Spices and Herbs Market is expected to reach US$ 25 billion by 2028

The spices and herbs market is expected to reach at US$ 25 billion by 2028, registering at a CAGR of 4.5% from 2022 to 2028, according to a new research study conducted by The Insight Partners.

Growing Awareness Regarding Health and Wellness Boost Demand for Spices & Herbs

Source: The Insight Partners Analysis

Spices include turmeric, pepper, paprika, chilies, cinnamon, cumin, cloves, ginger, and others. Herbs include basil, mint, oregano, parsley, and rosemary. Spices and herbs enhance immune health and prevent the risk of infections and viral diseases. They help manage blood sugar levels, which reduces the risk of diabetes, high blood pressure, and heart disease. Moreover, spices and herbs improve the sleep and mental well-being of consumers. The rising awareness regarding health and overall wellness drives the demand for spices and herbs.

Over the past few years, the food preferences of the population have changed to natural and organic ingredients from conventional. The growing awareness about natural and organic ingredients is surging the growth of the spices & herbs market. Further, due to the COVID-19 pandemic, populations extensively increased their intake of spices and herbs due to their medicinal properties such as antitumorigenic, anticarcinogenic, antioxidant, anti-inflammatory, and glucose & cholesterol-lowering properties that affect cognition and mood. Moreover, the manufacturers focused on innovative products that would increase the immunity of an individual. For instance, on May 25, 2021, Akay Group introduced agri-variety spices when the post-pandemic urgency for spices increased in the global market that savored taste buds, spread aroma and healed infections.

Spices are gaining massive traction among consumers due to their antimicrobial activity, which inhibits the growth of pathogens in meat and other food products. The huge migration and international export encourage consumers to adopt and experiment with different cuisines. Also, the consumption of meat and poultry has been increased to gain nutritional intake. Hence, the marination process for tasty and aromatic food encouraged consumers to opt for spices and herbs. This factor is driving the demand for spices and herbs.

Spices that contain pepper, turmeric, and cinnamon as an ingredient help boost immunity, improve sleep, and reduce stress and anxiety. Turmeric-based spices help fight cancer, improve the body’s metabolism, and provide healing. Thus, the rising awareness of the benefits of turmeric and other spices and herbs is driving the market.

Based on end user, the spices & herbs market is segmented into food processing, foodservice, and food retail. The food processing segment is expected to grow at the highest CAGR from 2022 to 2028. Further, manufacturers are extensively investing in research and development activities and providing ready-to-eat products. As consumers are more aware of what they eat and the ingredients content of the food and beverages, manufacturers are incorporating ingredients such as herbs and spices that provide health benefits. This has further propelled the demand for spices and herbs in the food processing industry.

SHS GROUP; Everest Spices; Catch; McCormick & Company, Inc.; NANI AGRO FOODS; MTR Foods Pvt. Ltd.; KERRY Group plc; Olam International; Sensient Technologies; and The Ajinomoto Group are a few of the key players profiled in the study of the spices & herbs market. Several other major companies were analyzed in this research study to get a holistic view of the market and its ecosystem.

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