In
accordance with the market research report published by Inkwood Research, the
Global Organic Spices Market is estimated to showcase a CAGR of 8.51% during
the forecasting years of 2019-2028.
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Organic foods
are manufactured from products that are grown using organic farming techniques.
When everything is driven by modern technology in present times, farmers are
going back to age-old practices in agriculture for the greater good of mankind.
The soil, seed, water, everything that goes into producing organic food, and
the final product are natural and free from pesticides, fertilizers, and
chemicals. This has been advocated by health-conscious consumers who are
increasingly aware of the harmful effects of chemicals and other additives in
food.
Rising Demand for Organic Products Promotes Market Growth
As per the
USDA, the global organic food and drinks market was estimated at $90 billion in
2016. North America and Europe are dominating the global market. The health
food-sector is a growing market as the industry and consumers focus on healthy
food and natural flavors as substitutes for sugar, salt, and artificial
products. A rise in awareness about the health benefits associated with the
consumption of organic products is steering the demand for these products.
Thus, organic spices as an ingredient are in great demand in the food and
beverage industry.
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Turmeric Accounts for the Largest Revenue Share in the Product Segment
Turmeric is
native to Asia and the most important spice in India. India accounts for nearly
80% of the global production being the leading producer and exporter of
turmeric. In India, turmeric is used on a large scale both in the household and
commercial sectors. The Indian government is taking various initiatives to
improve organic turmeric production. In the international market, the U.S. is
experiencing a surge in the consumption of organic turmeric, owing to an increase
in consumer preference for natural and plant-based food products. Some of the
non-profit organizations have been standardizing rules for the production and
maintenance of these products. The IFOAM has established organic processing,
production, and trading standards for the organic turmeric segment.
North America is evaluated to record the Highest Growth Rate
The North
America region is one of the major market for spices and seasonings, and
estimated to witness the highest growth rate during the forecast period.
Quality is one of the prerequisites influencing the purchase decisions of the
consumers in North America, and there is a growing demand for fair trade
labeled products.
The global
players in the market have high-brand visibility, have strong competitive
strategies, and provide quality products. The global and regional players are
trying to maximize the existing supply chain and ensure better product
distribution within the global market. The companies are innovating and
introducing new and improved spice blends inflaming the competition level among
the global players in the market. The market is dominated by renowned world
players, including AKO GmbH, Daarnhouwer & Co. B.V., Organic Spices Inc, UK Blending
Ltd, among others.
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