Medicinal Spices Market

Medicinal spices market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.

The Proliferating Spices and Herbs Culture Provides an Impetus to Medicinal Spices Market

The primary driving factor for the global medicinal spices market is the increased awareness of the therapeutic properties of spices and herbs, and the increasing number of individuals preferring home cooking. Consumers' rising willingness to pay a premium for exotic and novel flavors has also stimulated the market. With the distinctive characteristics of local cuisines, which are also fueling the expansion, local cuisines have been receiving prominence on a global scale. During the projection period, it is also anticipated that the increase in retail outlets across developing nations will support the growth of medicinal spices market. Asian cuisines employ a variety of spices, and herbs to give the meal a unique flavour, including Thai, Indian, Chinese, and Vietnamese. Cooking at home is also becoming more ubiquitous among the American consumers and nearly 36% of Americans seem to routinely cook at home. As a result, more spices, including pepper, and ginger are sold.

The medicinal spices market has been driven by several campaigns, and programs encouraging and promoting cooking at home as a stress reducing activity. Global demand for medicinal spices is expanding due to changing consumer habits, rising urbanization, rising income levels, and novel eating experiences. While some of the developing players are concentrating on research and development to maintain a decent revenue share in medicinal spices market, the top players are focused on expansion through product launches, and acquisitions. The development of new pharmaceutical factories will significantly accelerate the market's expansion. The market is anticipated to grow due to firms' support for farmers who want to cultivate more spices in the nation. For instance, Nestlé India stated in March 2022 that it would support farmers by creating a sustainable sourcing scheme for the spices used in its Magic Masala product.

Medicinal Spices Market: COVID-19 Impact

Global medicinal spices market has slowed down due to many economic, political, and social upheavals brought on by the pandemic epidemic. With its value chain extending from the primary production centers in underdeveloped countries to the worldwide spice trade network, the crisis profoundly influenced the world's spice industry. Workforce migration has resulted in labor shortages because national governments implemented lockdown measures to stop the virus's spread. The price of some medicinal spices dropped due to China, and India's borders being closed. The craze for discovering any natural antidote to the epidemic or boosting immunity only fueled the market expansion. The market for medicinal spices has had a sizable demand due to their therapeutic characteristics in the United States, Europe, and other regions. The market for medicinal spices has grown significantly in the Indonesian market as of 2020.

Thriving Trendwaves of Vegetarianism, and Veganism Foster Medicinal Spices Market Growth

Veganism, and vegetarianism are parts of a rapidly growing global trend. In the United Kingdom and the United States, there are now significantly more vegans. There are now several medicinal spices used in vegetarian substitutes that were once used in the meat processing sector. The demand for medicinal spices is increasing as a result of this trend. Around the world, plant-based diets are becoming more and more well-liked. To capitalize on this new trend, businesses are concentrating on launching new products aimed at the vegan, and vegetarian communities. The growing popularity of medicinal spices among vegans as meat substitutes has also favourably impacted the expansion of the worldwide medicinal spices market.

Massive Investments in Supply Chain Digitization Accelerate Medicinal Spices Market Expansion

Purchasing medicinal spices and herbs is becoming increasingly dependent on digital technology. One of the newest trends to make the entire supply chain more transparent and sustainable is using sensors, digital tools, and online activities. These technologies provide a range of options for producers of spices and herbs, including enhanced water management, forecasts for the emergence of pests and diseases, and crop monitoring. Thus, it is anticipated that the global market size will increase in the coming years due to the growing digitization initiatives for the production of medicinal spices and herbs in various emerging economies.

Counterfeiting Remains an Impediment Facing Medicinal Spices Market

The main causes of spice adulteration are a limited supply and increased demand for exotic plants and medicinal spices. Since the international spice trade has expanded significantly, medicinal spices are now more susceptible to impurity, whether intentional or unintentional. Increasing business margins is frequently the driving force behind adulteration at a worldwide level. Other plants or artificial colours can be substituted for spices and herbs, and unlisted flavourings can be added. Additionally, the geographical origins may have been changed. In the spice and herb industry, food fraud is a significant issue that will likely impede the expansion of medicinal spices market in the years to come.

Black Pepper Sales Dominate Medicinal Spices Market with a Strong Antioxidant Profile of Peperine

The pepper segment is anticipated to dominate the global medicinal spices market and hold the lead during the projected period. Black pepper is more than just a flavor enhancer for food; it also has health advantages, with piperine being the most significant of its bioactive constituents. The intense flavor of black pepper is attributed to the natural alkaloid piperine. Additionally, it is the main component that provides black pepper its health advantages. Antioxidants like piperine help reduce the risk of chronic diseases like atherosclerosis, cardiovascular disease, and neurological disorders. Your stomach's hydrochloric acid can be stimulated by black pepper to help you better digest and absorb the food you eat. Additionally, it possesses carminative qualities that ease discomfort and gas buildup in your intestines.

Anti-flatulence Application Strengthens Medicinal Spices Market in Light of Growing IBD Prevalence

Flatulence, a painful and bloated stomach condition, can be treated with medicinal spices. By stimulating the intestinal muscles' motility, this drug causes a reduction in the formation of digestive gas. 43 persons with moderate to severe indigestion participated in a 30-day trial, and those who took asafoetida 250 mg capsules twice a day saw significant improvements in bloating, digestion, and general quality of life compared to those who took a placebo. Spices are supposed to help lessen IBS symptoms due to their potential impact on digestion.

North America to Acquire Major Market Share due to Growing Awareness Regarding Health Benefits of Spices

The market in North America is anticipated to expand significantly throughout the forecast period. The United States, and Canada will experience significant growth in this region. The market's rise will be caused by consumers' growing awareness of health-related issues. Other than that, the business is being supported by global food trends. The region's medicinal spices market has expanded due to the rising demand for ethnic cuisines and the appeal of convenience and ready-to-eat foods. With the growing demand for medicinal spices, regional manufacturers concentrate on bringing cutting-edge and elite items to the public. For instance, The Pioneer Woman, a lifestyle brand represented by Earthbound Brands, announced the launch of a new line of unique seasonings in February 2021. These spices were developed in partnership with Old World Spices and Seasonings Inc., the leading producer of spice blends. With this new introduction, consumers may enhance their recipes with distinctive spices, and flavours. Expanding this business in the region is also considerably aided by increased immigration from Latin American, and Asian nations.

Asia Pacific’s medicinal spices market is predicted to experience considerable growth due to the expansion of the food processing industries in the region. India, China, and Vietnam are among the top producers and users of spices. The Food and Agriculture Organization (FAO) asserts that rapid economic development, urbanization, and rising incomes impact people's shifting eating patterns, particularly in emerging nations. It is predicted that increased exposure to exotic meals and interest in traditional foods will favour the medicinal spices market. Manufacturers are now offering herbs devoid of pesticides and other possibly dangerous substances. For instance, the Indian firm ORCO, known as Organic Seasonings, introduced 32 new goods in January 2021 to complement its broad line of 100% natural, healthful, and organically grown spices and seasonings.

Global Medicinal Spices Market: Competitive Landscape

In June 2021, Kerry Group Plc announced the opening its new Latin American taste facility, primarily serving Central America, the Caribbean, Mexico, and the Andean area. The new state-of-the-art factory, located in Irapuato, Mexico, will greatly extend Kerry's regional capabilities and help customers provide locally flavoured and sustainable solutions. In March 2020, the Central Institute of Medicinal and Aromatic Plants introduced herbal sanitizer as a strategic product to meet the growing need for sanitizers. The institute created the sanitizer over two decades ago, but production was limited. It was made affordable to the general public. Over the past two weeks, the sale of CIMAP's sanitizer 'Hankool' has increased tenfold—from 10 units sold daily to over 100 now—as coronavirus cases began to trickle in.

A few of the players in the medicinal spices market include Able Agro International (India), SOAP (Sapthsathi Medicinal Agriculture Project) (India), Frontier Natural Products Co-op (U.S), Sun Impex (Netherlands), Earthen Delight (India), Yogi Botanicals (India), and Live Organics Pvt Ltd (India).

Regional Classification of Global Medicinal Spices Market is Listed Below:

North America

• U.S.
• Canada

Europe

• Germany
• France
• Spain
• U.K.
• Italy
• Russia
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

 Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East and Africa

• GCC
• South Africa
• Rest of Middle East and Africa

*Regions and countries are subject to change based on data availability.

Key Elements Included In The Study: Global Medicinal Spices Market

• Medicinal Spices Market by Product/Technology/Grade, Application/End-user, and Region
• Executive Summary (Opportunity Analysis and Key Trends)
• Historical Market Size and Estimates, Value, 2018 - 2022
• Market Value at Regional and Country Level, 2023 - 2030
• Market Dynamics and Economic Overview
• Market Size in Value, Growth Rates, and Forecast Figures, 2023 - 2030
• Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
• Regional and Product/Grade/Application/End-user Price Trends Analysis
• Value Chain and Five Force’s Analysis
• Regional/Sub-region/Country Market Size and Trend Analysis
• Company Market Share Analysis and Key Player Profiles

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