Asafoetida Market Forecast 2024-2028
The asafoetida market size is projected to increase by USD 47.06 million, at a CAGR of 5.45% between between 2023 and 2028.
The APAC region is a pivotal market, driven by cultural significance and culinary diversity. Countries like India, Pakistan, Afghanistan, and Iran are key producers and consumers, incorporating it into traditional dishes. Growth drivers include the region's rich culinary heritage and its integral role in flavoring savory dishes. With rising consumption trends, the APAC market exhibits a promising growth rate, offering benefits of convenience and global market analysis for forecasts and trends.
Market Overview
The market shows an Accelerated CAGR during the forecast period.
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Market Growth Analysis Driver
Increasing consumer awareness of food flavor and enhancers, including exotic spices, and culinary diversity is the key factor driving the market. As consumers become more adventurous in their culinary explorations and seek new flavor experiences, there is a growing interest in food flavor and enhancers. This heightened awareness is fueled by factors such as globalization, travel, and exposure to diverse cuisines through media platforms and international dining experiences.
Further, consumers are increasingly seeking authenticity and uniqueness in their food choices, leading to a greater appreciation for traditional spices, which are integral to various regional cuisines. Asafoetida's distinctive flavor profile and versatility in enhancing savory dishes make it an appealing choice for adventurous cooks and food enthusiasts. Thus, such factors will drive the market during the forecast period.
Market Growth and Trends
Increasing demand for organic and sustainable products is one of the primary market trends. As consumers become more mindful of the impact of their purchasing decisions on personal well-being and the planet, there is a heightened interest in organic products perceived to be healthier and environmentally friendly. Organic asafoetida is produced without the use of synthetic pesticides, fertilizers, or genetically modified organisms (GMOs), aligning with consumer preferences for natural and chemical-free ingredients.
Additionally, manufacturers and retailers are responding to this demand by offering certified organic and sustainably sourced products, often accompanied by transparent labeling and traceability initiatives to reassure consumers about product authenticity and ethical production practices. As the demand for organic and sustainably sourced foods, including cardamom, continues to rise globally, this trend is expected to drive growth and innovation in the market during the forecast period.
Market Challenge
Quality control and adulteration issues with counterfeit or inferior products is a challenge that affects market growth. Quality control and adulteration pose significant challenges, threatening product integrity, consumer trust, and market sustainability. Asafoetida, being a high-value spice, is vulnerable to adulteration and contamination due to its scarcity and the high demand for it. One of the primary challenges is the difficulty in ensuring consistent quality across the supply chain. Also, lack of proper oversight and regulation in these regions can lead to inconsistencies in product quality and purity.
Moreover, these products may not only compromise flavor and aroma but also pose health risks to consumers, particularly those with allergies or sensitivities. Counterfeit or inferior products further exacerbate the challenge, as unscrupulous suppliers may mislabel or misrepresent lower-quality substitutes as genuine asafoetida, deceiving consumers and undermining market credibility. Thus, growing concerns about quality control and adulteration issues with counterfeit or inferior products hamper the market during the forecast period.
Market Segmentation by Product
The milky white asafoetid?segment will account for the largest share of this segment.?Milky white asafoetida is a byproduct of the traditional process used to extract resin from the roots and stems of the Ferula herb. During this process, the resin is dissolved in water and then filtered to remove impurities, resulting in a milky white liquid. Milky white asafoetida is valued for its milder flavor and aroma compared to the traditional brown resin. Additionally, as awareness of exotic spices and culinary diversity continues to grow worldwide, milky white asafoetida presents an opportunity for producers to expand their product offerings and cater to the evolving tastes of consumers, which, in turn, boosts the growth of the market during the forecast period.
Market Segmentation by Distribution Channel
The market share by the offline segment will be significant during the forecast period. Offline distribution channels play a crucial role in the market, facilitating the physical exchange of products between manufacturers and consumers. Brick-and-mortar retail outlets are commonly found in local neighborhoods and city centers, offering a wide range of spices, including asafoetida, to consumers. Specialty spice stores cater specifically to culinary enthusiasts and chefs, providing a diverse selection of high-quality spices, often sourced from different regions around the world.
The offline segment was valued at USD 109.99 million in 2018.
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Additionally, wholesale markets serve as distribution hubs where bulk quantities of flax seeds, as well as asafoetida, are bought and sold by retailers, restaurants, and food service providers. These markets facilitate transactions between suppliers and buyers at wholesale prices, supporting the distribution of flax seeds to various retail outlets and food establishments. Overall, offline distribution channels remain integral to the market, providing accessibility, convenience, and diverse sourcing options for consumers while also supporting the growth and expansion of the spice and flax seed industries worldwide. Therefore, the market witnesses positive growth during the forecast period.
Key Regions for the Market
APAC is estimated to contribute 61% to the growth of the global market during the forecast period
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The rising disposable incomes across APAC nations contribute to increased spending on food and spices, further boosting demand for asafoetida. Moreover, the growing awareness of the potential health benefits associated with asafoetida such as aiding digestion and reducing bloating, drives its popularity among health-conscious consumers.
However, the market faces several challenges, including supply chain issues such as inconsistent quality and availability of raw materials, which can impact market stability and growth. Furthermore, product innovation, such as the introduction of innovative formulations and packaging formats, caters to changing consumer needs and preferences, driving regional market expansion. Therefore, the regional market witnessed positive growth during the forecast period.
Company Overview
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
- Key Offering- Aachi Masala: The company offers asafoetida namely Aachi asafoetida powder that has a sturdy flavor and odor. It makes Indian and other dishes easier to digest. In most Indian cooking, it is used as a taste enhancer and once cooked releases an onion-like flavor.
- Key Offering- Dabur India Ltd.: The company offers asafoetida through its subsidiary Badshah Masala namely Badshah Premium Hing which is a high-quality culinary spice made with compounded asafoetida.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 10 market companies, including:
Anu Foods, Dhanhar Exim Pvt. Ltd., DS Group, EVEREST Food Products Pvt. Ltd., G P And Co., HingWala, Laljee Godhoo, Mahashian Di Hatti Pvt. Ltd., Medikonda Nutrients, MTR Foods Pvt. Ltd., MVM Asafoetida, Patanjali Ayurved Ltd., Qualfis Foodz Pvt. Ltd., S S Pandian and Sons, Simhas Spices and Herbals, SRK Traders and Manufacturers, Tata Sons Pvt. Ltd., and VKA Food Products
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Segment Overview
The market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
- Distribution Channel Outlook
- Offline
- Online
- Product Outlook
- Milky white asafoetida
- Red asafoetida
- Region Outlook
- North America
- The U.S.
- Canada
- Europe
- The U.K.
- Germany
- France
- Rest of Europe
- APAC
- China
- India
- South America
- Chile
- Brazil
- Argentina
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- North America
Market Analyst Overview:
The market is experiencing a surge in demand across various end application industries including chewing gum and other applications, presenting lucrative opportunities for key players in the industry. Factors such as cost, economic, political, and social scenarios influence the commercial development of asafoetida products. Quantitative and qualitative data provide insights into product pricing, consumer buying behavior, and market outlook.
Additionally, a country's GDP affects product or service penetration, while competitive advantage and product lifecycle dictate market dynamics. Understanding growth drivers, restraints, and challenges is crucial for market evolution. Intermediaries play a pivotal role in distribution, enhancing market reach.
Furthermore, company profiles offer valuable information on end-use industry, product or service type, and market positioning. As the asafoetida market continues to grow, strategic decisions informed by comprehensive market analysis are essential for sustainable growth and success.
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Asafoetida Market Scope |
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Report Coverage |
Details |
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Page number |
97 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.45% |
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Market Growth 2024-2028 |
USD 47.06 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.99 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 61% |
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Key countries |
US, United Arab Emirates, India, Australia, and China |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aachi Masala, Anu Foods, Dabur India Ltd., Dhanhar Exim Pvt. Ltd., DS Group, EVEREST Food Products Pvt. Ltd., G P And Co., HingWala, Laljee Godhoo, Mahashian Di Hatti Pvt. Ltd., Medikonda Nutrients, MTR Foods Pvt. Ltd., MVM Asafoetida, Patanjali Ayurved Ltd., Qualfis Foodz Pvt. Ltd., S S Pandian and Sons, Simhas Spices and Herbals, SRK Traders and Manufacturers, Tata Sons Pvt. Ltd., and VKA Food Products |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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What are the Key Data Covered in this Market Research Report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the market between 2024 and 2028
- Precise estimation of the market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the market across APAC, Europe, North America, Middle East and Africa, and South America
- A thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of market companies
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