Market Overview

World Organic Spice Market will retain 7.5% CAGR to beat $40 Billion by 2024

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World Organic Spice Market will retain 7.5% CAGR to beat $40 Billion by 2024

Asia Pacific organic spice market is anticipated to cross USD 15 billion by 2024, due to High production in the countries including China, Vietnam, India etc and Established agricultural practices along with the presence of high-yielding product variants.

PR Newswire

SELLBYVILLE, Del., June 21, 2018 /PRNewswire-iReach/ -- Continuous demand for chemical-free and improved spices will remain a key factor behind organic spice market growth. Globally, the food industry has witnessed strong inclination towards naturally produced food products and ingredients, which in turns uplifting industry profit potential in the coming years. Organic Spice Market is expected to surpass USD 40 billion by 2024; according to a new research report by Global Market Insights, Inc.

High consumer awareness pertaining to the medicinal benefits of the organic spices along with the increased incidences of pesticide residues in food will drive industry growth. Also, change in food patterns and increased acceptance of various international cuisines and flavors will instigate product penetration.

Despite the consistent supply and demand gap, the organic spices are still gaining popularity in both food services and retail sector. Rising consumer craving for variant and exotic flavors is among the key reason driving organic spice market demand.

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Complex regulatory guidelines to get certification may pose a challenge for producers in North American and European market. For instance, U.S.D.A. requires minimum 95% organic ingredients to be approved as official organic packaged food product.

Being a premium industry, high investment is required in modern technology in order to retain flavor and aroma which in turns high organic spice market price trend. Consistent improvements are required in the equipment to complete the process without losing the ingredient essence. Increasing demand from international market are resulting in heavy investment in process re-engineering.  

There is also need for more mechanized farming in developing countries like India to attain optimum utilization of resources. India has a high brand value for spices in European and Middle Eastern countries but are backed by price competition with other countries. The country is among the largest exporter of turmeric, chili, and ginger. Also, the country has a mixed impact of the GST. For instance, ginger was exempted from tax in Kerala, but now with the implementation of GST the product price will rise and also impact the farmer profitability.  

By 2024, garlic demand will be more than 2.5 million tons. High significance in recipes to provide aroma will remain a key factor to drive demand of organic spice market. Wide application in various food products along with product offering in the form of salt, powder, garlic cheese croutons, and vinegar has positively influenced product growth.

With the advent of new flavor offering in snacks & convenience food will support organic spices penetration. Increasing competition from FMCG companies owing to the presence of large scale retail market is resulting into product innovation in terms of new flavor development. The segment will witness over 6% growth in the coming years.

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The large presence of international and domestic companies has resulted in the highly fragmented market share. Also, the threat from non-organized market making the industry competitive. Focus on integrated supply chain to gain maximum profitability.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Media Contact: Jignesh Thakkar, Global Market Insights, Inc., +13028467766, sales@gminsights.com

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SOURCE Global Market Insights

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