The global spice market is driven by growing demand for convenience foods. The spice market can be segmented on the basis of product types: pepper, cumin, clove, cardamom, ginger and others. In addition, the spice market is segmented on the basis of application type into frozen food, sauces, soups, meat, bakery, poultry food, convenience foods and others. The spice market is directly influenced by the rising processed food industry. In addition, the increase in consumption of confectionery products, fried food and ready-to-eat in the developed economies and bakery product are driving the market for spices.
One of the major driving forces for this market include increased use of spices as natural preservatives for meat and poultry. In addition, rising demand for health and wellness food is the key factor to improve the demand for spice globally. Development in economy of emerging Asian countries which would increase the demand of convenience food, confectionery and snacks is anticipated to provide growth opportunity to the spice market. In addition, increasing demand of meat, soups and poultry products is expected to raise the demand of spice market globally.
The spice market is increasing in accordance with the development of the processed food industry. The increase in demand from industries such as confectionery, prepared food and bakery is driving the spice market. Increase in consumer spending on dairy and fried food and bakery is also estimated to be driving the market for spice.
Stringent government regulations across different countries such as Canada, U.K., France, Italy and U.S. among others restrain the growth of the global spice market. Different organizations such as FDA have set safety standards to determine whether a spice is safe enough for its intended use in order to maintain consumer safety.
Based on geography, the spice market is segmented into North America, Europe, Asia Pacific and Rest of the World (RoW). North America is the most attractive market for spice market globally followed by Europe, Asia Pacific and RoW. Rising investment by different international companies is driving the spice market in the region. This is anticipated to boost the spice market during the estimate period of 2015 – 2023. In terms of revenue, North America is anticipated to witness high growth during the forecast period of 2015 – 2023 due to medicinal benefits of spices. Europe is the second largest market for spice followed by Asia Pacific and Rest of the World. In Asia Pacific, China holds the leading position followed by India. In addition, the market for spice in the Asia-Pacific region is rising with substantial opportunities for the ready-to-eat food products, confectionery and snacks industries. Leading industries are focusing on expansion of businesses across region and setting up new plants for increasing their production capacity.
The global spice market is fragmented with huge number of small companies dominating the market. However, there is a presence of some large corporations. Some of the major companies operating in spice market are Associated British Foods, Ajinomoto Co., Inc., Kerry Group Plc, Sensient Technologies, SHS Group, Ariake Japan Company Ltd., Worlee Gruppe, Ariake Japan Company Ltd., Dohler Group, Mccormick & Company, Olam International, DS Group, MTR Foods Private Limited and Everest Spices among others.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
Reasons for Buying this Report
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a six-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
- It provides distinctive graphics and exemplified SWOT analysis of major market segments
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.