Covid-19 Impact on Organic Spices and Herbs Market | Size, Share and Forecast to 2023
Market Insight
The people of the modern era want a larger variety to select from when it comes to food items. It has been observed that there has been a dramatic increase in the demand for comfort food and beverage products. This fact contributes immensely towards the growth of this Organic Spices and Herbs Industry. Additional factors like rising importance of organic spices & herbs, usage of it in the preparation of various flavor rich food products, higher awareness regarding the medical properties of organic spices, increased instances of pesticide-related diseases, switch in food patterns and acceptance of several international food variants further propel the expansion of this market. On the other hand, the market also comes across certain minor hurdles like adamancy of farmers to switch to organic farming. Efforts are being taken in this direction and soon a solution will be found to cope with this issue.
The organic spices and herbs industry have witnessed tremendous growth in the past few years. A solid reason behind its expansion is the constant demand for better and chemical-free spices & herbs. Across the globe, the demand for organic products, be it food, beverages or even herbs & spices is at an all-time high. Therefore, it has been asserted by the experts that the worldwide Covid-19 Impact on Organic Spices and Herbs Market will be successful in unleashing its maximum potential in the forthcoming years. The statistical data clearly backs this fact, the market is expected to reach approximately 3,687 kilo tons by the end of the projection period. On the other hand, the CAGR for this tenure will be 3.722%.
Global Market Players & Key Strategies
Some of the most popular names in this Industry are Yogi Botanical Pvt Ltd, Rapid Organic Private Ltd., Organic Spices, STARWEST Botanicals and Spice Hunter
This market is quite a competitive space and the stakeholders need to keep evolving constantly to make the most out of their business. For this, they employ certain strategies like acquisitions, strategic partnerships and business expansion.
Industry Segmentation
Worldwide Covid-19 Impact on Organic Spices and Herbs Market has been segmented into four portions. Each of these portions is further branched out and they are listed as below:
Applications – Sauces & dips, personal care, culinary, snacks & convenience food, meat & poultry products, soups & noodles, beverages, ready to eat meals and personal care.
Spices type – Turmeric, cumin, cloves, chilies, pepper, cinnamon, garlic, cardamom and ginger.
Forms – Essential oil, whole, crushed/chopped and powder.
Herbs Types – Oregano, Sage, Kaffir lime leaves, basil, bay leaves, thyme, mint, dill, celery and Rosemary.
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Comprehensive Geographical Analysis
Global Organic Spices and Herbs Industry is segmented into Europe, North America, Asia Pacific and Rest of the World (RoW). Among this Asia Pacific region has the major market share followed by North America. Asia Pacific region is expected to maintain its dominant position in upcoming years due Presence of various agro-climatic zones and seasons support various organic spices and herbs production in this region. Vietnam and Indonesia will witness higher growth in organic spices and herbs market during the forecast period (2017 to 2023) due to increasing production of chilies and pepper in these countries. Spain and Ukraine are one of the fastest growing countries in organic spices and herbs market in the Europe region as increasing demand for high quality organic herbs is playing key role in Europe region. Chili, Parsley, Mint and Marjoram are dominating the North America region due to increasing popularity of organic spices and herbs in developed countries especially in U.S. and Canada.
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NOTE: Our Team of Researchers is Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.