Surge in the number of health-conscious consumers and increase in awareness regarding the health benefits associated with the consumption of organic spices drive the growth of the global organic food and beverages market. The region of Asia Pacific accounted for more than one-third of global organic spices market in terms of revenue in 2018
PORTLAND, Oregon, July 4, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Organic Spices Market by Product Type (Ginger, Turmeric, Clove, Pepper, Cinnamon, Nutmeg, Mustard Seeds, and Others), Form (Powder, Granular, Extract, and Raw), and Distribution Channel (Direct and Indirect): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global organic spices market generated $272.8 million in 2018 and is estimated to reach $406.6 million by 2026, growing at a CAGR of 5.1% from 2019 to 2026. The report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size & estimations, and competitive scenario.
Rise in number of health-conscious consumers and increase in awareness regarding the health benefits associated with the consumption of organic spices are the two major factors that drive the growth of the global organic food & beverages market. On the other hand, varying and stringent trade regulation hampers the organic spices market growth. However, rise in rate of organic food consumption as well as rise in disposable income specifically in North America and Europe provide lucrative opportunity in the organic spices market forecast.
Turmeric segment to maintain its leadership status by 2026
The turmeric segment accounted for more than one-third of the total market share in 2018 and is expected to maintain its dominance by 2026. This is due to the rise in demand for clean-label products. However, the cinnamon segment is estimated to project the fastest CAGR of 7.0% from 2018 to 2026, owing to rise in demand for organic spices from the commercial sectors specifically in the food service segment. The report also explores the ginger, clove, pepper, nutmeg, mustard seeds, and others segment.
Granular segment to maintain its dominance throughout the forecast period
The granular segment held more than one-fourth of the total market share in 2018 and will maintain its dominance throughout the forecast period. Granular form of organic spices gains its traction from the commercial sector specifically from the foodservice segment. Spices such as pepper, clove, coriander seeds are most preferably available in its granular form. Some of these organic spices are even tabletop food ingredients in the food service sector. However, the raw segment is estimated to register the highest growth rate with a CAGR of 5.7% from 2018 to 2026. The report also explores the powder and extract segment.
Indirect segment to maintain its leadership status by 2026
The indirect segment held more than half of the total market share in 2018 and will maintain its dominance throughout the forecast period. However, the direct segment is estimated to register the highest growth rate with a CAGR of 5.2% from 2018 to 2026.
The Asia-Pacific region accounted for more than one-third of the market in terms of revenue in 2018, owing to the increasing demand for organic food in Asia at 15 to 20 percent every year over the last one decade. However, the North America region is expected to grow at the highest CAGR of 5.8% during the forecast period. Rise in number of Hispanic and Asian population, a trend toward use of spices to compensate for less salt and increase in popularity of ethnic foods from Asia and Latin America, are the key potential factors that have been driving the demand for spices in North America. Moreover, North America is being considered as the dominant region for the global organic food market. The research also analyzes regions including Europe and LAMEA.
Frontrunners of the industry
Leading market players analyzed in the research include the Pacific Spice Company, Inc., Organic Spices Inc., AKO GmbH, UK Blending LTD, Sabater Spices, The Watkins Co., Husarich GmbH, Daarnhouwer & Co, Spice Chain Corporation, and SunOpta Inc.
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