Spice and Herb Extracts Market - Growth, Trends and Forecasts (2020 - 2025)

Global spice and herbal extracts market is segmented by source type into Celery, Cumin, Chili, Coriander, Cardamom, Oregano, Pepper, Basil, Ginger, Thyme and Others; By Application into Food Applications, Beverage Applications and Pharmaceuticals and; By Geography.

Market Snapshot

Study Period:

2016-2025

Base Year:

2019

Fastest Growing Market:

Europe

Largest Market:

Asia Pacific

CAGR:

7.1 %

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Market Overview

The global spice and herb extracts market is projected to grow at a CAGR of 7.1% during the forecast period (2020 - 2025).

  • Herbs and spices extracts that are more aligned toward health and wellness, as well as products that have a high penetration rate across artisanal food, culinary preparations, and generic household foods, are likely to maintain dominance over the coming years. The extracts, such as ginger, dried capsicum/pimenta, pepper, curcuma, cinnamon, and cloves, have the highest potential for growth in the European market.
  • The increasing demand for a diverse mix of herbs and spices is expected to be met by ethnic spice blends, mostly related to the increasing popularity of ethnic cuisines and healthy foods and growing consumption of convenience, processed, and ready-to-eat dishes. Furthermore, most of the new products launched in the market are labeled as “street food”, in order to cater to a more unique set of buyers.

Impact of COVID-19 on the Market:

  • The market for spices and seasonings have witnessed a rapid uptick with the onset of the coronavirus crisis, wherein some select spices that are meant to provide immunity, such as turmeric, ginger, and garlic, has received tremendous response from consumers, globally. Regions, like Europe is largely dependent on imports from the developing countries, initially, supply chain risk persisted, however, being one of the most sought-after destinations for herbs, spices, and seasonings, as well as products having a recognizable value and local demand, the market entry at present is less impacted by the same.
  • The pandemic being global would severely impact the agricultural inputs, and going forward, most of the industry related to food and beverages will witness a steep rise in prices of raw material, thereby creating massive concerns for consumers in terms of purchasing power.

Scope of the Report

Global spice and herbal extracts market is segmented by source type into Celery, Cumin, Chili, Coriander, Cardamom, Oregano, Pepper, Basil, Ginger, Thyme and Others; By Category into Essential Oils and Oleoresins, Seasonings, Blends and Other Products; By Application into Food Applications, Beverage Applications and Pharmaceuticals. By geography, the scope includes North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

By Product Type
Cumin
Celery
Chili
Coriander
Cardamom
Oregano
Pepper
Basil
Ginger
Thyme
Cinnamon
Other Source Types
By Application
Food Application
Dairy
Meat and Poultry
Dressings, Soups and Sauces
Snacks and Convenience Food
Other Food Applications
Beverage Applications
Tea and Herbal Drinks
Alcoholic Beverages
Soft Drinks
Pharmaceuticals
By Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
France
Spain
Italy
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
United Arab Emirates
South Africa
Rest of Middle East & Africa

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Key Market Trends

Therapeutic Benefits of Spices

Seasonings and spices are enriched with various health and therapeutic benefits. Spices improve the taste and flavor of foods and add value to human health in several ways. The majority of the spices have antiviral and antibacterial properties, with various vitamins and mineral traces. Spices impart a wide range of health benefits, such as high antioxidant value, reduction of blood sugar level and diabetes, and improvement of skin health and brain health. Garlic has a powerful compound called allicin, which lowers the chance of heart diseases and prevents the growth of cancer cells.

The growth of the diabetic population led to a rise in the popularity of cumin, which promotes weight loss. It is effective in reducing blood cholesterol levels. The market has witnessed an increase in the consumption of spices, due to the growing consumer awareness regarding the health benefits of herbs/spices. Several health food manufacturing companies in this region utilize these spices to introduce and develop health-promoting products and attract the health-conscious consumers of the region

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European Region Holds Significant Share in the Market

Europe is the largest market for spice and herbs extracts globally. Despite low production, Europe is much inclined towards the import of spice, herbs and their extracts from developing region such as Asia-Pacific and the Middle East and Africa. About 97% of the total imported spice & herbs come from developing countries. On a global scale, Europe is a mature market for spice and herb extracts and the growth rate is comparatively slower than other regions. The 

European demand for spices is growing mostly due to interest in new tastes and healthy living. Furthermore, increasing inclination toward good-for-health food, organic food ingredients, food having a greater amount of transparency, less amount of sodium in salts are expected to create opportunities for the companies manufacturing spice and seasonings. Therefore, this factor is expected to increase the consumption of organic ingredients, such as spices in home-prepared food.

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Competitive Landscape

The global spices and herbs extracts market is competitive, with a significant presence of numerous global and regional players. All-Season Herbs, Kerry Group plc, Döhler Gmbh and McCormick & Company, Inc. Moreover, players operating in the market are investing in research and development activities to develop products with enhanced benefits fuelling spice and herb extract market growth.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Cumin

      2. 5.1.2 Celery

      3. 5.1.3 Chili

      4. 5.1.4 Coriander

      5. 5.1.5 Cardamom

      6. 5.1.6 Oregano

      7. 5.1.7 Pepper

      8. 5.1.8 Basil

      9. 5.1.9 Ginger

      10. 5.1.10 Thyme

      11. 5.1.11 Cinnamon

      12. 5.1.12 Other Source Types

    2. 5.2 By Application

      1. 5.2.1 Food Application

        1. 5.2.1.1 Dairy

        2. 5.2.1.2 Meat and Poultry

        3. 5.2.1.3 Dressings, Soups and Sauces

        4. 5.2.1.4 Snacks and Convenience Food

        5. 5.2.1.5 Other Food Applications

      2. 5.2.2 Beverage Applications

        1. 5.2.2.1 Tea and Herbal Drinks

        2. 5.2.2.2 Alcoholic Beverages

        3. 5.2.2.3 Soft Drinks

      3. 5.2.3 Pharmaceuticals

    3. 5.3 By Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Spain

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Russia

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 India

        3. 5.3.3.3 Japan

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 United Arab Emirates

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Position Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 Kalsec Inc.

      2. 6.4.2 Dohler GmbH

      3. 6.4.3 Givaudan

      4. 6.4.4 Kerry Group plc

      5. 6.4.5 International Flavors & Fragrances Inc

      6. 6.4.6 Symrise

      7. 6.4.7 McCormick & Company

  7. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  9. 8. IMPACT OF COVID-19 ON THE MARKET

** Subject to Availability

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