Global Spices Market accounted for US$ 15.9 billion in 2018 and is estimated to be 22.8 billion by 2026 and is anticipated to register a CAGR of 4.7%. Spices are seeds, dried fruits, roots, and barks that are used in cooking to add flavour, aroma, and colour. Several spices, including ground, crushed, and whole, are available in diverse forms from varied origins and cuisines. Each of these spices gives the cuisine a distinct flavour, aroma, and taste. Cinnamon, black pepper, cumin seeds, nutmeg, cloves, chilli powder, turmeric, ginger, and garlic are some of the most regularly used spices. Spices are distributed through retail and e-commerce portals, which are in high demand. Self-labeled products are being offered by retailers such as Walmart, Kroger’s, and Tesco to establish their position in the market and maintain competitiveness. Spices are dry pungent and aromatic ingredients used to improve nutritional value and taste of food. Spices are present in various forms such as seed, fruit, berry, bark, root, bud or vegetable substance. Few spices are also used for preserving or coloring food items, for example, turmeric is used as an antiseptic. Normally, spices utilized in food item are normally in dried forms which results to longest shelf life.
Analyst View & COVID-19 Impact on Spices Market:
Increasing spice consumption is the growing demand for authentic cuisines around the world. Manufacturers are likely to be prompted to make high-quality, appealing, and trustworthy products that can maintain consistent standards globally as people’s taste for different sorts of flavours in foods and snacks grows. Spices can change the flavour of a dish and are associated with regional characteristics. The Middle East and Southeast Asia, for example, are anticipated to contribute to fusions, which are expected to grow in popularity throughout the forecast period. Apart from the usage of spices in the home, most fast-food businesses, such as Domino’s, McDonald’s, and Starbucks, favour the use of chilli flakes, black pepper, dried ginger powders, and parsley to enhance the flavour of any dish. Apart from these businesses, restaurants, pubs, and resorts are focusing on giving customers a sample of different cuisines from other regions as part of a global trend drive. Spices are now primarily used for taste and flavour, but they are also widely employed for their health benefits. Many of these have antioxidant properties and are consequently utilised to treat specific health problems. Spice manufacturers have also launched new marketing initiatives to encourage people to try new recipes at home.
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Key Highlights of Spices Market:
In 2022, Som Parkash, India’s first virtual platform for spiceexports, ‘SpiceXchange India,’ was launched at a hybrid event in Kochi and online by Union Minister of State for Commerce.
In December 2018, Kerry Group has acquired Ariake, the North American business of Ariake Japan Co., and Southeastern Mills North American’s coatings and seasonings business (SEM). Ariake USA is a producer of natural clean label savory taste solutions derived from poultry, pork and vegetables and offers a range of highly specialized extraction technologies and development capabilities. The company also acquired SEM, a coatings and seasonings manufacturer in Rome, Georgia. Both acquisitions will complement the company’s existing taste portfolio, while further developing its position in the meat and clean label markets.
Key Market Insights from the report:
The Global Spice Market accounted for US$ 15.9 billion in 2018 and is estimated to be 22.8 billion by 2026 and is anticipated to register a CAGR of 4.7%. Global Spices Market has been segmented into on the basis of spice type, application, and region.
Competitive Landscape & their strategies of Spices Market:
The key players operating the global spice market includes Ajinomoto Co., Inc., Ariake Japan Co., Ltd., Döhler Group, Kerry Group PLC, DS Group, Mccormick & Company, Everest Spices, Associated British Foods PLC, MTR Foods Private Limited, Olam International, and Sensient Technologies. The spices market is extremely competitive in nature. Key players are focusing on policies such as regular acquisitions, mergers, strategic alliances, and capital extension. Distribution and sales sites are another favorable factor for companies to improve their overall positioning in the market.
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Global Spices Market, By Spice Type:
Nutmeg & Mace
Global Spices Market, By Application:
Meat & Poultry Products
Snacks & Convenience Food
Sauces and Dressings
Bakery & Confectionery
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
Some Important Points Answered in this Market Report Are Given Below:
Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period
Global Natural Food Flavor Market, By Product, (Vegetable Flavor, Fruit Flavor, Spices, and Others (Almond Extract, Vanilla Extract, etc), By Application (Beverages, Dairy and Frozen Products, Bakery and Confectionery, Savory and Snacks, and Animal and Pet Food), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Trends, Analysis and Forecast till 2029
Global Botanical Ingredients Market, By Source (Herbs, Leaves, Spices, Flowers, and Others), By Form (Powder and Liquid), By Application (Food & Beverages, Dietary Supplements, Cosmetic & Personal Care, Pharmaceuticals, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis, and Forecast till 2029
Market Dynamics, Regulations, and Trends Analysis
DR Impact Analysis
Porter’s Five Forces Analysis
Market Investment Feasibility Index
Macroeconomic Factor Analysis
Market Breakdown and Data Triangulation
Approach for estimating Market Share by Top-Down Analysis (Supply Side)
Approach for estimating market share by Bottom-up Analysis (Demand Side)
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