Portland, OR—A new report suggests that the global organic spices market, having generated $272.8 million in 2018, may reach $406.6 million by 2026, growing at a CAGR of 5.1% from 2019 to 2026, according to a press release.
Allied Market Research’s new report, titled “Organic Spices Market by Product Type (Ginger, Turmeric, Clove, Pepper, Cinnamon, Nutmeg, Mustard Seeds, and Others), Form (Powder, Granular, Extract, and Raw), and Distribution Channel (Direct and Indirect): Global Opportunity Analysis and Industry Forecast, 2019–2026,” offers a detailed analysis of key segments, changing dynamics, and top investment pockets.
The market will be driven upwards by an increase in awareness regarding health benefits associated with organic spices—and held back by varying and stringent trade regulations. In North America and Europe, specifically, rises in organic food consumption and disposable income provide opportunities in this market.
- The turmeric segment accounted for over one-third of the total market share in 2018, and is expected to maintain its dominance through 2026.
- The granular segment held more than a quarter of the total market share in 2018, and will continue to do so throughout the forecast period.
- The indirect segment held more than half the total market share in 2018, and will remain the most lucrative—but the direct segment is expected to hit the highest growth rate, with a CAGR of 5.2% from 2018 to 2026.
- North America will grow at the fastest CAGR, of 5.8%.
Leading market players include the Pacific Spice Company, AKO GmbH, SunOpta Inc., and Sabater spices.
The report can be purchased here.