North America Spice and Herb Extracts Market - Growth, Trends, and Forecast (2020

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.

Key Market Trends

The Growing Preference for Flavor Experimentation Heating Up Demand for Exotic Herbs and Spices.

Consumers are looking to try new and ethnic flavors. Hence, the herbs and spices manufacturers, such as Kerry Group PLC, Firmenich SA, Dohler Gmbh, and others in the country, with established recipes, are offering more twists in their classic products offering. The frequency of consuming hot and spicy food has increased in the past couple of years and Americans are actively opting for bolder ethnic flavors, such as Kung-Pao sauce, Mongolian style BBQ sauce, Teriyaki sauce, sesame sauce, in their everyday meals, like soups, which, in turn, is boosting the spices and herbs extract market in the region.

United States Holds the Largest Market Share

The United States dominates the North America spice and herb extracts market, as spices and herb extracts are used for various applications in the food and beverages industry, especially in bakeries. In North America, the demand for the organic food market has grown with the demand for organic spice/herbs extracts. According to the American Botanical Council, as of 2013, the sales rate of herbal dietary supplements in the United States increased by 7.9%, reaching a total estimated figure of USD 6 billion.

Competitive Landscape

The North America spice and herb extracts market is a partially competitive market, with the presence of various major and local players. Players adopt various strategies to occupy the market share. The major strategies adopted are acquisitions, expansions, and new product launches. McCormick & Company Inc., Dohler Gmbh, and Kerry Group are the major players of the market.

Reasons to Purchase this report:

The market estimate (ME) sheet in Excel format
3 months of analyst support

This product will be delivered within 2 business days.

1 INTRODUCTION

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

3.1 Market Overview

4 MARKET DYNAMICS

4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION

5.1 Product Type
5.1.1 Cinnamon
5.1.2 Cumin
5.1.3 Chili
5.1.4 Coriander
5.1.5 Cardamom
5.1.6 Oregano
5.1.7 Pepper
5.1.8 Ginger
5.1.9 Other Product Types
5.2 Application
5.2.1 Food Applications
5.2.2 Beverage Applications
5.2.3 Pharmaceuticals
5.3 Geography
5.3.1 United States
5.3.2 Canada
5.3.3 Mexico
5.3.4 Rest of North America

6 COMPETITIVE LANDSCAPE

6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 McCormick & Company Inc.
6.3.2 Kerry Group PLC
6.3.3 Dohler Gmbh
6.3.4 Firmenich SA
6.3.5 Olam International
6.3.6 Sensient Colors LLC
6.3.7 Givaudan
6.3.8 Organic Herb Inc.

7 MARKET OPPORTUNITIES AND FUTURE TRENDS