Spices Market Size, Share, Growth, Industry & Revenue [2031]
Spices Market Size, Share, Growth, Industry & Revenue [2031]
Segments - Global Spices Market by 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), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) Forecasts, 2023-2031
Upcoming
| Report ID :FB-3199
| 4.9 Rating
| 66 Reviews
| 175 Pages
| Format :
Report Description
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.
|
Attributes |
Details |
|
Report Title |
Spices Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
|
Base Year |
2022 |
|
Historic Data |
2016–2021 |
|
Forecast Period |
2023–2031 |
|
Segmentation |
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) |
|
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
|
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
|
Key Players Covered in the Report |
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. |
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
- Conventional
- Organic
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
- Sensient Technologies Corporation
- McCormick & Company, Inc.
- Kerry Group plc
- Döhler Group
- Associated British Foods plc
- SHS Group
- Ajinomoto Co. Inc.
- Organic Tattva
- Olam International
- B&G Foods, Inc.
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.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Spices Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Spices Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Spices Market - Supply Chain
4.5. Global Spices Market Forecast
4.5.1. Spices Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Spices Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Spices Market Absolute $ Opportunity
5. Global Spices Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Spices Market Size and Volume Forecast by Types
5.3.1. Capsicum
5.3.2. Cardamom
5.3.3. Cinnamon
5.3.4. Coriander
5.3.5. Cloves
5.3.6. Cumin
5.3.7. Ginger
5.3.8. Nutmeg & Mace
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Spices Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Spices Market Size and Volume Forecast by Applications
6.3.1. Bakery & Confectionery
6.3.2. Beverages
6.3.3. Frozen Products
6.3.4. Meat & Poultry Products
6.3.5. Snacks & Convenience Food
6.3.6. Soups
6.3.7. Sauces
6.3.8. Dressings&
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Spices Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Spices Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Spices Demand Share Forecast, 2019-2026
8. North America Spices Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Spices Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Spices Market Size and Volume Forecast by Types
8.4.1. Capsicum
8.4.2. Cardamom
8.4.3. Cinnamon
8.4.4. Coriander
8.4.5. Cloves
8.4.6. Cumin
8.4.7. Ginger
8.4.8. Nutmeg & Mace
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Spices Market Size and Volume Forecast by Applications
8.7.1. Bakery & Confectionery
8.7.2. Beverages
8.7.3. Frozen Products
8.7.4. Meat & Poultry Products
8.7.5. Snacks & Convenience Food
8.7.6. Soups
8.7.7. Sauces
8.7.8. Dressings&
8.8. Basis Point Share (BPS) Analysis by Applications
8.9. Y-o-Y Growth Projections by Applications
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Spices Demand Share Forecast, 2019-2026
9. Latin America Spices Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Spices Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Spices Market Size and Volume Forecast by Types
9.4.1. Capsicum
9.4.2. Cardamom
9.4.3. Cinnamon
9.4.4. Coriander
9.4.5. Cloves
9.4.6. Cumin
9.4.7. Ginger
9.4.8. Nutmeg & Mace
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Spices Market Size and Volume Forecast by Applications
9.7.1. Bakery & Confectionery
9.7.2. Beverages
9.7.3. Frozen Products
9.7.4. Meat & Poultry Products
9.7.5. Snacks & Convenience Food
9.7.6. Soups
9.7.7. Sauces
9.7.8. Dressings&
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Spices Demand Share Forecast, 2019-2026
10. Europe Spices Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Spices Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Spices Market Size and Volume Forecast by Types
10.4.1. Capsicum
10.4.2. Cardamom
10.4.3. Cinnamon
10.4.4. Coriander
10.4.5. Cloves
10.4.6. Cumin
10.4.7. Ginger
10.4.8. Nutmeg & Mace
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Spices Market Size and Volume Forecast by Applications
10.7.1. Bakery & Confectionery
10.7.2. Beverages
10.7.3. Frozen Products
10.7.4. Meat & Poultry Products
10.7.5. Snacks & Convenience Food
10.7.6. Soups
10.7.7. Sauces
10.7.8. Dressings&
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Spices Demand Share Forecast, 2019-2026
11. Asia Pacific Spices Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Spices Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Spices Market Size and Volume Forecast by Types
11.4.1. Capsicum
11.4.2. Cardamom
11.4.3. Cinnamon
11.4.4. Coriander
11.4.5. Cloves
11.4.6. Cumin
11.4.7. Ginger
11.4.8. Nutmeg & Mace
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Spices Market Size and Volume Forecast by Applications
11.7.1. Bakery & Confectionery
11.7.2. Beverages
11.7.3. Frozen Products
11.7.4. Meat & Poultry Products
11.7.5. Snacks & Convenience Food
11.7.6. Soups
11.7.7. Sauces
11.7.8. Dressings&
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Spices Demand Share Forecast, 2019-2026
12. Middle East & Africa Spices Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Spices Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Spices Market Size and Volume Forecast by Types
12.4.1. Capsicum
12.4.2. Cardamom
12.4.3. Cinnamon
12.4.4. Coriander
12.4.5. Cloves
12.4.6. Cumin
12.4.7. Ginger
12.4.8. Nutmeg & Mace
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Spices Market Size and Volume Forecast by Applications
12.7.1. Bakery & Confectionery
12.7.2. Beverages
12.7.3. Frozen Products
12.7.4. Meat & Poultry Products
12.7.5. Snacks & Convenience Food
12.7.6. Soups
12.7.7. Sauces
12.7.8. Dressings&
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Spices Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Spices Market: Market Share Analysis
13.2. Spices Distributors and Customers
13.3. Spices Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Sensient Technologies Corporation
13.4.2. McCormick & Company, Inc.
13.4.3. Kerry Group plc
13.4.4. Döhler Group
13.4.5. Associated British Foods plc
13.4.6. SHS Group
13.4.7. Ajinomoto Co. Inc.
Methodology
Related Reports
Some other reports from this category!
Our Clients
