Pune, India, August, 2018 /press release/- Market Research Future Published a Cooked Research Report on Global Egypt Herbs and Spices Market Research Report.
Market Research Future (MRFR) has revealed in its latest study that the Egypt herbs and spices market is expected to register a steady CAGR of 3.27% during the assessment period 2018 to 2023. The market is currently valued at USD 97.79 Mn and is estimated to reach a valuation of USD 114.84 Mn by 2023-end. The shifts witnessed in the trade policies facilitating large-scale market penetration due to globalization has paved the way for herbs and spices market expansion in Egypt.
The Egypt herbs and spices market has entered a maturity phase, but, the demand from food manufacturers and changing market trends are likely to retain the growth of the market. Customer readiness to experiment with new flavors coupled with the demand for exotic and ethnic flavors are anticipated to catapult the market on an upward trajectory. Additionally, the market players are organizing vigorous promotional campaigns for creating product awareness and retaining the customers. The key players strive to stay ahead of the curve and are seen to collaborate with food manufacturers for expanding consumer base. An all-round development of the market at a moderate pace is expected over the next couple of years.
Changes witnessed in the lifestyle and food habits of the population is estimated to favor the rise in the market value during the forecast period. The growing inclination towards convenience food has encouraged the market operators to expand their product portfolios. The availability of ready-to-use herbs and spices is likely to fuel demand in the Egypt herbs and spices market over the next few years. Furthermore, various herbs and spices have developed application in the dietary food and supplements, healthcare products, cosmetics, etc. which is expected to catalyze revenue creation in the market. However, the uncertain climatic conditions adversely affect the quality of crop and price of raw materials which, in turn, affects the cost of processing herbs and spices. It is likely to hold the Egypt herbs and spices market growth over 2023.
Egypt Market for Herbs and Spices-Segmental Analysis:
MRFR’s report offers a detailed segmental analysis of the market based on type, packaging material, and distribution channel. By type, the market has been segmented into herbs and spices. Among these, the spices segment currently commands the maximum share of the market and is projected to thrive at 3.27% CAGR through the assessment period. Meanwhile, the herbs segment is estimated to register a relatively higher CAGR over the review period.
By packaging material, the market has been segmented into paper, plastic, and others. The plastic segment held the most significant market share in 2017 which accounted for 58.35% share. The growth is attributable to the temperature resistance, durability, etc. of the material. However, the paper segment, which offers cost-efficiency, versatility, etc., is poised to thrive at a comparatively higher growth rate.
By distribution channel, the market is segmented into store-based and non-store based. The store-based segment has further been sub-segmented into supermarket/hypermarket, convenience stores, and others. The store-based segment is estimated to retain its pole position towards the end of the forecast period and strike a CAGR of 3.16%.
By region, the Egypt herbs and spices market has been segmented into North Africa and South West Asia. North Africa is poised to lead the sale of herbs and spices in Egypt and is estimated to reach a valuation of USD 100.89 Mn by the end of 2023. The food manufacturers have fueled demand for herbs and spices in the region for strengthening their footholds in the market by facilitating product differentiation. Additionally, the medicinal benefits of herbs and spices such as strengthening the immune system, preventing cold & flu, curing migraine headaches, controlling cholesterol, etc. have increased its application in dietary supplements and healthcare sector. The boost in the sales of herbs and spices in the region is also attributable to the increasing per capita income. Meanwhile, South West Asia is projected to exhibit a higher CAGR of 3.87%. The increasing demand for natural herbs and spices coupled with a widening range of applications across various industry verticals such as cosmetics & personal care are expected to steer the growth of the market in the region. Furthermore, the growing demand for ethnic flavors in the region is likely to have a positive influence on the Egypt herbs and spices market.
Egypt Market for Herbs and Spices-Competitive Dashboard:
Some of the key players profiled by MRFR in the report are Aljawhara Herbs & Spices (Fayoum), AL Sharq Spices (Elfayoum), International Aromatics S.A.E (Alexandria), Herbs Egypt (St. Giza), Valley Herbs (Al Fayoum), Green Valley Herbs (Fayoum), United for Herbs and Spices (Fayoum), and Berlik Spices (Fayoum).