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Spices Market - By Type , By Form , By Geography - Global Opportunity Analysis & Industry Forecast, 2024 - 2030
Spices Market Overview
The Spices Market Size is forecast to reach $ 27,829 Million by 2030, at a CAGR of 5.50% during forecast period 2024-2030. The term “Spice” indicates any dried portion of a plant, other than the leaves, in the culinary arts, utilized for seasoning and flavoring a recipe. Spices are different from herbs which are the leaves, flowers or stems of plants utilized for flavoring or as a garnish. Spices are at times utilized in medicine, religious rituals, cosmetics or perfume generation. Spices may be fresh, whole-dried or pre-ground dried. Whole-dried spices have the lengthiest shelf-life and therefore can be bought and stored in bigger quantities. Typical Indian spices include cumin, turmeric, pepper, cinnamon, cardamom and cloves. The burgeoning inclination towards enjoying distinct types of authentic ingredients in foods and snacks is set to drive the Spices Market. The soaring demand for blended spices is set to propel the growth of the Spices Industry during the forecast period 2024-2030. This represents the Spices Industry Outlook.
Spices Market Report Coverage
The report: “Spices Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Spices Market.
By Type: Pepper, Ginger, Cinnamon, Cumin, Turmeric, Cardamom, Coriander, Cloves, Others.
By Form: Powder, Whole, Chopped And Crushed.
By Geography: North America (the U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and Rest Of The World (the Middle East and Africa).
Key Takeaways
- Geographically, Asia-Pacific (Spices market share) accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2024-2030 owing to the history and origin of spices and their application in food in the Asia-Pacific region.
- Spices Market growth is being driven by the soaring demand for authentic cuisines worldwide involving the application of spices. However, numerous spices are high-priced owing to being time-consuming to harvest or there being restricted supply globally and this is one of the major factors hampering the growth of the Spices Market.
- Spices Market Detailed Analysis of the Strengths, Weaknesses and Opportunities of the prominent players operating in the market will be provided in the Spices Market report.
Spices Market: Market Share (%) by Region, 2021
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Spices Market Segment Analysis - By Type
The Spices Market based on type can be further segmented into Pepper, Ginger, Cinnamon, Cumin, Turmeric, Cardamom, Coriander, Cloves and Others. The Pepper Segment held the largest Spices market share in 2021. This growth is owing to the surging demand for pepper worldwide. Black pepper is the typical form of pepper utilized globally and is termed the 'king of spices'. The soaring medical advantages of pepper like pain decrease and its great antioxidant characteristics are further propelling the growth of the Pepper segment. Furthermore, the Turmeric segment is estimated to grow with the fastest CAGR of 7.2% during the forecast period 2024-2030 owing to the heightening application of Turmeric in Asian and Middle Eastern Cuisines and its versatility enabling its application in multiple dishes, complementing both savory and sweet dishes.
Spices Market Segment Analysis - By Form
The Spices Market based on the form can be further segmented into Powder, Whole, Chopped And Crushed. The Powder Segment held the largest Spices market share in 2021. This growth is owing to the spiraling demand for surging demand for powdered spices across the world. Powdered spices are utilized in marinades, rubs, snack mixes and flavoring agents for curries. The considerable application of authentic ingredients and Powdered Spices in bread doughs and batters to create a rich crust on bread pieces is further propelling the growth of this segment. Furthermore, the Whole segment is estimated to grow with the fastest CAGR of 6.7% during the forecast period 2024-2030 owing to the snowballing application of whole spices attributed to their contribution to fresh and colorful flavors making them vitally important for foods and their increased shelf life.
Spices Market Segment Analysis - By Geography
The Spices Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America and the Rest of the World. Asia-Pacific (Spices Market) held the largest Spices market share with 35% of the overall market in 2021. The growth of this region is owing to the existence of countries like India which is a leading producer of turmeric, pepper and cardamon spices in the Asia-Pacific region. The soaring development of domestic brands is further propelling the growth of the Spices Industry, thereby contributing to the Indian Spices Industry Outlook, in the Asia-Pacific region. Furthermore, the North American region is estimated to be the region with the fastest CAGR rate over the forecast period 2022-2027. This growth is owing to factors like the extensive demand for Middle Eastern and Mediterranean spices in the North American region. The spiraling demand for novel and exciting flavors is further fuelling the progress of the Spices Market in the North American region.
Spices Market Drivers
Surging Applications of Spices are Projected to Drive the Growth of Spices Market:
The application of spices, specifically pepper, in the production of meat products is conventional for providing flavor and keeping up the quality of the products. The classic seasoning blend for fresh sausages includes pepper, capsicum, ginger, nutmeg and herbs. For dry sausages and pickled meats, cardamom and coriander are also utilized. Spices are critical constituents discovered in each Indian household. They are utilized in flavorings, aromatics and colorings to improve the taste and palatability of food. Owing to their antimicrobial and antifungal characteristics, they are also utilized as natural preservative agents to boost the shelf life of food. Since Vedic times, spics and herbs have been applied in medicines too. There are 169 assortments of spices listed by the International Organization for Standardization (ISO). The surging applications of spices are therefore fuelling the growth of the Spices Market during the forecast period 2024-2030.
Soaring Technological Innovations for Production of Spices are Expected to Boost the Growth of the Spices Industry:
The principal ailments in ginger and turmeric are soft rot brought about by Pythium sp. and bacterial wilt brought about by Ralstonia solanacearum. These pathogens are seed and soil-borne. Infection by these pathogens can be decreased by at least 50% through the application of disease-free planting materials. A transplanting method in ginger by applying single bud sprouts (around 5 g) has been standardized to generate good quality planting material with decreased cost. The benefits of this technology are the generation of healthy planting materials and a decrease in seed rhizome amount and eventually decreased cost of seeds. These kinds of soaring technological innovations in authentic ingredients are therefore driving the growth of the Spices Industry, thereby contributing to the Spices Industry Outlook during the forecast period 2024-2030.
Spices Market Challenge
Allergies Associated with Spices are Hampering the Growth of the Spices Market:
India contributes 75% of global spice production. Numerous spices have distinguished aromas and flavors. Application of more quantity of spices in food can turn the food unattractive to consumers. Each spice is not liked by every person. The application of a pungent or hot spice may not be liked by everyone at the table. Allergic reactions may happen in people as a result of the intake of some spices. These allergic reactions involve, however, are not restricted to occupational contact dermatitis, bronchial asthma, rhinitis and anaphylactic shock. These issues are thus hampering the growth of the Spices Market.
Spices Industry Outlook
Product extension to distinct geographies for superior revenue generation and financing in R&D strategies are key strategies adopted by players in the Spices Market. The top 10 companies in the Spices market are:
- Ajinomoto Co. Inc.
- Associated British Foods plc
- ARIAKE JAPAN CO. LTD.
- Baria Pepper
- Kerry Group
- The Bart Ingredients Co. Ltd.
- DS Group
- Everest Spices
- Dohler Group
- McCormick & Company Inc.
Recent Developments
- In July 2022, it was reported that Natreon, a specialty ingredient maker, declared that it has been acquired by the Kerry Group on April 1. Natreon extended its focus on Ayurvedic botanical ingredients to provide a broad portfolio of specialty constituents globally. Natreon manufactures Sensoril amidst its patented constituents.
- In February 2022, Kerry declared important strategic Biotechnology acquisitions. The firm declared that it has arrived at an agreement to acquire the chief biotechnology innovation firm, c-LEcta.
- In May 2020, Japanese seasoning firm Ajinomoto launched the Ajinomoto Group Nutrient Profiling System. This is targeted towards Products (ANPS-P) as the portion of its global nutrition enhancement actions. Ajinomoto claims to be the earliest Japanese firm to launch a nutrient profiling system (NPS).
Key Market Players:
The Top 5 companies in the Spices Market are:
- Ajinomoto Co. Inc.
- Associated British Foods plc
- ARIAKE JAPAN CO. LTD.
- Baria Pepper
- The Bart Ingredients Co. Ltd.