As Triton's research report, the global organic spices market, which generated $295.21 million in 2019, is set to chart a CAGR of 9.26% by the year 2028.
A recent study by Triton Market Research titled 'Global Organic Spices Market,' covers the Global Analysis and Forecasts by Form (Granular, Powder, Raw, Extract), by Distribution Channel (Direct, Indirect), by Product Type (Turmeric, Ginger, Pepper, Clove, Cinnamon, Mustard, Nutmeg, Others), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).
Spices grown without using artificial fertilizers, conventional pesticides, sewage sludge, as well as those processed without food additives or ionizing radiation are known as organic spices.
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The report estimates the global organic spices market to exhibit a CAGR of 9.26% during the forecasting period 2019-2028, generating a revenue worth $654.97 billion by 2028.
The increasing demand for organic products, rise in preference for spicy food products, and the surging demand for processed foods are driving the growth of this market. However, the high cost of these products, coupled with low product adoption in untapped markets and the adulteration of the products, is hampering the market growth.
The market for organic spices is segmented into form, distribution channel, and product type. Based on form, it is divided into granular, powder, raw, and extract. On the basis of distribution channel, the market is bifurcated into direct and indirect. And with respect to product type, it is categorized into turmeric, ginger, pepper, clove, cinnamon, mustard, nutmeg, and others.
North America is expected to be the fastest-growing market for organic spices, globally. Statistics from the USDA suggest that the United States is the largest spice importer in the world. It imports more than 40 different types of spices, which include black & white pepper, vanilla beans, mustard, sesame seeds, oregano, and cinnamon. The growth in the Asian and Hispanic population in the country and the growing popularity of their native cuisines are the key factors driving the growth of the US' organic spices market. Also, the growing trend of using spices to compensate for minimal or no salt in the food is substantially driving the demand for this market.
Husarich GmbH, The JR Watkins Co, Ako GmbH, Organic Spices Inc, Bart Ingredients, Ramon Sabater SAU (Sabater Spices), Spice Chain Corporation, UK Blending Ltd, Olam International, Goya Foods Inc, Live Organic, Frontier Co-op, SunOpta, Pacific Spice Company Inc, and Daarnhouwer & Co are the well-known players in the organic spices market.
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Question & Answer: Organic Spices Market
Question 1: What factors are driving the growth of the organic spices market?
Answer: The increasing demand for organic products, rise in preference for spicy food products, and the surging demand for processed foods are driving the growth of this market.
Question 2: What factors are hampering the organic spices market growth?
Answer: The high cost of these products, coupled with low product adoption in untapped markets and the adulteration of the products, is hampering the market growth.
Question 3: Which region is expected to dominate the organic spices market?
Answer: North America is expected to be the fastest-growing market for organic spices, globally. Statistics from the USDA suggest that the United States is the largest spice importer in the world. It imports more than 40 different types of spices, which include black & white pepper, vanilla beans, mustard, sesame seeds, oregano, and cinnamon. The growth in the Asian and Hispanic population in the country and the growing popularity of their native cuisines are the key factors driving the growth of the US' organic spices market. Also, the growing trend of using spices to compensate for minimal or no salt in the food is substantially driving the demand for this market.
Question 4: Which are the well-known players in the organic spices market?
Answer: Husarich GmbH, The JR Watkins Co, Ako GmbH, Organic Spices Inc, Bart Ingredients, Ramon Sabater SAU (Sabater Spices), Spice Chain Corporation, UK Blending Ltd, Olam International, Goya Foods Inc, Live Organic, Frontier Co-op, SunOpta, Pacific Spice Company Inc, and Daarnhouwer & Co are the well-known players in the organic spices market.
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Global Halal Food & Beverage Market
The global halal food & beverage market is set to show revenue growth in the years 2019-2027, generating $77.07 billion by 2027, while charting a CAGR of 5.85%.
Today, Islam has spread all across the globe, and is not confined to Muslim-majority countries like Saudi Arabia, Egypt, and Indonesia. Islamic communities have a minor, yet momentous presence across the Americas, Europe, and Australia. The Muslim population in the West has increased substantially today, as compared to that before the 21st century. This is attributable to the growing influx of immigrants from the Middle Eastern and Asian Muslim countries.
According to the American think tank Pew Research Center, the global Islamic population has been rising at approx. 2.9% every year since 2011. This is faster than the global population, which is growing at 2.3% annually. The Muslim population is estimated to account for 26% of the overall global population by 2030. The growing number of Muslims will directly impact the demand for halal foods & beverages across the world, thus benefiting the studied market. Furthermore, the growing awareness on halal food among non-muslims is increasing the market demand. Also, the development of tracking technology and the investment in halal food value chain integration will add further growth to the market.
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