Asia Grows Spices and Herbs Market Dominance
The global spices and herbs market is valued at US$ 79.1 billion and is projected to grow at an annual rate of 4.8% by 2032. Asia Pacific producers dominate, taking up about 60% of this lucrative trade. Countries with a prominent share in the Asian spices markets are China, India, Malaysia, and Thailand.
Major factors driving this growth include an increase in the availability of international cuisines in different economies and a shift of consumers’ focus towards natural and healthier ingredients.
The Asia Pacific spices market has seen massive growth in demand, coming from the European countries. Spices like chili, coriander, cumin, garlic, pepper, ginger, and oregano are some of the most in-demand for high imports in Europe and North America.
The rising demand is not without its downsides. Adulteration of spices is a big headache for major players, abetted by a lack of tighter regulations. Manufacturing costs are also climbing as production processes guzzle energy and are labour-intensive. Coupled with price fluctuations and unethical management practices in some areas, these factors could hobble market expansion for many manufacturers.
How can Asian spice manufacturers tackle adulteration of products and overcome volatility in the market?
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