Spice Market

Spice Market – Overview

The global demand for spices has risen steadily in recent years, owing to an increase in the consumption of snacks, convenience foods, and confectionary items. One of the primary factors driving spice consumption is the growing global demand for authentic cuisines. The growing popularity of different flavors in foods and snack items will encourage manufacturers to create high-quality, appealing, and trustable products that can sustain consistent standards globally. Spices can modify the flavor of specialized cuisines and correspond with regional varieties.  The expanded market for ready-to-eat and processed food products has also had a positive impact on global spice consumption, thereby augmenting the sales growth of the global spice market in the forecast period set between 2021 and 2031.

The global spices market is categorized on the basis of product, form, and regions. In terms of product, the market is classified into cloves, pepper, coriander, ginger, cardamom, cumin, turmeric, cinnamon, and others. With respect to form, the market is grouped into chopped or crushed, whole, and powder.

The research report on spices market provides a 360-degree overview of the market and its prime growth trajectories such as drivers, restraints, challenges, and upcoming growth opportunities. It also throws light on the impact of the novel COVID19 pandemic prevalent from 2020 on this market and how can players gain benefit from this situation. Additionally, the list of leading players in the market and their key contribution in the form of product innovation and launches is also provided in the report. For more information on the market, log on to the company website.

Spice Market – Competitive Landscape

The nature of the global spice market is fragmented on account of the presence of multiple players. Leading players of the spice market are investing in product expansion to different geographies for better revenue generation. Others are investing in R&D strategies to ensure a notable position in the market competition. Such efforts are likely to help manufacturers gain a competitive edge in the overall market competition during the forecast period.

Some of the key players of the global Spice market include:

• Olam International
• Everest Spices
• Associated British Foods
• SHS Group
• Dohler Group
• Ajinomoto Co., Inc.
• Sensient Technologies
• Worlee Gruppe
•  Mccormick & Company
• MTR Foods Private Limited
• DS Group
• Kerry Group Plc
• Ariake Japan Company Ltd.
• Other players

Spice Market - Growth Drivers

The increased use of different spices as natural preservatives in multiple types of meat and poultry products is one of the key factors driving the global spice market. In addition to this, the significant increase in demand for nutrition-rich foods from the health-conscious and young population worldwide has broadened the consumer base of this food product segment. The rapidly growing economies have increased their ways and means of disposable incomes and demand for packaged and ready-to-eat food products will also add boost to the overall sales projections of the global spice market.

Spice Market – Geographical Insights

Regionwise, the global spice market is categorized into the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, North America has the most potential to grow remarkably in the forecast period on account of the increasing popularity of multiple cuisines all around the world, and the rising awareness about the medicinal properties of spices. However, Asia Pacific was and remains to be the dominant region for the spices market on account of the flourishing food and beverage industry, and high popularity of fast food culture in nations such as China and India.