Medicinal spices Market Highlights
Medicinal spices are ingredients that contain healing properties and are derived from shells, bark, seed, leaf, and other parts of plants. Health benefits attributed to these spices which can assist in lowering blood pressure levels and play their role in combating other diseases can bolster its production. The global medicinal spices market report by Market Research Future (MRFR) consists of an in-depth analysis of the latest trends, developments, and challenges illuminating the reader in every step.
Market Outlook
The global medicinal spices market is predicted to exhibit a 3.7% CAGR from 2019 to 2024 (forecast period) to touch a size of USD 7,149.90 million. The popularity of alternative medicine to reduce the ill effects associated with allopathic medicine can drive the market demand during the forecast period. The low level of capital required in the establishment of alternative medicine centers as well as high awareness levels of customers are factors that can augur well for the market. Clinical studies conducted by manufacturers with positive results can fuel market growth.
Medicinal spices sales can gain traction in the coming years due to the preference of customers in the Western world for natural ingredients. Emphasis on the quality of spices as well as its packaging has been given prime importance by manufacturers in enticing customers. The application of spices in chocolates and garments is a further indication of the growth of the medicinal spices market.
Segmentation Analysis
The global medicinal spices market is segmented by type, form, and medicinal properties.
Types of medicinal spices include nutmeg, cinnamon, clove, ginger, garlic, cumin, chili, pepper, turmeric, and others. The garlic segment is likely to garner significant revenue due to its extensive application for the treatment of cough, cold, and digestive problems. Ginger can register a notable growth rate during the forecast period due to a large number of manufacturers. The segment is likely to perform exceptionally due to its application in the treatment of rheumatism, arthritis, hypertension, indigestion, and ulcers.
By form, it is segmented into flakes, crushed/chopped, roots, ground/powder, minced, seeds, whole, and others. The ground/powder segment is estimated to dominate the market throughout the forecast period.
By medicinal properties, it is segmented into antispasmodic, diuretic, anti-microbial, anti-emetic, anti-bacterial, anti-flatulent, and others. Anti-emetic and anti-flatulent segments are deemed to exhibit remarkable growth rates during the forecast period.
By end-user, it is segmented into fertility clinics, clinical research institutes, and hospitals.
Regional Analysis
Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW) are regions taken into consideration in the compilation of the global medicinal spices market report.
The APAC region is expected to exhibit a strong growth rate due to the export of spices by countries of China, India, and others. According to the Indian Brand Equity Foundation, the export by India was valued at USD 3.11 billion from 2017 to 2018. The region is predicted to lead the global market with contributions from Vietnam, India, and China. The aroma, texture, and taste of spices from these countries can propel the regional medicinal spices market growth till the end of the forecast period.
The North American region is projected to perform exceptionally due to the cultivation of spices in Guatemala and Mexico. The establishment of nutritional food supplements manufacturers has triggered the need for medicinal spices which have anti-inflammatory and anti-emetic effects.
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Competitive Analysis
Major industry participants in the global medicinal spices market include Yogi Botanicals, Sun Impex, Frontier Natural Products Co-op, SOAP (Sapthsathi Medicinal Agriculture Project), Able Agro International, Live Organics Pvt Ltd, Earthen Delight, and others. Development of novel products as well as investment to expedite the pace of new technologies are prime strategies being considered by key players. Product differentiation to separate themselves from the competition as well as expanding the customer base is pivotal in dominating the medicinal spices market.
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