New York, March 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Organic Spice Global Market Report 2023" - https://www.reportlinker.com/p06311738/?utm_source=GNW
, UK Blending Ltd., The Watkins Company, Spice Chain Corporation, McCormick & Company, and Aryan International.
The global organic spice market grew from $26.85 billion in 2022 to $29.86 billion in 2023 at a compound annual growth rate (CAGR) of 11.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The organic spice market is expected to grow to $42.28 billion in 2027 at a CAGR of 9.1%.
The organic spice market consists of sales of turmeric, ginger, garlic, cumins.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The organic spice are grown without chemicals and preservatives and are not fumigated or irradiated.Organic spices do not include synthetic caking agents or chemical additions and are not farmed with pesticides or genetically altered components (GMOs).
From seed to plate, they are kept to the highest standards.
Asia-Pacific was the largest region in the organic spice market in 2022. The regions covered in the organic spice market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products in organic spices are organic ginger, organic turmeric, organic clove, organic pepper, organic cinnamon, organic nutmeg, organic mustard seeds, and others.The organic ginger spice is used as a healing root in juices or teas, snacks, or even as a condiment in the kitchen.
It is grown organically.The various forms include whole, raw, powder, seeds, and others, which are distributed across several channels such as supermarkets and hypermarkets, convenience stores, online, and others.
The applications of organic spices are commercial and household.
An increase in demand for organic food products is significantly contributing to the growth of the organic spice market.Organic food is in great demand because people believe that it is healthy and better for immunity.
Organic food demand, on the other hand, is expanding at a steady rate, which is giving rise to the demand for organic herbs, spices, and seasonings. For instance, in May 2021, an organic industry survey conducted by Organic Trade Associations (OTA) showed that organic sales (including organic food products) in the United States increased by a record 12.4% to $61.9 billion in 2020. Therefore, the increase in demand for organic food products propelled the growth of the organic spice market.
Product innovations are the key trends gaining popularity in the organic spice market.The major players in the market are developing innovative products for market growth.
For instance, in December 2020, ORCO, an India-based natural products manufacturer, launched a new range of organic condiments and spices for its customers across India.The company has launched 32 new products, adding to its vast portfolio of 100% natural, healthy and certified organic condiments and spices.
ORCO spices are free of pesticides and other potentially harmful chemicals. To preserve their natural qualities, color, flavor, and scent, they are hand-ground on a hand mill (chakki).
In July 2020, ITC Limited, an India based conglomerate company, acquired Sunrise Foods Private Limited (SFPL) for a deal amount of $287.7 million. The acquisition is expected to enable ITC to ramp up its existing spice portfolio under the Aashirvaad brand. Sunrise Foods Private Limited is an India-based company that specializes in organic spices.
The countries covered in the organic spice market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The organic spice market research report is one of a series of new reports that provides organic spice market statistics, including organic spice industry global market size, regional shares, competitors with an organic spice market share, detailed organic spice market segments, market trends and opportunities, and any further data you may need to thrive in the organic spice industry. This organic spice market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06311738/?utm_source=GNW
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