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Organic Spice Market expected to grow significantly from Garlic-based market by 2024

Author : Rahul Sankrityayan | Published Date : 2019-04-16 

The organic spice market is anticipated to depict an upward trend in the ensuing years, primarily owing to the growth in F&B industry along with rising consumer awareness regarding the health benefits and medicinal properties linked with organic spice consumption. As per Global Market Insights Inc., the overall organic spice market held a valuation of USD 20 billion in the year 2017 and is projected to register a CAGR of 7.5% over 2018-2024, aided by the transition in terms of preference from chemical-based to chemical-free spices. Apparently, this shift is backed by noteworthy health benefits including anti-inflammatory and pain-relief properties of the naturally cultivated spices.

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Rising awareness about the benefits of consuming organic foods is also adding a significant stimulus to the organic spices market. Organic foods need more time and labor-intensive procedures to be cultivated. Also, farmers have to pay more for government certification and adopting environmentally safe farming methods in contrast to conventional farming methods that come at deceptively low prices and are often supported by the government to produce environmentally unsustainable amount of foods. Naturally, organic food and spices cost more as consumers have to pay more to keep pesticides and other harmful chemicals out of foods. In spite of high prices, research has demonstrated that consumers are willing to pay more for organic foods owing to the health, sustainability, and moral satisfaction factors. Preference for organic food has also been linked to higher income. More disposable income has directly been associated with more willingness to invest in healthier diet options and consequently augmented organic spice industry trends.

The paragraphs below present a gist of the product landscape of organic spice market:

Ginger-based organic spice market:
Ginger is an indispensable ingredient in several global cuisines, on account of its distinctly aromatic and spicy flavor, that helps add depth and heat to food preparations. Besides, ginger is also packed with strong healing properties owing to the presence of gingerol, a bioactive compound with powerful anti-inflammatory and antioxidant properties.

As per the Food & Agriculture Organization of the United Nations, most of the fresh ginger is consumed locally in Asia. However, because of rising Asian immigrants, there has been a hike in demand for fresh ginger in Northern America and Western Europe. It is thus prudent to state that the rising consumption of ginger worldwide and its growing popularity in processed food would add impetus to the ginger-based organic spice market in the coming years. In fact, reports claim that the ginger-based organic spice market size would register a CAGR of 6% over 2018-2024.

Turmeric-based organic spice industry:
Turmeric has been positioned in spice cabinets for ages, as it is a complete health booster, extending benefits for the heart, skin, digestion, pain relief, and much more. Turmeric is laden with curcumin, a compound which offers splendid anti-inflammatory properties to this natural spice. Given that heart diseases occur mostly due to chronic inflammation, consuming turmeric as an anti-inflammatory agent can help prevent heart diseases and heart attacks, which is a leading cause of deaths worldwide. As per estimates, the global curcumin market is projected to exceed USD 100 million by 2024.

On the grounds of a vast array of medicinal benefits, turmeric has been found to incessantly contribute toward the expansion of sub-verticals in the F&B and healthcare sectors, providing an incredible growth avenue for organic spice market.

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The demand for spices in world cuisine has sky rocketed with globalization, driving organic spice market. Consumer motivation to prefer organic spices involves psychological processes that determine how they recognize their needs and ways of solving these needs. As consumer behavior is one of the key factors that ultimately impact the environment and the future of the planet, organic products are gaining massive traction globally.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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