Growing demand for health and wellness products is supporting the growth of medicinal spices market at a global stage. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on Global Medicinal spices Market Research Report- Forecast to 2023 that the market will demonstrate an exceptional CAGR during the forecast period.
Increasing demand for overall health and wellness products with vitamins and other essential nutrients is driving the demand for medicinal spices market. Globally, medicinal spices for anti-emetic and diuretic have been witnessing huge demand which is influencing higher private investments by companies for more R&D of products. Majority of medicinal spices is used in powder form as it is more convenient and easy to consume. Growing acceptance of spices as a vital health product due to its medicinal properties will change the market dynamics in upcoming years.
Globally the medicinal spices market is estimated to escalate at a higher growth rate which is supported by increasing demand of natural health products among consumers. Rising awareness among the consumers about health benefits of medicinal spices is supporting the market growth. The growing consumption of organic health supplements is playing key role to create demand for supplements made from spices from last few years. The developing economic conditions of various regions are fueling up the market demand for medicinal spices products.
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Latest Industry Updates:
Jan 2018 Sri Sri Tattva, an Ayurveda and FMCG brand that promotes health and wellness, launched a comprehensive range of cooking products that includes a range of masala and spices at India Food Forum 2018
Aug 2017 McCormick, a global leader in flavor acquired Reckitt Benckiser’s food division. This has added to an advantage for McCormick to grow towards trend of spices, flavorful eating with natural and high quality ingredients
Aug 2017 Mars Food has signed a definitive agreement to acquire Preferred Brands International, a Stamford, Connecticut based fully integrated manufacturer and marketer of all natural, ready-to-heat Indian and Asian food products sold primarily under the Tasty Bite brand
April 2017 FMCG major ITC spiced up its food portfolio, with master chefs from its hotels curating different blends of spices for a premium range to be sold under the ‘ITC Master Chef’ brand.
Major Key Players:
With the entry of industry players in the Medicinal spices segment, a trend of solid, volume-driven growth has been observed in the market with the development of different varieties of product types. With companies aiming to capture a considerable share of the market segment as early as possible, they are competing and experimenting with various advantage points. The key players are highly focusing on product innovations and new product launches which are healthy for the consumer. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies.
The key players profiled in medicinal spices market are Able Agro International (India), SOAP (Sapthsathi Medicinal Agriculture Project) (India), Frontier Natural Products Co-op (U.S), Sun Impex (Netherland), Earthen Delight (India), Yogi Botanicals (India), and Live Organics Pvt Ltd (India) among many others.
The global medicinal spices market has been divided into type, form, medicinal properties, and region.
On The Basis Of Type: Turmeric, Chili, Pepper, Cumin, Garlic, Ginger, Clove, Cinnamon, Nutmeg, and Others
On The Basis Of Form: Seeds, Whole, Ground/Powder, Crushed/Chopped, Roots, Minced, Flakes and Others
On The Basis Of Medicinal Properties: Anti-Flatulent, Anti-Emetic, Diuretic, Anti-Microbial, Anti-Bacterial, Antispasmodic, and Others
On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.
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The global Medicinal spices market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Asia Pacific region has the major market share followed by Europe region. Increasing demand of medicinal spices for different functions mainly as an antioxidant, anti-aging and beauty products is boosting the market in Asia Pacific region. North America region is projected to witness significant growth backed by growing demand for high quality medicinal spices especially from developed countries like U.S. and Canada. Increasing awareness of health benefits associated with medicinal spices will play a major role to gain consumer attraction across the globe.
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