ID: MRFR/F-B & N/1113-CR | February 2020 | Region: Global | 100 pages
Spices Market is expected to register a CAGR of 3.89% and reach USD 14,512.6 Million by 2025. A spice is a seed, fruit, root, bark, or other parts of the plant, which is primarily used for flavoring, coloring, or preserving food products. Many spices have antimicrobial properties. The growth of the spices market can be attributed to the growing popularity of cross-culture cuisines. Immigrants bring with them the traditional cuisines of their native lands, resulting in the rising popularity of cross-culture cuisines worldwide. This trend has increased the demand for various spices, especially in Europe and North America, thereby boosting the growth of the global spices market. The surging demand for organic spices due to the increase in the adoption of organic food ingredients from Asia-Pacific, the Middle East, and Africa regions is expected to offer lucrative opportunities to market players in the coming years. However, their volatility in prices is expected to hinder the growth of the global spices market during the forecast period.
The Global Spices Market is expected to register significant growth during the forecast period. The increasing per capita disposable incomes have made packaged spices affordable for all consumer groups. Moreover, the increasing working population with limited time for cooking is boosting the demand for on-the-go convenience foods, which is significantly contributing to the growing demand for packaged spice products owing to their convenience. Consumers are also becoming aware of the benefits of packaged spices over loose spices such as low chances of contamination, increased shelf life, and quality assurance. This has increased the adoption of packaged spices across the globe. Moreover, many spice products manufacturers are working on brand building and increasing brand recognition among consumers. For instance, McCormick & Company started emphasizing health over flavor and the India-based MDH Spices promotes its spice products based on the origin of raw material. Market players are also focusing on innovative packaging and attractive packaging has shifted consumer focus to packaged spices. Thus, with the growing consumer preference for convenience and high-quality products, the demand for packaged and branded spices products is increasing across the globe. Moreover, globally, spice production is highly volatile due to largely affected by environmental factors, such as rainfall, floods, and draughts, creating a gap in demand and supply. Commodity prices also depend on factors such as petroleum prices, food stock levels, and currency exchange rates. This, in turn, is likely to hamper the growth of the market.
Global Spices Market Revenue, by Type, 2025 (USD Million)
Sources: MRFR Analysis
On the basis of product type, the global spices market has been divided into garlic, ginger, turmeric, cumin, cinnamon, pepper, and others. The other segment is expected to dominate the global market and be valued at USD 8,508.9 million by the end of 2025. The ginger segment is projected to register the highest CAGR of 4.50% from 2019–2025. Ginger is a commonly used spice, which was first cultivated in China and has gained acceptance across the globe. Ginger offers several health benefits and is used to treat dizziness, nausea, and cold sweats. Ginger also contains various active components, including volatile oils and phenol compounds called gingerols, which help relief from nausea. Thus, due to the health benefits associated with ginger, the demand for ginger is expected to increase during the forecast period, 2019–2025.
Global Spices Market Share, by Region, 2018 (%)
Sources: MRFR Analysis
Asia-Pacific is expected to constitute a dominant share of the spices market during the forecast period. The region accounted for 46.60% share of the market in 2018. The rest of Asia-Pacific and India are among the major contributors to the growth of the Asia-Pacific market. The market in the region is projected to register a significant CAGR of 4.07% during the forecast period of 2019 to 2025. Asia is known as the “Land of Spices” as it is the place of origin, production, consumption, and export of most of the spices. Almost every country in Asia-Pacific produces spices and has a high consumption of the same. Traditionally, spices have been an integral part of various Asian cuisines, which is majorly driving the growth of the spices market in this region. Furthermore, the European market holds a prominent share of the global spices market due to the increasing demand for spices such as pepper, paprika, pimento, and cinnamon, among others.
The Prominent Players in the Global Spices Market include 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).
The players operating in the global spices market are focusing on strengthening positing by expansion and launching innovative products.
Global Spices Market, by Product Type
Global Spices Market, by Category
Global Spices Market, by Form
Global Spices Market, by Distribution Channel
Global Spices Market, by Region
Frequently Asked Questions (FAQ) :
Spices Market valuation would be USD 17.33 billion 2024.
Spices Market CAGR would be 3.4% during the forecast period.
Categories included in Spices Market report are conventional and organic.
The APAC Spices Market would dominate the market.
India would register the highest CAGR in the APAC Spices Market.