Dried Herbs Global Market Report 2024

The dried herbs market size has grown strongly in recent years. It will grow from $6.09 billion in 2023 to $6.43 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth observed in the historic period can be attributed to factors such as the use of traditional herbal medicine, culinary traditions, techniques for preservation and flavoring, the influence of global trade routes, and the preservation of traditional culinary and medicinal knowledge.

The dried herbs market size is expected to see strong growth in the next few years. It will grow to $8.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth in the forecast period can be attributed to sustainability and organic farming practices, innovations in packaging and presentation, the fusion of global culinary influences, evolving dietary preferences, and the continued growth of online retail and e-commerce. Major trends expected in this period include technological advancements in drying processes, an increased focus on culinary exploration, a rising demand for organic varieties, the popularity of home gardening and do-it-yourself trends, as well as innovations in packaging for freshness.

The anticipated surge in the consumption of processed food is set to drive the growth of the dried herbs market in the coming years. The upswing in disposable income, attributed to economic growth, has generated a heightened demand for processed foods. This shift in consumption patterns towards processed foods is particularly evident in urban areas and among the younger population, driven by the constraints of time for domestic cooking. To expedite cooking times, food processing companies incorporate dried herbs and other ingredients for flavoring or coloring, amplifying the demand for dried herbs. A case in point is the April 2021 report from the Ministry of Commerce & Industry, which highlights a substantial 26.51% increase in India's export of processed food products during April-February (2020-21) compared to the previous year. Notably, in the first 11 months of the fiscal year (2020-21), exports of miscellaneous processed items such as Indian snacks, sauces, starch products, and vegetable flours experienced a remarkable 36% growth, reaching a total value of INR 437,980 million ($5.5 billion). Consequently, the escalating consumption of processed food is poised to elevate the demand for dried herbs in the forecast period.

The anticipated expansion of the foodservice industry is poised to drive the growth of the dried herbs market in the foreseeable future. The foodservice industry encompasses establishments involved in preparing, serving, and delivering food and beverages to customers, such as restaurants, cafes, and catering services. The burgeoning foodservice sector contributes to the demand for dried herbs, as chefs and culinary professionals often opt for the convenience and extended shelf life offered by dried herbs over their fresh counterparts. A notable illustration of this trend is reflected in the July 2023 report from the USDA Economic Research Service, a US-based government agency. The report indicates that food service facilities supplied food worth $1.34 trillion in 2022, showcasing an increase from $1.16 trillion in the preceding year, 2021. In 2021, the combined value of food supplied by the foodservice and food retailing industries stood at approximately $2.11 trillion, and this figure saw a rise to $2.39 trillion in 2022. Therefore, the anticipated growth in the foodservice industry is set to amplify the demand for dried herbs in the forecast period.

Strategic partnerships have emerged as a prominent trend in the dried herbs market, with companies actively collaborating with relevant counterparts to harness shared resources, foster innovation, and extend their influence into new markets. A case in point is the February 2021 partnership between Feyecon Development & Implementation B.V, a Netherlands-based company specializing in innovative food product drying solutions, and VNK BV, a Dutch company focusing on the drying of leaf herbs and herbal roots. Together, they utilized green CO2 technology to develop herb flavor powders from waste materials, showcasing a collaborative effort to create new products and enhance their market presence. This trend underscores the significance of synergistic partnerships in driving growth and innovation within the dried herbs market.

Major companies in the dried herbs market are actively engaged in the development of innovative products, with a particular focus on advancements such as dry herb vaporizers. These devices, designed for the consumption of dry herbs such as tobacco or cannabis, utilize vaporization rather than combustion. By heating the material at lower temperatures, dry herb vaporizers enable the active compounds to vaporize without reaching the point of combustion. An illustrative example is the August 2023 launch of 'Celsius' by AUXO, a leading global player in vaporization technology based in Colombia. Celsius, AUXO's latest flagship 2-in-1 vaporizer, is designed for both dry herbs and concentrates, providing exceptional vapor performance within seconds. This compact and versatile vaporizer features a 360° rotatable mouthpiece and a distinctive airflow window, ensuring uniform heat distribution. Celsius utilizes triple heating technology, unlocking the full potential of aromas and flavors in just 6 seconds, delivering a seamless and enhanced consumption experience. This highlights the commitment of major companies to introducing innovative products that cater to evolving consumer preferences in the dried herbs market.

In March 2021, GM Marketing, a Fast-Moving Consumer Goods (FMCG) company based in the UK, successfully acquired Favourit Food for an undisclosed amount. This strategic acquisition is aimed at shaping GM Marketing's strategy and future growth plans within the herbs & spices sector. Additionally, it positions GM Marketing to invest in the creation of new job opportunities within the local area. Favourit Food, the acquired company, is a UK-based manufacturer specializing in herbs & spices.

Major companies operating in the dried herbs market report are Archer Daniels Midland Company, Kraft Heinz Company, Pacific Botanicals, McCormick & Company Inc., Firmenich S A, Döhler Group SE, Robertet SA, Alpine Herb Company, Synthite Industries Ltd., Nature's Way Products LLC, Frontier Co-op, Van Drunen Farms Inc., British Pepper & Spice Company Ltd., Star Kay White Inc., Starwest Botanicals Inc., Indiana Botanic Gardens Inc., Oregon's Wild Harvest LLC, Banyan Botanicals LLC, Penzey's Spices LLC, Mountain Rose Herbs Inc., Catz International B.V., Avi Naturals, Monterey Bay Spice Company, Red Moon Herbs Inc., Cherry Valley Organics LLC, Sorich Organics Private Limited, Hamps Bio Private Limited, Maduras Herbals Private Limited, Tenzing Momo, Burlap & Barrel Single Origin Spices Inc.

Western Europe was the largest region in the dried herbs market in 2023, and it is expected to be the fastest-growing region in the forecast period. The regions covered in the dried herbs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the dried herbs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Dried herbs come in two primary forms: whole herbs and powdered herbs. Whole herbs are typically dried and encapsulated. The nature of dried herbs can vary, including organic and conventional varieties. These herbs undergo drying through methods such as air drying, vacuum drying, and microwave drying. Popular dried herb products include oregano, rosemary, sage, savory, mint, thyme, and bay leaves.

The dried herbs market research report is one of a series of new reports that provides dried herbs market statistics, including dried herbs industry global market size, regional shares, competitors with a dried herbs market share, detailed dried herbs market segments, market trends and opportunities, and any further data you may need to thrive in the dried herbs industry. These dried herbs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The dried herbs market consists of sales of marjoram, thyme, rosemary, oregano, mint, tarragon. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.