Market Size of North America Spice and Herb Extracts Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Spice and Herb Extracts Market Analysis
The North America spice and herb extracts market is expected to register a CAGR of about 7.2% during the forecast period, 2020-2025.
- The market has a good trade potential, especially for small-scale farmers in regions, like the United States and Mexico, where significant local demands exist for spices and herb extracts. A large proportion of extracts traded in, both, local and export markets is produced by small-scale farmers, and the global trade provides multi-billion US dollar earnings.
- The rising awareness among consumers, regarding various health issues, has led to an increasing number of applications of natural spices and herbs extracts. The demand for ready-cooked and easy-to-prepare food is growing in North America, which, in turn, is boosting the market for spices and herbs extract in the region.
North America Spice and Herb Extracts Industry Segmentation
The North America spice and herb extracts market is segmented by product type and application. Based on product type, the market is segmented into cinnamon, cumin, chili, coriander, cardamom, oregano, pepper, ginger, and other product types. On the basis of application, the market is segmented into food applications, beverage applications, pharmaceuticals. Based on geography, the report provides an analysis of the regional market.
| Product Type | |
| Cinnamon | |
| Cumin | |
| Chili | |
| Coriander | |
| Cardamom | |
| Oregano | |
| Pepper | |
| Ginger | |
| Other Product Types |
| Application | |
| Food Applications | |
| Beverage Applications | |
| Pharmaceuticals |
| Geography | |
| United States | |
| Canada | |
| Mexico | |
| Rest of North America |
North America Spice and Herb Extracts Market Size Summary
The North America spice and herb extracts market is experiencing significant growth, driven by increasing consumer awareness of health benefits and a rising demand for natural ingredients. This market is particularly promising for small-scale farmers in the United States and Mexico, who contribute substantially to both local and export markets. The growing preference for ready-to-cook and easy-to-prepare foods is further propelling the demand for spice and herb extracts in the region. Consumers are increasingly seeking new and ethnic flavors, prompting manufacturers like Kerry Group PLC and Firmenich SA to innovate and diversify their product offerings. This trend is evident in the rising popularity of bold flavors such as Kung-Pao and Teriyaki sauces, which are becoming staples in American cuisine.
The United States holds a dominant position in the North America spice and herb extracts market, with these extracts being integral to various applications in the food and beverage industry, particularly in bakeries. The demand for organic food products, including organic spice and herb extracts, is on the rise, reflecting a broader trend towards healthier eating habits. The market is characterized by a mix of major and local players, with companies like McCormick & Company Inc., Dohler Gmbh, and Kerry Group leading the charge. These players are actively engaging in strategies such as acquisitions, expansions, and new product launches to enhance their market share and meet the evolving consumer preferences.
North America Spice and Herb Extracts Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Drivers
-
1.2 Market Restraints
-
1.3 Porter's Five Forces Analysis
-
1.3.1 Threat of New Entrants
-
1.3.2 Bargaining Power of Buyers/Consumers
-
1.3.3 Bargaining Power of Suppliers
-
1.3.4 Threat of Substitute Products
-
1.3.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 Product Type
-
2.1.1 Cinnamon
-
2.1.2 Cumin
-
2.1.3 Chili
-
2.1.4 Coriander
-
2.1.5 Cardamom
-
2.1.6 Oregano
-
2.1.7 Pepper
-
2.1.8 Ginger
-
2.1.9 Other Product Types
-
-
2.2 Application
-
2.2.1 Food Applications
-
2.2.2 Beverage Applications
-
2.2.3 Pharmaceuticals
-
-
2.3 Geography
-
2.3.1 United States
-
2.3.2 Canada
-
2.3.3 Mexico
-
2.3.4 Rest of North America
-
-
North America Spice and Herb Extracts Market Size FAQs
What is the current North America Spice and Herb Extracts Market size?
The North America Spice and Herb Extracts Market is projected to register a CAGR of 7.20% during the forecast period (2024-2029)
Who are the key players in North America Spice and Herb Extracts Market?
McCormick & Company, Inc, Kerry Group plc, Dohler Gmbh , Firmenich SA and Olam International are the major companies operating in the North America Spice and Herb Extracts Market.
