Market Forecast
Alternative areas of medicine are gaining increased traction recently due to consumer willingness to choose a course of treatment that have relatively fewer side effects. Market reports linked to the food, beverage & nutrition sector along with published reports on other sectors have been lately made available by Market Research Future, the global medicinal spices market is expected to reach USD xx million by 2028 from USD 3,626.2 million in 2017 at a CAGR of 8.5% during the forecast period from 2021-2028.
As antibiotics and allopathic medicines can be quite severe on the body while treating infections and illnesses, medicinal spices are gaining popularity and users due to increased awareness on the consumer’s end. A relatively lesser level of investment required to set up the business is making the industry attractive to investors too. Rising demand for organic medicines is expected to play out favorably for the growth of the industry.
Segmentation Analysis
The global medicinal spices market size is segmented by type, form, and medicinal properties.
Types of medicinal spices market Size 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.
Detailed Regional Analysis
The medicinal spices market industry is divided into Europe, North America, and the Asia Pacific along with the rest of the world (RoW). The Asia-Pacific region is expected to lead the market followed by the North American region. China, India, and Vietnam are the main spice manufacturers in the Asia-Pacific region. The existence of many ago-climatic zones and seasons supports the production of several spices in this region. Mexico and Guatemala are the main spice-producing countries in the North American region. The strong potential of spice consumption and production will support the growth of the spice market in most the regions of the world.
Competitive Analysis
Major industry participants in the global medicinal spices market Size 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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