Portland, OR, Aug. 06, 2019 (GLOBE NEWSWIRE) -- According to the report by Allied Market Research, the global organic spices market garnered $272.8 million in 2018, and is expected to reach $406.6 million by 2026, growing at a CAGR of 5.1% from 2019 to 2026. The research provides a detailed analysis on drivers & opportunities, key segments, major winning strategies, top investment pockets, and competitive intelligence.
Increase in number of health-conscious consumers, rise in awareness regarding the health benefits of the consumption of organic spices, and preference for spicy food in some countries drive the growth in the market. However, high margin in prices and variations in trade regulations in importing countries would restrain the growth of the market.
Based on product type, the turmeric segment contributed to the major market share in 2018, accounting for more than one-third of the market, and will maintain its lead position during the forecast period. however, the cinnamon segment is expected to grow the fastest CAGR of 7.0% from 2019 to 2026.
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Based on form, the granular segment held the major market share, accounting for nearly one-third of the total share in 2018, and will maintain its leadership status throughout the forecast period. On the other hand, the raw segment is expected to register the fastest CAGR of 5.7% from 2019 to 2026.
Based on end user, the indirect segment accounted for nearly three-fifths of the total market share in 2018 and will maintain its leadership position throughout the forecast period. On the other hand, the direct segment is expected to register the highest growth rate with a CAGR of 5.2% from 2019 to 2026.
Regionally, Asia-Pacific held the highest market share in terms of revenue in 2018, accounting for more than one-third of the total market share. This region would maintain its dominance throughout the forecast period. On the other hand, North America would grow at the highest CAGR of 5.8% from 2019 to 2026.
Leading market players analyzed in the research include Organic Spices Inc., The Watkins Co., UK Blending LTD, SunOpta Inc., Daarnhouwer & Co., Husarich GmbH, Spice Chain Corporation, AKO GmbH, Sabater Spices, and Pacific Spice Company, Inc. They have adopted various strategies including new product launches, partnerships, collaborations, and others to gain a strong position in the industry.
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