The Spices by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Spices, The spices market size has grown strongly in recent years. It will grow from $1.41 billion in 2023 to $1.48 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to culinary diversity and globalization, cultural significance, increased ethnic food consumption, urbanization and changing lifestyles, innovations in food processing.
The spices market size is expected to see strong growth in the next few years. It will grow to $1.89 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to clean label and natural products, plant-based and vegetarian diets, e-commerce and direct-to-consumer models, health-conscious consumer choices, regional and ethnic fusion cuisine. Major trends in the forecast period include rising demand for organic and sustainable spices, innovative spice blends and flavors, health and wellness focus, clean label and transparency, spices for plant-based and ethnic cuisine.
The growth in demand for organic food are expected to propel the growth of the spice market going forward. Organic food is produced without the use of synthetic chemicals or genetically modified ingredients. Organic food is in high demand because people believe it is healthier and better for their immune systems. Organic food consumption, on the other hand, is steadily increasing, due to fueling demand for herbs, spices, and seasonings. For instance, in May 2023, according to a report published by the Organic Trade Association, a US-based business association, organic food sales in the United States surpassed the $60 billion mark for the first time in 2022. The total organic sales, encompassing both organic food and non-food products, reached a record high of $67.6 billion. Furthermore, organic produce sales amounted to $22 billion, constituting 15 percent of the total fruit and vegetable sales within the nation. Therefore, the growth in demand for organic food are driving the growth of the spice market.
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The spices market covered in this report is segmented –
1) By Type: Garlic, Ginger, Turmeric, Cumin, Cinnamon, Pepper, Other Types
2) By Form: Raw, Powder, Other Form
3) By Category: Organic, Conventional
4) By Application: Bakery And Confectionary Products, Meat And Poultry Products, Frozen Food, Soups, Sauces, Dressings, Other Applications
5) By End User: Food Retail, Food Service, Food Processing
Product innovation is a key trend gaining popularity in the spice market. Companies operating in the spice market are focused on innovative products to reinforce their position in the market. For instance, in November 2022, Lifespice India Private Limited, an Indian-based manufacturer of health care, garam masala, and snack foods, launched India’s first science-backed Spice Mixes. These mixes are prepared using 15 raw materials, which do not include onions, ginger, garlic, or other vegetables. The product is prepared electronically without human touch or interaction. The blended recipes are pulverized to a 600-micron fineness and packaged in Vacuum sealed Food grade PET jars.
The spices market report table of contents includes:
1. Executive Summary
2. Spices Market Characteristics
3. Spices Market Trends And Strategies
4. Spices Market – Macro Economic Scenario
5. Global Spices Market Size and Growth
6. Spices Market Segmentation
7. Spices Market Regional And Country Analysis.
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27. Spices Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Spices Market
29. Spices Market Future Outlook and Potential Analysis
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