese or Cheese Products
Butter Ice Creams
Other Dairy Products
o Snacks & Savory Products
o Processed Food
o Soups
o Flavored or Infused Oils
o Other Foods
• Beverage
• Food Service
• Retail Sales
By Form:
• Powder & Granules
• Flakes
• Paste
• Whole or Fresh
By Sales channel:
• Direct Sales
• Indirect Sales
o Store-based Retailing
o Online Retail
By Region:
• North America Market
• Latin America Market
• Europe Market
• East Asia Market
• South Asia and Pacific Market
• Middle East and Africa (MEA) Market
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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