Spices Market Outlook 2031
The Global Spices market size was valued at USD 37.26 Billion in 2022 and is likely reach to USD 60.84 Billion by 2031, expanding at a CAGR of 5.6% during the forecast period, between 2023 and 2031. Spices are mostly used for taste and flavor in modern cooking but they are also widely used for health benefits.
Spices includes a range of categories such as seeds, roots, dried fruits, and barks that are used to produce aromatize, flavor, and color in food products or preparation. Most of these spices contain antioxidants, due to which they are thus used for several medicinal purposes such as pharmaceutical drugs to treat various health conditions.
Several spices available for preparing various cuisines in different origins are primarily available in forms of crushed, ground, and whole forms. All of these spices such as cinnamon, cumin seeds, black pepper, nutmeg, chili powder, cloves, ginger, turmeric, and garlic add a distinct aroma, flavor, and flavor to the food.
Market Trends, Drivers, Restraints, and Opportunities:
- Changing lifestyles, increasing disposable income, and growing awareness of benefits of spices among a large number of the global population present key drivers to boost market expansion.
- Increasing number of health-conscious population result in rising demand for organic foods, natural flavoring, and safe dietary supplements. These are some primary factors driving the market.
- Rising demand for authentic food cuisine as well as growing use of different flavors in ready-to-eat and processed foods are key drivers fueling the market growth.
- Side effects of excessive spice intake and strict government regulations regarding the approval of food additives are major challenges that can hinder the market growth in the coming years.
- Rising application of spices across several cuisine worldwide and rapid expansion of the food sector are creating lucrative growth opportunities for the market.
Scope of Spices Market report:
The report on the global spices market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Spices Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Capsicum, Cardamom, Cinnamon, Coriander, Cloves, Cumin, Ginger, Nutmeg & Mace, Pepper, Turmeric, and Others), Forms (Chopped/Crushed, Powder, and Whole), Categories (Conventional and Organic), Applications (Bakery & Confectionery, Beverages, Frozen products, Meat & Poultry Products, Snacks & Convenience Food, Soups, Sauces, Dressings, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Sensient Technologies Corporation; McCormick & Company, Inc.; Kerry Group plc; Döhler Group; Associated British Foods plc; SHS Group; Ajinomoto Co. Inc.; Organic Tattva; Olam International; and B&G Foods, Inc.
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Spices Market Segment Insights:
Ginger segment is projected to hold significant market share
Based on types, the spices market is segregated into capsicum, cardamom, cinnamon, coriander, cloves, cumin, ginger, nutmeg & mace, pepper, turmeric, and others. The ginger segment is projected to hold significant market share due to the antimicrobial activities of the spice, which get rid of pathogens from foods.
The turmeric segment, however, is expected to expand at a rapid pace in the coming years owing to its widely available in the form of a ground. Turmeric consumption has always been high and is expected to rise further particularly in Asian countries due to its medicinal properties and widespread use in Ayurveda medicines in India.
It is an adaptable powder, which can be added to a variety of dishes and serves a variety of culinary purposes due to its yellow color, peppery flavor, and mustard-like scent.
Powder segment is anticipated to account for a substantial share
On the basis of forms, the market is divided into chopped/crushed, powder, and whole. The powder segment is anticipated to account for a substantial share owing to the increasing customer desire for powdered spices to save time and get authentic flavor.
These items are mostly sold in various combinations and these powdered versions are widely employed in marinades, snack mixes, rubs, and curry flavoring ingredients.
Furthermore, these ingredients are frequently used in batters and bread dough to create a rich crust on bread slices. These have a long shelf life, due to which they do not need to be refrigerated and can be sprinkled directly into the recipe or combined with water.
Organic segment to register a robust pace during the forecast period
In terms of categories, the spices market is bifurcated into conventional and organic. The organic segment is anticipated to register a robust pace during the forecast period. The rise in the number of health-conscious customers as well as increased knowledge of the health benefits related to the consumption of organic spices are the key reasons boosting the segment growth.
Moreover, the rise in demand for organic food consumption impacted by the increase of consumers’ disposable income provide lucrative opportunities for the organic segment growth.
Meat & poultry products segment to expand at a substantial growth rate
Based on applications, the market is fragmented into bakery & confectionery, beverages, frozen products, meat & poultry products, snacks & convenience food, soups, sauces, dressings, and others.
The meat & poultry products segment is expected to expand at a substantial growth rate in the coming years owing to increasing consumption of meat and poultry products, impacted by rising population, rising disposable income, and changing lifestyle habits particularly in developing economies.
Spices Market Regional outlook
Asia Pacific is expected to dominate the market
In terms of regions, the spices market is classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the market. India, China, Australia, Japan, and New Zealand are among the major countries contributing considerably to the region's revenue growth of the market.
Sharp increasing in the establishment of the food industry and wide presence of young demographic in the region present key drivers for increasing demand for frozen, packaged, and convenience food products.
Segments
By Types
- Capsicum
- Cardamom
- Cinnamon
- Coriander
- Cloves
- Cumin
- Ginger
- Nutmeg & Mace
- Pepper
- Turmeric
- Others
By Forms
- Chopped/Crushed
- Powder
- Whole
By Categories
By Applications
- Bakery & Confectionery
- Beverages
- Frozen Products
- Meat & Poultry Products
- Snacks & Convenience Food
- Soups
- Sauces
- Dressings
- Others
By Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
By Key Players
Competitive Landscape
Key players in the global spices market are Sensient Technologies Corporation; McCormick & Company, Inc.; Kerry Group plc; Döhler Group; Associated British Foods plc; SHS Group; Ajinomoto Co. Inc.; Organic Tattva; Olam International; and B&G Foods, Inc.
These players are actively engaged in several business developments activities including collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.
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