Herbs and Spices Market to Hit US$ 243 Billion by 2033| Future Market Insights Inc.

The herbs and spices market is predicted to grow at a CAGR of 3.6% over the forecast period, according to FMI’s analysis. The industry’s value is anticipated to increase from US$ 171 Bn in 2023 to US$ 243 Bn by 2033 end.

The market for herbs and spices is a voyage through the diversity of world cuisines, not only flavor. These culinary jewels, traditionally employed for flavor, fragrance, and food preservation, are seeing a sharp increase in demand. The desire for fine dining experiences, the emergence of veganism, and ethnic culinary exploration are propelling industry growth.

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Key Takeaways:

1. China’s Culinary Dominance: The China herbs and spices market is set to lead globally, poised to generate a substantial revenue of US$ 36.7 Bn by 2033, fueled by rising consumer expectations and enhanced manufacturing capabilities, with a steady CAGR of 3%.
2. South Korea’s Flavorful Ascent: South Korea emerges as the fastest-growing economy in the global herbs and spices market, showcasing a notable CAGR of 5.5%. The trend is attributed to an increasing number of consumers exploring global cuisines through traditional sauces.
3. Japan’s Culinary Accent: In Japan, herbs and spices play a role in uplifting cooking, acting as flavor enhancers. The Japan herbs and spices market is anticipated to reach US$ 7 Bn by 2033, exhibiting a CAGR of 3.6%.
4. Herbs Take Center Stage: Herbs, with their associated health benefits, witness heightened demand, showcasing a robust CAGR of 3% for the forecast period.
5. Food Segment Flourishes: Herbs and spices find increased inclusion in the food segment, fueled by global consumption patterns and the emergence of new food stores. The segment is poised to grow at a CAGR of 3.4%, reflecting the culinary exploration trend worldwide.

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News Featuring Market Developments by Companies Providing Herbs and Spices:

In December 2020, McCormick & Company Inc. unveiled that it has acquired FONA International, LLC, which is a leading producer of clean and natural flavors. The latter caters to diversified consumer base from various application segments like beverage, food, and nutritional markets. The complete acquisition was worth US$ 710 million.

In May 2021, Olam Food Ingredients (“OFI”) revealed that it has acquired Olde Thompson, a leading US private label manufacturer of spices and seasonings. The acquisition was completed at Enterprise Value of US$ 950 million.

Herbs and Spices Market by Category
Product type:

• Herbs
• Spices
• Paprila (Hot Pepper)
• Cumin

End Use:

• Food
• Sauces, Dressings, and Condiments
• Bakery and Confectionery
• Breads/Cakes
• Biscuits
• Snacks
• Candies
• Other Baked Goods
• Dairy Products
• Flavored Milk
• Cheese/Cheese Products
• Butter Ice Creams
• Other Dairy Products
• Snacks & Savory Products
• Processed Food
• Soups
• Flavored/Infused Oils
• Others
• Beverage
• Food Service
• Retail

Form:

• Powder & Granules
• Flakes
• Paste
• Whole/Fresh

Sales channel:

• Direct
• Indirect
• Store-based Retailing
• Online Retail

Nature:

• Organic
• Vegan
• Natural
• Non-GMO
• Conventional

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