Overview and Scope
Spices are a group of flavored and aromatic ingredients derived from the roots, seeds, fruits, bark, or other parts of plants. They are typically used to enhance the taste, color, and aroma of food and beverages.
Sizing and Forecast
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.
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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
Asia-Pacific was the largest region in the spices market in 2023. North America is expected to be the fastest-growing region in the spices market report during the forecast period. The regions covered in the spices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the spices market are adopting a strategic partnership approach to launch new enterprises for ground, cracked, and milled spices and seasoning blends. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in September 2022, Mane Kancor, an India-based spice extraction company, partnered with Natures Spices, an India-based spice company. Through this partnership, both firms anticipate the establishment of a joint venture named Mane Kancor Spices Pvt Ltd. This new entity will operate in the realm of ground, cracked, and milled spices, as well as seasoning blends. With this strategic initiative, Mane Kancor aims to enhance its farm-to-fork services by incorporating processed spices and seasonings into its value chain. Additionally, the venture will cater to the internal needs of Mane across all its locations.
The spices market report table of contents includes:
1. Executive Summary
2. Spices Characteristics
3. Spices Trends And Strategies
4. Spices – Macro Economic Scenario
5. Global Spices Size and Growth
…..
32. Global Spices Competitive Benchmarking
33. Global Spices Competitive Dashboard
34. Key Mergers And Acquisitions In The Spices
35. Spices Future Outlook and Potential Analysis
36. Appendix
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