Medicinal spices market is expected to grow at a 7.6% CAGR and reach USD 267 billion by 2030.
Based on the Medicinal Spices Market Analysis, the market is expected to grow at a CAGR of 7.6%. The market has a current estimated value of USD 142 billion which is expected to reach a market value of USD 267 billion during the forecast period.
The Asia Pacific market is a great producer of the medicinal properties. India, china are the main region of the growing these spices. The European market is also going to have a significant Medicinal Spices Market Value.
The rising awareness in the medicinal properties of the market is the driving factor of the market. A disruption in the supply chain system is going to be a restraining factor of the market. The construction of new factories of medicinal factories is going to be providing a huge boost to the growth of the market.
The covid-19 pandemic has changed the economic scenario of the entire world. It has affected many industries. Europe and East Asia have high demands for herbal medicines which only increased during the pandemic. The surge for finding any natural solution to the pandemic or increasing immunity only contributed to the market growth. The demand for its medicinal properties, the spices market has also seen a significant demand in the United States, Europe, and other regions. In 2020, the Indonesian market has also seen huge boost in the Medicinal Spices Market Growth.
Although the demand has increased significantly, the supply chain disruption has slowed down the scope of the market growth to a certain extent.
Based on the Medicinal Spices Market Forecast, the market has many driving and restrain factors.
With the high demand in the market of medicinal spices, the key exporters of the Medicinal Spices Market Share currently are India, Vietnam, and China. The various commodities made with chilies, ginger, and garlic is going to be the driving factor of the Market Trends. The construction of new spice factories is also going to be the driving factors of the market.
The disruption in the supply chain system for the covid-19 pandemic lockdown are going to create many challenging factors are creating many challenges for the market.
Much exposure to the adulterated spices causing fatal damages are going to be the restraining factor behind the growth of the market.
A change in the consumer preference in taste is going to create new opportunities in the market. Apart from that, the growing awareness among people of the good properties of the medicinal properties is also going to create a huge opportunity in the growth of the market. The APAC, European countries and the U.S are the main sources of medicinal spices.
The pepper segment is dominating the growth of the medicinal spices market. U.S, Vietnam, India, is the main producers of pepper. The other markets such as Sri Lanka, China, Malaysia, and Singapore, and Bulgaria, and UK are also famous as pepper has many medical properties. These nations have 33% of the market share of pepper market and rest of the world has the rest of the share.
The Medicinal Spices Market is segmented into
Based on type, the Medicinal Spices Market is further segmented into
Based on form, the Medicinal Spices Market is further segmented into-
By medicinal properties
Based on medicinal properties, the Medicinal Spices Market is further segmented into-
Based on region, the Medicinal Spices Market is further segmented into-
Rest of the world
In North America, the market is expected to grow significantly during the forecast period. In this region, U.S, and Canada are going to face a considerable growth. The increasing awareness of health issues among consumers is going to be the reason behind the growth of the market. Other than that, the cross cultural food trends are providing a support to the market.
The medicinal spices in Europe are going to exhibit an unique growth during the forecast period. The medicinal properties in the spices are going to increase the consumption of it in the European market. Additionally, Europe being an import-oriented market, the rate of import is expected to grow significantly during the forecast period. The presence of many prominent key players in the market, the region is expected to have various exposures o new products. The main spices that are being imported in the European market are pepper, and ginger. The rising food innovation is also going to be the driving reasons behind the growth of the market.
The Asia Pacific market is going to witness a significant growth during the forecast period. The ancient knowledge of the medicinal properties of the spices is the driving factor of the medicinal spices market. The population dynamics in the region are also a driving factor behind the growth of the market. In the Asia Pacific region, India is the largest market of Medicinal spices with the large number of consumers. The 80% of the spices are being kept for captive usages. Only 15-20% of the spices is being imported by India. In Asia Pacific, Vietnam is the export oriented country which is also responsible for 50% of the global trade in pepper.
The nutritional and medicinal benefits of turmeric, nutmeg and cinnamon are going to be the driving reason behind the growth of the South American market of medicinal spices. The increase in disposable income, rapid urbanization, and growing economic stability is changing the Market Outlook. Apart from that, the usages of these medicinal spices in ready-to-eat food supplies along with the increasing awareness are going to be the booster behind the growth of the market.
There are various key players present in the market. The prominent players experimenting and launching new products using the medicinal spices are providing huge growth and competition in the market. U.S based key players starting new manufacturing facilities in the market are working in the development of the medicinal spices. The market is highly competitive.
Major key players
|Market Size||USD 267 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Form, Medicinal Properties, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Able agro international (India), SOAP (Sapthsathi Medicinal Agricultural Project) (India), Frontier Natural products Co-op (U.S), Sun Impex (Netherlands), Earthen Delight (India), Yogi Botanics (India), and Live Organics Pvt ltd (India)|
|Key Market Opportunities||Change in the consumer preference in taste, Growing awareness among people of the good properties of the medicinal properties|
|Key Market Drivers||Rising awareness in the medicinal properties of the market, High demand in the market of medicinal spices, Construction of new spice factories|
Medicinal spices and herbs comes with multiple benefits. Some of the common herbs having medicinal properties includes rosemary, oregano, cinnamon, sage, etc. These contain high amounts of antioxidants due to phenolic compounds. Consuming high amounts of spicy foods have helped in reducing death risk.
Some of the major players in the medicinal spices market includes Able Agro International, Sapthsathi Medicinal Agriculture Project, Sun Impex, Live Organics Pvt Ltd., Frontier Natural Products Co-op, Earthen Delight, and others.
Some of the common spices that are healthy for your body includes ginger cinnamon, rosemary, black peppercorns, cayenne pepper, etc.
Few applications for the medicinal spices are antispasmodic, anti-bacterial, anti-microbial, anti-flatulent, and antioxidant.
For years, the usage of spices in medicines have been increasing. India is the one that have been the center of ayurvedic medicines. Ayurveda uses spices like clove, cardamom, oregano, and other things for making medicines.
One of the most important restraint factors that drives the global spice market includes the increased demand of spices since it works as the natural preservatives, especially in the poultry and meat products. Moreover, as people are switching to healthy foods these days, the consumer base of this market increased.
The entire market of the medicinal spices includes North America, Europe, Latin America, Middle East and Africa, and Asia Pacific region. The strengthening economy of the country in the Asia Pacific region led to the increase in the disposable incomes. This enhanced the demand for the ready-to-eat foods.