GITNUX REPORT 2024

Global Spices Industry Statistics: Market Valued at USD 15.01 Billion

Exploring the flavorful world of spices: From market growth to top producers and trends.

Author: Jannik Lindner

First published: 7/17/2024

Statistic 1

Basil is a popular herb used in Mediterranean and Asian cuisines, with the global basil market expected to grow at a CAGR of 4.6% from 2021 to 2028.

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The global spices market was valued at USD 15.01 billion in 2020 and is projected to reach USD 20.46 billion by 2027.

Statistic 3

Clove is one of the most in-demand spices, and its market size was estimated at USD 3.9 billion in 2019.

Statistic 4

The global garlic market size was valued at USD 16.5 billion in 2020 and is expected to grow at a CAGR of 3.8% from 2021 to 2028.

Statistic 5

The global paprika market is expected to grow at a CAGR of 5.3% from 2020 to 2027.

Statistic 6

Turmeric consumption is increasing due to its health benefits, with the global market expected to reach USD 96.15 billion by 2029.

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The global saffron market size was valued at USD 832.9 million in 2020 and is expected to reach USD 1,188.0 million by 2027.

Statistic 8

The global ginger market size was valued at USD 3.20 billion in 2020 and is expected to expand at a CAGR of 12.2% from 2021 to 2028.

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The global coriander seeds market size was valued at USD 164.7 million in 2020 and is projected to reach USD 302.1 million by 2028.

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Rosemary is a versatile herb widely used in culinary applications, and the global rosemary market is expected to grow at a CAGR of 3.8% from 2021 to 2028.

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The global market for bay leaves was valued at USD 7.7 billion in 2020 and is anticipated to grow at a CAGR of 5.1% from 2021 to 2028.

Statistic 12

The market size of lemongrass was estimated at USD 38.6 million in 2020 and is forecast to reach USD 55.0 million by 2027.

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The global market size of oregano was valued at USD 618.0 million in 2020 and is projected to reach USD 1.26 billion by 2027.

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The market for mint was valued at USD 1.17 billion in 2020 and is anticipated to grow at a CAGR of 7.0% from 2021 to 2028.

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The global market for sage was valued at USD 560.8 million in 2020 and is forecast to reach USD 858.2 million by 2027.

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Thyme is a popular herb known for its aromatic properties, with the global market size of thyme estimated at USD 570.2 million in 2020.

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Marjoram is a common herb used in various cuisines, and the global market for marjoram was valued at USD 51.7 million in 2020.

Statistic 18

The market size of dill was valued at USD 48.1 million in 2020 and is anticipated to grow at a CAGR of 1.7% from 2021 to 2028.

Statistic 19

Cumin is a widely used spice, and the global market size of cumin was estimated at USD 774.0 million in 2020.

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The market for fenugreek was valued at USD 190.9 million in 2020 and is expected to grow at a CAGR of 3.5% from 2021 to 2028.

Statistic 21

Paprika is a popular spice known for its rich color and flavor, with the global market size of paprika estimated at USD 823.8 million in 2020.

Statistic 22

The market size of turmeric was valued at USD 4.1 billion in 2020 and is projected to reach USD 5.9 billion by 2027.

Statistic 23

Fennel is a versatile herb used in cooking and herbal medicine, with the global market size of fennel estimated at USD 1.3 billion in 2020.

Statistic 24

The global market for nutmeg was valued at USD 16.8 million in 2020 and is anticipated to grow at a CAGR of 3.9% from 2021 to 2028.

Statistic 25

The market size of juniper berries was estimated at USD 188.5 million in 2020 and is forecast to reach USD 273.8 million by 2027.

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Saffron is a highly prized spice, and the global market size of saffron was valued at USD 562.3 million in 2020.

Statistic 27

Clove is a valuable spice with various health benefits, and the global market size of cloves was estimated at USD 1.1 billion in 2020.

Statistic 28

The Asia Pacific region accounted for the largest market share in the global spices industry in 2020.

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North America is anticipated to be the fastest-growing region in the global organic spices market from 2020 to 2025.

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Mustard seeds are a key ingredient in many spice blends and are primarily cultivated in countries like Canada, India, and the UK.

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Chili peppers are widely used for their pungent flavor and are grown in countries like China, Mexico, and India.

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In 2020, the herb segment held the largest market share in the global spices market by product type.

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The organic spices segment is expected to witness significant growth in the coming years, driven by increasing consumer preference for natural ingredients.

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India is the largest producer and exporter of spices globally, with key varieties including cumin, turmeric, and red chili.

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Pepper remains one of the most widely traded spices globally, with Vietnam and Indonesia being significant producers.

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Vanilla is one of the most expensive spices worldwide, with Madagascar being the largest producer.

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Cardamom is a high-value spice, with Guatemala, India, and Sri Lanka as leading producers.

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Cinnamon is a popular spice used in a variety of culinary and medicinal applications, with Sri Lanka and Indonesia as major producers.

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Tamarind is a versatile spice used in various cuisines and is primarily sourced from countries like India, Thailand, and Indonesia.

Statistic 40

Nutmeg is a popular baking spice, with Indonesia and Grenada being major producers.

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Summary

  • The global spices market was valued at USD 15.01 billion in 2020 and is projected to reach USD 20.46 billion by 2027.
  • The Asia Pacific region accounted for the largest market share in the global spices industry in 2020.
  • In 2020, the herb segment held the largest market share in the global spices market by product type.
  • The organic spices segment is expected to witness significant growth in the coming years, driven by increasing consumer preference for natural ingredients.
  • North America is anticipated to be the fastest-growing region in the global organic spices market from 2020 to 2025.
  • Clove is one of the most in-demand spices, and its market size was estimated at USD 3.9 billion in 2019.
  • India is the largest producer and exporter of spices globally, with key varieties including cumin, turmeric, and red chili.
  • The global garlic market size was valued at USD 16.5 billion in 2020 and is expected to grow at a CAGR of 3.8% from 2021 to 2028.
  • Pepper remains one of the most widely traded spices globally, with Vietnam and Indonesia being significant producers.
  • The global paprika market is expected to grow at a CAGR of 5.3% from 2020 to 2027.
  • Vanilla is one of the most expensive spices worldwide, with Madagascar being the largest producer.
  • Turmeric consumption is increasing due to its health benefits, with the global market expected to reach USD 96.15 billion by 2029.
  • Cardamom is a high-value spice, with Guatemala, India, and Sri Lanka as leading producers.
  • Cinnamon is a popular spice used in a variety of culinary and medicinal applications, with Sri Lanka and Indonesia as major producers.
  • The global saffron market size was valued at USD 832.9 million in 2020 and is expected to reach USD 1,188.0 million by 2027.

Move over diamonds, spices are a markets best friend! The global spices industry is sizzling hot, with a projected value of USD 20.46 billion by 2027, spicing up the economy like never before. From the flavorful herb segment leading the pack to the aromatic organic spices gaining momentum, its a spicy world out there. India takes the crown as the reigning spice king, producing everything from cumin to red chili, while cloves and garlic are cash crops worth their weight in gold. With a pinch of health benefits from turmeric and a dash of exotic allure from saffron, this industrys future is seasoned to perfection. So, grab your mortar and pestle because its time to spice things up!

Global market overview

  • Basil is a popular herb used in Mediterranean and Asian cuisines, with the global basil market expected to grow at a CAGR of 4.6% from 2021 to 2028.

Interpretation

With basil's aromatic presence in both Mediterranean and Asian dishes, it seems the world is collectively saying "Pesto-change-o!" as the global basil market prepares to spice things up with a projected 4.6% growth trajectory from 2021 to 2028. This steady rise not only reflects the culinary diversity that basil brings to the table but also highlights consumers' increasing appetite for flavorful and healthy options. So, whether you're tossing it in a Caprese salad or stirring it into a Thai curry, basil is proving to be more than just a herb – it's a seasoning sensation that's here to stay.

Market size and value

  • The global spices market was valued at USD 15.01 billion in 2020 and is projected to reach USD 20.46 billion by 2027.
  • Clove is one of the most in-demand spices, and its market size was estimated at USD 3.9 billion in 2019.
  • The global garlic market size was valued at USD 16.5 billion in 2020 and is expected to grow at a CAGR of 3.8% from 2021 to 2028.
  • The global paprika market is expected to grow at a CAGR of 5.3% from 2020 to 2027.
  • Turmeric consumption is increasing due to its health benefits, with the global market expected to reach USD 96.15 billion by 2029.
  • The global saffron market size was valued at USD 832.9 million in 2020 and is expected to reach USD 1,188.0 million by 2027.
  • The global ginger market size was valued at USD 3.20 billion in 2020 and is expected to expand at a CAGR of 12.2% from 2021 to 2028.
  • The global coriander seeds market size was valued at USD 164.7 million in 2020 and is projected to reach USD 302.1 million by 2028.
  • Rosemary is a versatile herb widely used in culinary applications, and the global rosemary market is expected to grow at a CAGR of 3.8% from 2021 to 2028.
  • The global market for bay leaves was valued at USD 7.7 billion in 2020 and is anticipated to grow at a CAGR of 5.1% from 2021 to 2028.
  • The market size of lemongrass was estimated at USD 38.6 million in 2020 and is forecast to reach USD 55.0 million by 2027.
  • The global market size of oregano was valued at USD 618.0 million in 2020 and is projected to reach USD 1.26 billion by 2027.
  • The market for mint was valued at USD 1.17 billion in 2020 and is anticipated to grow at a CAGR of 7.0% from 2021 to 2028.
  • The global market for sage was valued at USD 560.8 million in 2020 and is forecast to reach USD 858.2 million by 2027.
  • Thyme is a popular herb known for its aromatic properties, with the global market size of thyme estimated at USD 570.2 million in 2020.
  • Marjoram is a common herb used in various cuisines, and the global market for marjoram was valued at USD 51.7 million in 2020.
  • The market size of dill was valued at USD 48.1 million in 2020 and is anticipated to grow at a CAGR of 1.7% from 2021 to 2028.
  • Cumin is a widely used spice, and the global market size of cumin was estimated at USD 774.0 million in 2020.
  • The market for fenugreek was valued at USD 190.9 million in 2020 and is expected to grow at a CAGR of 3.5% from 2021 to 2028.
  • Paprika is a popular spice known for its rich color and flavor, with the global market size of paprika estimated at USD 823.8 million in 2020.
  • The market size of turmeric was valued at USD 4.1 billion in 2020 and is projected to reach USD 5.9 billion by 2027.
  • Fennel is a versatile herb used in cooking and herbal medicine, with the global market size of fennel estimated at USD 1.3 billion in 2020.
  • The global market for nutmeg was valued at USD 16.8 million in 2020 and is anticipated to grow at a CAGR of 3.9% from 2021 to 2028.
  • The market size of juniper berries was estimated at USD 188.5 million in 2020 and is forecast to reach USD 273.8 million by 2027.
  • Saffron is a highly prized spice, and the global market size of saffron was valued at USD 562.3 million in 2020.
  • Clove is a valuable spice with various health benefits, and the global market size of cloves was estimated at USD 1.1 billion in 2020.

Interpretation

The global spices industry is heating up, with projections looking hotter than a chili pepper in a curry. With cloves, garlic, paprika, turmeric, saffron, ginger, and a whole bouquet of herbs and spices commanding billions in market value, it's clear that our taste buds are in for a flavorful future. From the robust growth of turmeric due to its health halo, to the aromatic rise of rosemary and thyme, it's a market that's spicier than a dish from a Michelin-starred chef. So, whether you're sprinkling cumin for a kick or savoring the subtle sweetness of fennel, one thing is certain – the world is savoring the spice of life, one delicious flavor at a time.

Regional market trends

  • The Asia Pacific region accounted for the largest market share in the global spices industry in 2020.
  • North America is anticipated to be the fastest-growing region in the global organic spices market from 2020 to 2025.
  • Mustard seeds are a key ingredient in many spice blends and are primarily cultivated in countries like Canada, India, and the UK.
  • Chili peppers are widely used for their pungent flavor and are grown in countries like China, Mexico, and India.

Interpretation

The spice industry is truly heating up around the world, with the Asia Pacific region reigning supreme as the spice kingdom in 2020. However, it seems like North America is spicing things up in the organic sector, ready to sizzle as the fastest-growing region from 2020 to 2025. Mustard seeds and chili peppers are the dynamic duo of the spice world, with their distinct flavors adding zest to dishes worldwide, originating from diverse corners ranging from Canada to India. It seems that when it comes to spices, the world is truly a melting pot of flavors.

Specific spice market insights

  • In 2020, the herb segment held the largest market share in the global spices market by product type.
  • The organic spices segment is expected to witness significant growth in the coming years, driven by increasing consumer preference for natural ingredients.
  • India is the largest producer and exporter of spices globally, with key varieties including cumin, turmeric, and red chili.
  • Pepper remains one of the most widely traded spices globally, with Vietnam and Indonesia being significant producers.
  • Vanilla is one of the most expensive spices worldwide, with Madagascar being the largest producer.
  • Cardamom is a high-value spice, with Guatemala, India, and Sri Lanka as leading producers.
  • Cinnamon is a popular spice used in a variety of culinary and medicinal applications, with Sri Lanka and Indonesia as major producers.
  • Tamarind is a versatile spice used in various cuisines and is primarily sourced from countries like India, Thailand, and Indonesia.
  • Nutmeg is a popular baking spice, with Indonesia and Grenada being major producers.

Interpretation

In the spicy world of market trends, the herb segment stands tall as the reigning champion, while organic spices are set to give a natural boost to the industry's flavor. India takes the crown as the spice royalty, with a rich array of cumin, turmeric, and red chili. Pepper trades its way across borders, with Vietnam and Indonesia spicing things up. Vanilla adds a touch of luxury, courtesy of Madagascar, while cardamom brings a dash of value with a sprinkle of Guatemala, India, and Sri Lanka. Cinnamon swirls its way into both culinary and medicinal concoctions, thanks to Sri Lanka and Indonesia. Tamarind brings its versatile tang from India, Thailand, and Indonesia, while nutmeg adds a pinch of warmth with a sprinkle of Indonesia and Grenada. In this flavorful world of spices, it's evident that the global market is a savory blend of competition, tradition, and innovation.

References