MarketersMEDIA / Newsroom / Asia Pacific Organic Spice Market is projected to cross USD 15 billion by 2024

Asia Pacific Organic Spice Market is projected to cross USD 15 billion by 2024

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Ginger segment of Organic Spice Market to exhibit growth of over 6% during forecast period favored by high consumer preference due to its indigenous medicinal properties.

— Europe Organic Spice Market will exhibit growth over 5.5% from 2018 to 2024 owing to rising production across the region owing to the increasing consumer preference towards the product.

Asia Pacific organic spice market is expected to value more than USD 15 billion by 2024. Substantial production across the region, particularly in Vietnam, India, and China will support the industry demand. The region witnesses presence of established and high-yielding agricultural practices, that result in high quality products, further driving the industry growth.

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Ginger will exhibit over 6% CAGR from 2018 to 2024 owing to its high usage in processed food industry. High consumer preference due to its indigenous medicinal properties coupled with high rising demand from numerous variants including ginger bread and premium sauces will drive the organic spice market growth.

Culinary contributed for dominating share accounting for over 30% of the organic spice market in 2017. Regular usage of ingredients including garlic, ginger, coriander, and chilli for preparing numerous cuisines along with their benefits will contribute significantly towards the revenue generation. Snacks and convenience foods will witness notable gains in forecast period owing to their rising consumption, especially among millennials across the globe.

Garlic is expected to showcase dominance in organic spice market, generating more than 2.5 million tons by 2024. High revenue generation is attributed to rising demand for flavoring agents in numerous domestic and international dishes across the globe. Proliferating demand for various applications such as culinary, RTE and savory foods will further support the industry dominance.

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The increasing preference for international cuisines and gourmet products have enhanced the natural ingredients demand particularly for flavoring applications. Since the product is usually sold at premium prices, its demand can boost the export revenue in the countries with its high production over the coming years. However, higher price trend and low shelf life may hamper the organic spice market growth.

The industry has witnessed huge investments from the government as well as private investors that paves opportunistic ways for the market participants to increase profitability. Various countries are making various efforts to increase the consumption of naturally grown food by expanding land for its cultivation and enabling favorable regulations.

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Rising awareness among consumers regarding the medicinal properties and health advantages of natural spices consumption will primarily drive the industry growth. Shifting preference towards chemical free ingredients owing to their notable health benefits including anti-inflammation and pain-relieving properties is expected to propel the organic spice market growth.

Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/industry-analysis/organic-spice-market

Source URL: https://marketersmedia.com/asia-pacific-organic-spice-market-is-projected-to-cross-usd-15-billion-by-2024/88889695

Source: MarketersMedia

Release ID: 88889695

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