Medicinal Spices Market: Global Industry Analysis and Forecast (2024-2030)

  • Medicinal Spices Market size was valued at USD 156.15 Bn. in 2023 and the Medicinal Spices revenue is expected to grow at a CAGR of 7.30% from 2024 to 2030, reaching nearly USD 255.71 Bn. by 2030.

  • Format : PDF | Report ID : SMR_1938

Medicinal Spices Market Overview:

Medicinal spices are natural compounds obtained from plants that serve both flavouring and medicinal purposes. Since ancient times, many civilizations have used these spices for health benefits, and modern-day studies continue to affirm and broaden the traditional use. Spices give a characteristic flavour and aroma, besides the herbal appeal in foods and beverages and enhance the customer’s acceptability. Spices contain phenolic, aromatic compounds, essential oils, pigments, and also active ingredients, which have tremendous functional qualities and medicinal value that create Immunity and help in several health benefits.

 

Consumers are increasingly preferring natural and herbal remedies over pharmaceuticals. Medicinal spices are a perfect fit for these trend, as they have many health benefits. Preventive health management strategies are using functional foods and spices to maintain health and prevent diseases is also gaining popularity in the consumers. Some of the common medicinal spices used are turmeric, chilli powder, black pepper, garlic, ginger cinnamon, clove, and nutmeg.

Medicinal Spices Market

 

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Medicinal Spices Market Dynamics:

Rising popularity of natural remedies and growing interest in alternative medicine is driving the market

Consumers are shifting rapidly towards natural and herbal cures instead of pharmaceuticals. Medicinal spices fall well within this trend because they have many health benefits. The consumers are increasingly adopting preventive healthcare methods of using functional foods and spices to sustain health and prevent diseases. The growth in interest in herbal and alternative medicine encourages the application of medicinal spices. Also, people are using these folk treatments as a complement or alternative to some of the more established medical procedures. Another important trend in the market is the increased demand for natural dietary supplements containing therapeutic spices because of their possible health benefits. All these factors are driving the market of medicinal spices.

 

Quality and Standardization obstructing the medicinal spice market

Because of variation in growing, harvesting, and processing techniques, ensuring the same strength and medicinal spice quality is problematic. The amount of active chemicals differs among lots of the same spice, possibly affecting the extent of its effectiveness. Great quality concerns include adulteration with less expensive or synthetic replacements and contamination with pesticides, heavy metals, or other hazardous materials.

 

The purity and safety of the commodity are compromised by this element, though checking and controlling it to a reasonable standard has proven a challenge. Science is increasingly validating the health benefits of medicinal spices, though lack of rigorous and standard clinical studies stand in the way of their wide acceptance and use. Also the medicinal spices market is facing competition from other natural products like, herbal supplements, neutraceuticals, and synthetic pharmaceuticals, which is affecting the medicinal spices market.

 

Medicinal Spices Market Segment Analysis:

By Type, the medicinal spices market is divided into Turmeric, Garlic, Cinnamon, Nutmeg, Clove, Chilli, and Others. Turmeric segment dominated the medicinal spice market. The wide range of benefits of turmeric like, anti-inflammatory, antioxidant, and its benefits to skin are driving the turmeric segment. It has huge demand in pharmaceuticals, supplements, and functional foods industry. Turmeric is used as an herbal medicine for rheumatoid arthritis, chronic anterior uveitis, conjunctivitis, skin cancer, small pox, chicken pox, wound healing, urinary tract infections, and liver ailments, which drives the demand of turmeric in the market.

Medicinal Spices Market1

Medicinal Spices Market Regional Insight:

North America is anticipated to show the growth significantly throughout the forecast period. This region's market growth is driven by rising consumer awareness of the benefits of medicinal spices, as well as increased spending on nutritional goods containing farm-grown natural ingredients in the United States and Canada. Increase in the availability of medicinal spices in the organic packaged food industry is expected to affect positively on the growth of medicinal spices market in the region. The region's medicinal spice business has grown in response to increased demand for ethnic cuisines as well as the lure of convenience and ready-to-eat foods. With the increasing demand for medicinal spices, regional manufacturers are focusing on offering cutting-edge and premium products to the market. All these factors are propelling the market of medicinal spices in the region.

Medicinal Spices Market2

Medicinal Spices Market Competitive Landscape:

  • Apr 17 2024, in a recent study published in the journal Frontiers in Nutrition, a team of researchers in Mexico reviewed the numerous metabolites, such as capsaicinoids, carotenoids, and flavonoids, in piquin chili and the antioxidant properties that highlight its nutraceutical potential.
  • 2023 McCormick & Company (US): Introduced a line of culinary spice blends infused with medicinal herbs and adaptogens, tapping into the trend of functional foods. Collaborated with universities to study the potential of specific medicinal spices in managing chronic diseases like diabetes and arthritis.
  • 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.

 

Medicinal Spices Market Scope:

Medicinal Spices Market

Market Size in 2023

USD 156.15 Bn.

Market Size in 2030

USD 255.71 Bn.

CAGR (2024-2030)

7.30 %

Historic Data

2018-2022

Base Year

2023

Forecast Period

2024-2030

   Segments

By Type

Turmeric

Garlic

Cinnamon

Nutmeg

Clove

Chilli

Others

By Form

Powder

Flakes

Seeds

Minced

Roots

By Distribution Channel

Supermarkets/Hypermarkets

Specialty Stores

Supermarkets/Hypermarkets Platforms

Convenience Stores

Regional Scope

North America- United States, Canada, and Mexico

Europe – UK, France, Germany, Italy, Spain, Sweden, Russia, and Rest of Europe

Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC

Middle East and Africa - South Africa, GCC, Egypt, Rest of the Middle East and Africa

South America – Brazil, Argentina, Rest of South America

 

Medicinal Spices Market Key Players:

  1. Bughary Bio Spices
  2. EnSpice
  3. Gaia Herbs
  4. Herbs, Etc.
  5. The Spice Factory
  6. Old World Spices & Seasonings
  7. Able agro International
  8. General Mills Inc.
  9. Live Organics
  10. YogiBotanicals International
  11. Frontier Co-op.
  12. McCormick & Company
  13. B&G Foods
  14. Arizona Natural
  15. Bio Botanica, Inc.
  16. Glanbia PLC
  17. Indfrag Biosciences
  18. i-Health, Inc.


Frequently Asked Questions

Rising popularity of natural remedies and growing interest in alternative medicine are the driver of the Medicinal Spices Market.

1.    Medicinal Spices Market: Research Methodology 
2.    Medicinal Spices Market: Executive Summary
3.    Medicinal Spices Market: Competitive Landscape
4.    Potential Areas for Investment

4.1. Stellar Competition Matrix
4.2. Competitive Landscape
4.3. Key Players Benchmarking
4.4. Market Structure
4.4.1.    Market Leaders 
4.4.2.    Market Followers
4.4.3.    Emerging Players

4.5. Consolidation of the Market
5.    Medicinal Spices Market Import Export Landscape
5.1. Import Trends
5.2. Export Trends
5.3. Regulatory Compliance
5.4. Major Export Destinations
5.5. Import-Export Disparities
6.    Medicinal Spices Market: Dynamics
6.1. Market Trends by Region
6.1.1.    North America
6.1.2.    Europe
6.1.3.    Asia Pacific
6.1.4.    Middle East and Africa
6.1.5.    South America

6.2. Market Drivers by Region
6.2.1.    North America
6.2.2.    Europe
6.2.3.    Asia Pacific
6.2.4.    Middle East and Africa
6.2.5.    South America

6.3. Market Restraints
6.4. Market Opportunities
6.5. Market Challenges
6.6. PORTER’s Five Forces Analysis
6.7. PESTLE Analysis
6.8. Strategies for New Entrants to Penetrate the Market
6.9. Regulatory Landscape by Region
6.9.1.    North America
6.9.2.    Europe
6.9.3.    Asia Pacific
6.9.4.    Middle East and Africa
6.9.5.    South America

7.    Medicinal Spices Market Size and Forecast by Segments (by Value Units)
7.1. Medicinal Spices Market Size and Forecast, by Type (2023-2030)
7.1.1.    Turmeric
7.1.2.    Garlic
7.1.3.    Cinnamon
7.1.4.    Nutmeg
7.1.5.    Clove
7.1.6.    Chilli
7.1.7.    Others

7.2. Medicinal Spices Market Size and Forecast, by Form (2023-2030)
7.2.1.    Powder
7.2.2.    Flakes
7.2.3.    Seeds
7.2.4.    Minced
7.2.5.    Roots

7.3. Medicinal Spices Market Size and Forecast, by Distribution Channel (2023-2030)
7.3.1.    Supermarkets/Hypermarkets
7.3.2.    Speciality Stores
7.3.3.    Online Platforms
7.3.4.    Convenience Stores

7.4. Medicinal Spices Market Size and Forecast, by Region (2023-2030)
7.4.1.    North America
7.4.2.    Europe
7.4.3.    Asia Pacific
7.4.4.    Middle East and Africa
7.4.5.    South America

8.    North America Medicinal Spices Market Size and Forecast (by Value Units)
8.1. North America Medicinal Spices Market Size and Forecast, by Type (2023-2030)
8.1.1.    Turmeric
8.1.2.    Garlic
8.1.3.    Cinnamon
8.1.4.    Nutmeg
8.1.5.    Clove
8.1.6.    Chilli
8.1.7.    Others

8.2. Medicinal Spices Market Size and Forecast, by Form (2023-2030)
8.2.1.    Powder
8.2.2.    Flakes
8.2.3.    Seeds
8.2.4.    Minced
8.2.5.    Roots

8.3. Medicinal Spices Market Size and Forecast, by Distribution Channel (2023-2030)
8.3.1.    Supermarkets/Hypermarkets
8.3.2.    Speciality Stores
8.3.3.    Online Platforms
8.3.4.    Convenience Stores

8.4. North America Medicinal Spices Market Size and Forecast, by Country (2023-2030)
8.4.1.    United States
8.4.2.    Canada
8.4.3.    Mexico

9.    Europe Medicinal Spices Market Size and Forecast (by Value Units)
9.1. Europe Medicinal Spices Market Size and Forecast, by Type (2023-2030)
9.1.1.    Turmeric
9.1.2.    Garlic
9.1.3.    Cinnamon
9.1.4.    Nutmeg
9.1.5.    Clove
9.1.6.    Chilli
9.1.7.    Others

9.2. Medicinal Spices Market Size and Forecast, by Form (2023-2030)
9.2.1.    Powder
9.2.2.    Flakes
9.2.3.    Seeds
9.2.4.    Minced
9.2.5.    Roots

9.3. Medicinal Spices Market Size and Forecast, by Distribution Channel (2023-2030)
9.3.1.    Supermarkets/Hypermarkets
9.3.2.    Speciality Stores
9.3.3.    Online Platforms
9.3.4.    Convenience Stores

9.4. Europe Medicinal Spices Market Size and Forecast, by Country (2023-2030)
9.4.1.    UK
9.4.2.    France
9.4.3.    Germany
9.4.4.    Italy
9.4.5.    Spain
9.4.6.    Sweden
9.4.7.    Russia 
9.4.8.    Rest of Europe

10.    Asia Pacific Medicinal Spices Market Size and Forecast (by Value Units)
10.1. Asia Pacific Medicinal Spices Market Size and Forecast, by Type (2023-2030)
10.1.1.    Turmeric
10.1.2.    Garlic
10.1.3.    Cinnamon
10.1.4.    Nutmeg
10.1.5.    Clove
10.1.6.    Chilli
10.1.7.    Others

10.2. Medicinal Spices Market Size and Forecast, by Form (2023-2030)
10.2.1.    Powder
10.2.2.    Flakes
10.2.3.    Seeds
10.2.4.    Minced
10.2.5.    Roots

10.3. Medicinal Spices Market Size and Forecast, by Distribution Channel (2023-2030)
10.3.1.    Supermarkets/Hypermarkets
10.3.2.    Speciality Stores
10.3.3.    Online Platforms
10.3.4.    Convenience Stores

10.4. Asia Pacific Air Traffic Control (ATC) Communications Market Size and Forecast, by Country (2023-2030)
10.4.1.    China
10.4.2.    S Korea
10.4.3.    Japan
10.4.4.    India
10.4.5.    Australia
10.4.6.    Indonesia 
10.4.7.    Malaysia
10.4.8.    Vietnam
10.4.9.    Taiwan
10.4.10.    Bangladesh
10.4.11.    Pakistan
10.4.12.    Rest of Asia Pacific

11.    Middle East and Africa Medicinal Spices Market Size and Forecast (by Value Units)
11.1. Middle East and Africa Medicinal Spices Market Size and Forecast, by Type (2023-2030)
11.1.1.    Turmeric
11.1.2.    Garlic
11.1.3.    Cinnamon
11.1.4.    Nutmeg
11.1.5.    Clove
11.1.6.    Chilli
11.1.7.    Others

11.2. Middle East and Africa Market Size and Forecast, by Form (2023-2030)
11.2.1.    Powder
11.2.2.    Flakes
11.2.3.    Seeds
11.2.4.    Minced
11.2.5.    Roots

11.3. Medicinal Spices Market Size and Forecast, by Distribution Channel (2023-2030)
11.3.1.    Supermarkets/Hypermarkets
11.3.2.    Speciality Stores
11.3.3.    Online Platforms
11.3.4.    Convenience Stores

11.4. Middle East and Africa Medicinal Spices Market Size and Forecast, by Country (2023-2030)
11.4.1.    South Africa
11.4.2.    GCC
11.4.3.    Egypt
11.4.4.    Nigeria
11.4.5.    Rest of ME&A

12.    South America Medicinal Spices Market Size and Forecast (by Value Units)
12.1. South America Medicinal Spices Market Size and Forecast, by Type (2023-2030)
12.1.1.    Turmeric
12.1.2.    Garlic
12.1.3.    Cinnamon
12.1.4.    Nutmeg
12.1.5.    Clove
12.1.6.    Chilli
12.1.7.    Others

12.2. South America Market Size and Forecast, by Form (2023-2030)
12.2.1.    Powder
12.2.2.    Flakes
12.2.3.    Seeds
12.2.4.    Minced
12.2.5.    Roots

12.3. Medicinal Spices Market Size and Forecast, by Distribution Channel (2023-2030)
12.3.1.    Supermarkets/Hypermarkets
12.3.2.    Speciality Stores
12.3.3.    Online Platforms
12.3.4.    Convenience Stores

12.4. South America Medicinal Spices Market Size and Forecast, by Country (2023-2030)
12.4.1.    Brazil
12.4.2.    Argentina
12.4.3.    Rest of South America

13.    Company Profile: Key players
13.1.1.    Bughary Bio Spices
13.1.1.1.    Company Overview
13.1.1.2.    Financial Overview
13.1.1.3.    Business Portfolio
13.1.1.4.    SWOT Analysis
13.1.1.5.    Business Strategy 
13.1.1.6.    Recent Developments
13.1.2.    EnSpice

13.2. Gaia Herbs
13.3. Herbs, Etc.
13.4. The Spice Factory
13.5. Old World Spices & Seasonings
13.6. Able agro International
13.7. General Mills Inc.
13.8. Live Organics
13.9. YogiBotanicals International
13.10. Frontier Co-op.
13.11. McCormick & Company
13.12. B&G Foods
13.13. Arizona Natural
13.14. Bio Botanica, Inc.
13.15. Glanbia PLC
13.16. Indfrag Biosciences
13.17. i-Health, Inc.
14.    Key Findings
15.    Industry Recommendation

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