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I was reading through the basic rules and noticed that the only time spell components were explicitly stated as being consumed was when they had a gp value attached to them. For example:
Arcane Lock
Components: V, S, M (gold dust worth at least 25 gp, which the spell consumes)
versus
Arcane Eye
Components: V, S, M (a bit of bat fur)
Does this mean that cheap spell components are not consumed when a spell is cast?
The components are only consumed when specified.
Player's Handbook p. 203 (or here in the basic rules):
Casting some spells requires particular objects, specified in parentheses in the component entry. A character can use a component pouch or a spellcasting focus in place of the components specified for a spell. But if a cost is indicated for a component, a character must have that specific component before he or she can cast the spell.
If a spell states that a material component is consumed by the spell, the caster must provide this component for each casting of the spell.
It’s not just cheap components that are reusable. For example, the identify spell does not state that the 100 gp pearl is consumed:
Identify
Components: V, S, M (a pearl worth at least 100 gp and an owl feather)
Based on that spell, along with Colin D’s answer, components are only consumed if it’s explicitly stated.
No. Per the Sage Advice (also reiterated in the latest Sage Advice Compendium):
Does a spell consume its material components?
A spell doesn’t consume its material components unless its description says it does. For example, the pearl required by the identify spell isn’t consumed, whereas the diamond required by raise dead is used up when you cast the spell.
This is true of both mundane components (which a spellcasting focus/holy symbol/component pouch can substitute for, depending on class) and for those with a gold cost. Only those with a gold cost generally are stated as being consumed by the spell.
It functionally doesn't matter. You only track material components when they indicate that they have a cost. If they have a cost and they are consumed, it is indicated in the spell description. If they do not have a cost, and it doesn't say they are consumed, they do not seem to be consumed (though this makes very little sense when you think about it). It may be better to leave this up to the player's imagination whether or not they are consumed (again, because it really doesn't matter when you have access to a component pouch).
The important part here is that M spells without a cost are indicating a free hand is required to cast (M and S spells can use the same hand, but both require a free hand). The descriptions of these items are almost entirely for both historical and flavor purposes. They are considered to be present in your spell pouch in sufficient quantities that you have no trouble casting the spells when you want to.
Whether or not they can be recovered or are used up is left entirely up to you in these cases.
This is straight from page 203 of the Player's Handbook for Fifth Edition.
Casting some spells requires particular objects, specified in parentheses in the component entry. A character can use a component pouch or a spellcasting focus in place of the components specified for a spell. But if a cost is indicated for a component, a character must have that specific component before he or she can cast the spell.
If a spell states that a material component is consumed by the spell, the caster must provide this component for each casting of the spell.
A spellcaster must have a hand free to access these components, but it can be the same hand that he or she uses to perform somatic components.
