The global medicinal spices market is growing rapidly mainly due to the extensive demand and uses in various therapeutics. Spices such as turmeric, pepper, cumin, and garlic are quite popular, worldwide, due to their antibiotic and antimicrobial properties. Especially, in India and China use of medicinal spices goes back to centuries. The vast popularity and the uptake are some of the key driving forces behind the growth of the market.
Medicinal spices are the most commonly imported & exported products. Their exports largely contribute to a nation’s gross income. Some of these are even sold at premium prices, worldwide, due to the greater demand. The increasing import and export are further escalating the market on the global platform.
Market Scenario and Growth Factors:
Acknowledging the potential of this market to upsurge in the years to come, Market Research Future (MRFR), in its recently published study analysis asserts that the global medicinal spices market will garner exponential accruals by 2023 registering an impressive CAGR throughout the forecast period (2017-2023)
Increasing consumer preference for natural medicinal products is resulting in augmenting the market demand for these spices. Growing awareness about the benefits is fuelling the market growth of the market. Adoption of alternative therapeutics is another key factor driving the growth of the market, encouraging the consumption of these spices.
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Key players leading the global medicinal spices market include SOAP (Sapthsathi Medicinal Agriculture Project) (India), Able Agro International (India), Frontier Natural Products Co-op (U.S), Earthen Delight (India), Sun Impex (Netherland), Yogi Botanicals (India), and Live Organics Pvt Ltd (India) among others.
Fiercely competitive, the medicinal spices market appears diversified and fragmented with the presence of numerous small and big-scale players. They compete based on price, quality, innovation, reputation, and distribution. Strategic initiatives such as innovation, mergers & acquisitions, and brand reinforcement remain key trends for leading players.
These strategic initiatives help to improve their product portfolio and increase production capacity meeting the rapidly growing demand, particularly in the emerging regions. Manufacturers of medicinal spices are focused on innovations to enhance product quality and global expansion.
March 22, 2019 —- North American Herb & Spice Co LLC (the US), a leading global manufacturer of bulk organic and inorganic medicinal chemicals launched its two new products – Triple Spice Golden Latte and Turmeric Power-Plus sublingual drops. These two potent blends of wild spice extracts feature the inflammation-fighting properties of wild organic turmeric in combination with other powerful Ayurvedic medicinal spices.
Additional spices used in the Turmeric Power-Plus formulation include pain-and-inflammation-fighting organic ginger, flavonoid-rich wild organic rosemary oil, organic wild oregano oil, and cinnamon oil.
For ease of understanding, the analysis has been segmented into four key dynamics:
By Type : Turmeric, Chili, Pepper, Cumin, Garlic, Ginger, Clove, Cinnamon, Nutmeg and others
By Form : Seeds, Roots, Leaves, Fruits, and Flowers Dried, Whole, Ground/Powder, Crushed/Chopped, and Minced/Flakes among others.
By Medicinal Properties : Anti-Flatulent, Anti-Emetic, Diuretic, Anti-Microbial, Anti-Bacterial, and Antispasmodic among others.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
The Asia Pacific region being a hub for medicinal herbs and spices dominates the global medicinal spices market. Factors such as the presence of various agro-climatic zones coupled with the favorable weather conditions are supporting the regional market, ensuring the extended production. The region is expected to continue its dominance over the upcoming years.
Moreover, the presence of major spice-producing countries such as India, China, and Vietnam, the increasing production of turmeric in India and the rapid growth in the production of chilies and pepper in Vietnam and Indonesia are expected to support the medicinal spices market in the region during the forecast period (2017 to 2023).
The Medicinal Spices Market in North America and Europe accounts for a promising market, globally. The strong potential of production and consumption of herbal medicines favors the growth of the market in these regions. In North-America, Guatemala and Mexico are major markets, whereas, in Europe, Spain and Ukraine account for the fastest growing markets.
Furthermore, factors such as the increasing popularity of medicinal spices and the growing demand for high-quality organic herbs in these regions are some of the key driving factors behind the growth of the medicinal herbs and spices market in these regions.