Spices Market Size was valued at USD 16.10 billion in 2023. The spices industry is projected to grow from USD 16.78 Billion in 2024 to USD 23.21 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.14% during the forecast period (2024 - 2032). The market for spices is expanding due to the rising desire for creative flavors, genuine cuisines, and ethnic preferences in foods and snacks. The desire for quick food options is also fueled by the fast expansion of the food processing industry and consumers' busy work schedules and inactive lifestyles. Thus, these are various market drivers for the expansion of the market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Veganism and vegetarianism are parts of a rapidly growing trend. The number of vegans in the U.S. and the U.K. has significantly increased. There are now several spices used in vegetarian substitutes that were once used in the meat processing sector. The demand for spices is increasing as a result of this trend. Around the world, plant-based diets are becoming more and more well-liked. To capitalize on this new trend, businesses are concentrating on launching new products that are expressly aimed at the vegan and vegetarian community. For instance, in January 2022, Watson's Seasoning Blends, a female- and minority-owned business based in Los Angeles, introduced a new line of vegan gourmet spice blends that make it simple to prepare delicious plant-based meals. Spice and herb producers can develop more inventive flavor seasoning combinations due to the popularity of plant-based alternatives and the relatively small decline in meat consumption. In addition, the growing popularity of using spices as meat alternatives among vegans has helped expand the world's spice market. Thus, this factor is driving the market CAGR.
Additionally, it is common practice to use spices, particularly pepper, when producing meat products to add taste and maintain product quality. Pepper, capsicum, ginger, nutmeg, and herbs make up the traditional seasoning mixture for fresh sausages. Cardamom and coriander are also used for pickled meats and dry sausages. Every Indian home contains essential ingredients like spices. They enhance the flavor and palatability of food through flavorings, aromatics, and colorings. Because of their antibacterial and anti-fungal properties, they are also used as natural preservatives to extend the shelf life of food. Spices and herbs have been used in medicine since the Vedic era. The International Organization for Standardization lists 169 spice combinations (ISO). As a result, the market for spices is expanding due to the rapidly expanding applications of spices.
However, customers frequently seek healthier and more natural products, including spices. They are increasingly more aware of and interested in things' origins and manufacturing processes. Consumers are embracing sustainable sourcing in affluent nations to safeguard product quality, supply chain security, and, most crucially, the livelihoods of those who cultivate the spices. Market proportions of spices and herbs produced responsibly are rising in various locations as sustainability certification of spices becomes more commonplace. According to FLOCERT, there were approximately 146 Fairtrade-certified businesses in the herbs & spices industry in Europe in 2021. Additionally, consumers choose wholesome indulgences with flavor and positive qualities, including superior nutritional profiles, organic ingredients, and non-GMO retail positioning. Spice sales are anticipated to increase dramatically due to this trend in both developed and developing nations. Thus, it is anticipated that this aspect will accelerate spices market revenue ly.
The spices market segmentation, based on type, includes garlic, ginger, turmeric, cumin, cinnamon, pepper and others. The pepper segment held the majority share in 2022 in the spices industry data. Since ancient times, people have utilized pepper, an aromatic spice made from the fruit peppercorn. It includes whole or ground peppers in the coolers, black, green, and white. Black pepper, the most prevalent type of pepper used worldwide, is frequently referred to as the "king of spices." Its use is expanding due to its medical advantages, such as its ability to reduce pain and its antioxidant characteristics.
The spices market segmentation, based on category, includes Organic and Conventional. The organic segment dominated the market growth in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Consumers today place a high value on their health and are willing to pay more for organic food due to its advantages in terms of health. Organic spices are gaining popularity as consumers become more aware of the harmful chemicals used in agricultural methods. The demand for organic spices is driven by the market for organic products, which is driven by the health benefits of organic products.
Figure 2: Spices Market, by Category, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The spices market data, based on form, includes whole, ground/powder and others. The ground/powder segment dominated the spices industry revenue in 2022 and is projected to be the faster-growing segment during the forecast period 2024-2032. The demand for ground/powdered spices is expected to increase as consumers choose them more frequently to save time and achieve real flavor. Most of these goods are offered for sale as different mixtures.
The spices industry, based on end use, includes food retail, food service and food processing. The food processing segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. The market for pickling spices is growing due to rising interest in various cuisines and a desire among consumers to experience exotic flavors from around the world.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia Pacific spices market accounted for USD 7.1 billion in 2022 with a share of around 45.80% and is expected to exhibit a significant CAGR growth during the study period. Asia Pacific is one of the top regions for the production and export of spices. The need for spices has been growing significantly in the region, which has the highest population in the world. The majority of spices and herbs are grown in nations like India, Vietnam, China, and Thailand, making the region the world's largest exporter.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: SPICES MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North America spices market accounts for the second-largest market share as customers' perceptions of herbs alter as a result of new eating patterns. The industry is anticipated to grow in the next years due to new sectors emerging in the United States and Canada that use spices for purposes other than food flavoring. The need for diverse cuisines and the rising popularity of convenience and ready-to-eat foods have both fueled the expansion of the region's spice sector. Further, the China spice market held the largest market share, and the India spices industry was the fastest growing market in the region.
Asia Pacific spices Market is expected to grow at the fastest CAGR from 2022 to 2030. The regional market is expanding as a result of the changing demographics and way of life in the area. Pepper, paprika, pimento, cinnamon, and other spices are among those that are commonly consumed in the area. The desire for novel flavors among consumers is influenced by ization. This has prompted several European manufacturers to release spice blends inspired by various world cuisines. Moreover, UK spices industry held the largest market share, and the Germany spice market was the fastest growing market in the region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the spices market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the spices industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the spices industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, spices industry has provided medicine with some of the most significant benefits. The spices market major player such as McCormick & Company Inc. (US), Frontier Co-op (US), Colorado Spice (US), SpicesInc.com (US), The Watkins Co. (US), Organic Tattva (India), Organic Spices Inc (US), Sauer Brands Inc (US), B&G Foods Inc (US), Terana SA (Mexico) and TAJÍN (Mexico).
Established in 1976 and situated in Norway, Iowa, the US, Frontier Co-op is a cooperatively held American wholesaler of natural and organic goods. The companies' brands include Frontier Co-op, Simply Organic, and Aura Cacia. In April 2021, three new organic "Turmeric Twist Blends" from Frontier are suitable for both savoury and sweet nibbles. This led to an increase in the company's range of spices.
Also, an American food firm named McCormick & Company, Incorporated creates, markets, and provides retail establishments, food producers, and foodservice companies with spices, seasoning mixes, condiments, and other flavoured items. In December 2020, FONA International, LLC was purchased by McCormick. The acquisition boosted the company's production capacity while expanding its taste offerings.
Spices Industry Developments
July 2022: The Kerry Group announced on April 1 that it had purchased Natreon, a manufacturer of specialised ingredients. Natreon increased its emphasis on Ayurvedic botanical ingredients in order to offer a wide range of speciality constituents on a scale. Among its patented ingredients, Natreon also produces Sensoril.
May 2020: The Ajinomoto Group Nutrient Profiling System was introduced by the Japanese seasoning company Ajinomoto. As part of its nutrition enhancement initiatives, this is directed towards Products (ANPS-P). According to Ajinomoto, it was the first Japanese company to introduce a nutrient profiling technique (NPS).
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 16.10 billion |
| Market Size 2024 | USD 16.78 billion |
| Market Size 2032 | USD 23.21 billion |
| Compound Annual Growth Rate (CAGR) | 4.14% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019 - 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Category, Form, End Use, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | McCormick & Company Inc. (US), Frontier Co-op (US), Colorado Spice (US), SpicesInc.com (US), The Watkins Co. (US), Organic Tattva (India), Organic Spices Inc (US) |
| Key Market Opportunities | Rising Popularity Of Cross-Cultural Cuisines |
| Key Market Dynamics | Demand For Organic Spices Increasing Awareness Regarding Medicinal Properties Of Spices |
Spices Market Highlights:
Frequently Asked Questions (FAQ) :
The spices market size was valued at USD 16.10 Billion in 2023.
The market is projected to grow at a CAGR of 4.14% during the forecast period, 2024-2032.
Asia Pacific had the largest share in the market
The key players in the market are McCormick & Company Inc. (US), Frontier Co-op (US), Colorado Spice (US), SpicesInc.com (US), The Watkins Co. (US), Organic Tattva (India), Organic Spices Inc (US).
The pepper category dominated the market in 2023.
The food processing had the largest share in the market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Research Analyst Level II I have about two years of experience working in the consumer goods and retail industries and i am a biotech graduate.a tech-savvy analytically focused professional with a strong capabilities in identification, concept generation, and strategy evaluation. i can produce data-driven solutions while fusing unusual viewpoints with original concepts. i have been extensively working on business case studies, competitive & comparative analyses, and strategic reports. my primary areas of experience include client management, financial analysis, supply chain evaluation, market entry strategy evaluation, and estimating and forecasting market size.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
