The global organic spices market is anticipated to grow and register a CAGR of 8.51% during the forecast period of 2019-2028
NEW YORK, June 3, 2020 /PRNewswire/ --
KEY FINDINGS
The global organic spices market is anticipated to grow and register a CAGR of 8.51% during the forecast period of 2019-2028. Growing awareness regarding the advantages of the organic food industry, upgrading standards of living, increasing environmental concerns, and the rise in health hazard diseases due to inorganic foods are boosting the global market growth.
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MARKET INSIGHTS
Organic foods are manufactured from products that are grown using organic farming techniques.In present times of cutting-edge technology, farmers are heading back to age-old practices in agriculture to produce organic food.
The seed, soil, water that is needed to produce organic food, and the final product are free from chemicals, pesticides, and fertilizers.This has been compelled by health-conscious consumers who are well-informed about the ill effects of chemicals and other additives in food.
There is an ongoing demand for spices from the household and commercial sectors across the world.Organic food takes longer to produce and requires more care, hence incurring high production costs.
It also entails higher maintenance and logistics costs, which hinders the market growth.
The product type of turmeric captured the largest market share in terms of revenue in 2019, and is set to maintain the trend throughout the forecast period. The global players competing in the market have high-brand visibility, provide quality products, and have powerful competitive strategies, which is aggravating competition among them.
REGIONAL INSIGHTS
The global organic spices market has been geographically segmented into North America, Europe, Asia Pacific, and the Rest of the World for further analysis.The region of Asia Pacific dominated the revenue share as of 2019, and the trend continues over the forecast period.
This is attributed to the rising consumer income, the emergence of many brands, and increasing marketing and promotional activities.
COMPETITIVE INSIGHTS
The global market is highly competitive, considerably dominated by leading international players, including Husarich GmbH, Olam International Limited, UK Blending, Spice Chain Corporation, Ramon Sabater, SAU, among others.
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Companies mentioned
1. AKO GMBH
2. DAARNHOUWER & CO. B.V.
3. HUSARICH GMBH
4. ORGANIC SPICES INC
5. PACIFIC SPICE COMPANY, INC
6. RAMON SABATER, SAU (SABATER SPICES)
7. SPICE CHAIN CORPORATION
8. SUNOPTA INC
9. WATKINS INCORPORATED
10. UK BLENDING LTD
11. OLAM INTERNATIONAL LIMITED
12. EARTHEN DELIGHT
13. FRONTIER NATURAL PRODUCT CO
14. LIVE ORGANICS
15. RAPID ORGANIC
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