Growing demand for spices

The global spices market is growing at an annual growth rate of about 5% (by value) and is projected to exceed $10 billion by 2020. Looking ahead, it is questionable whether supply will be able to keep up with demand. New plantings of spices and herbs might not be able to satisfy global demand and replenish low stock levels. A structural challenge is to find new farmers. Despite high prices, many young people are not interested in cultivating spices and herbs. Industry experts expect prices to remain high, or in some cases to continue to grow. The large price drops we have seen in the past are not expected to occur again in the future. Source: CBI/Eurostat

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