Spices Market Overview:
The Spices Market was valued at $21.40 million in 2021 & is projected to reach $54.52 million by 2027. It is expected to grow at a 12.4% CAGR between 2021 and 2027.
The Spices Market report offers in-depth insights, revenue details, and other vital information regarding the global spices market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2028.
The Spices Market report offers insightful and detailed information regarding the various key players operating in the global market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.
The global spices market report has been segmented on the basis of spice type, application, and region.
Spices are dry aromatic and pungent ingredients used to enhance the taste and nutritional value of food. Spices are available in different forms such as seed, berry, fruit, root, bark, bud, or vegetable substance.
Some spices are also used for coloring or preserving food items, for example, turmeric is used as an antiseptic. Generally, spices used in food items are typically in dried form which leads to the longest shelf life.
The global spices market is accounted for a recession-proof market as consumers prefer in-house prepared food during unstable economic conditions.
Owing to globalization, the scope of the spices market has grown significantly.
Increasing consumer awareness regarding the medicinal properties of various spices such as cloves, cinnamon, and turmeric is another reason for the growth of the spices market. These spices are used to treat various diseases such as fungal infections, fever, and cough and they work faster than antibiotics with no side effects.
Traditionally, spices were being produced and consumed widely in Asian countries, such as India. However, the changing demographics in western countries are expected to promote the demand for spices in western markets.
Growing demand from industries such as confectionery, prepared food, and bakery also helps to drive the spices market. The global spices market is expected to witness revenue growth at an exponential pace, due to its rising demand for convenience foods.
A great opportunity for the spices market lies in its usage as a natural preservative for meat and poultry. However, uncertain climatic conditions in various spice-producing countries and unorganized logistics, and stringent government regulations for manufacturing spices are major restraining factors.
Another factor detaining the growth of the spices market is stringent government policies that restrict importing spices.
Spices Market Analysis:
North America was the leading region of the spice market followed by Europe and the Asia Pacific. Due to the remedial nature of spices and awareness among the population will continue to keep the demand for spices high in North America over the forecast period.
However, the global spices demand has increased substantially in the Asia Pacific region over the past few years and is expected to rise at a high pace owing to the flourishing food and beverages industry in the region.
Spices Market Segmentation:
Global spices market segmentation, by spices type:
- Nutmeg & Mace
- Other Spices
Global spices market segmentation, by application
- Meat & Poultry Products
- Snacks & Convenience Food
- Soups, Sauces, and Dressings
- Bakery & Confectionery
- Frozen Products
- Other Applications
Global spices market segmentation, by region:
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Ajinomoto Co., Inc.
- Ariake Japan Co., Ltd.
- Associated British Foods PLC
- Döhler Group
- DS Group
- Everest Spices
- Kerry Group PLC
- Mccormick & Company
- MTR Foods Private Limited
- Olam International
- Sensient Technologies
- SHS Group
- Worlée Gruppe
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