Spices market Overview:
As per the Spices Board of India, the amount of spices exported throughout the world between the years 2017 to 2018 is 1.08 billion kilograms which were collectively worth US$ 3.11 billion. On account of their unique aroma and taste, coupled with a growing global interest in exotic flavors, the spices market is experiencing growth like never before. The coastal, and tropical environment of the Asia-Pacific region makes it an ideal place for spices cultivation. Southern states in India have been a storehouse for spices and produce around 109 varieties according to International Organization for Standardization. According to experts at IndustryARC, the global spices market size was between $9 billion to $10 billion in 2018. The analyst also predicts the market to grow at a standard CAGR of 4.8%-5.2% during the forecast period of 2017-2018. Asia-Pacific will continue to geographically lead the market, with a regional share of 38%-40% as of 2018.
Spices market Outlook:
Spices have been around for centuries, and have defined our world’s trade, and history. They are largely solicited for enhancing flavors, and are being promoted vigorously these days for their usage in plant-based diets. Their antimicrobial properties have also provided them with an application in the cosmetics industry which is experiencing an organic wave currently. A large number of cosmetic products are incorporating spices like turmeric which has anti-inflammatory properties. India is the world’s largest spices producer, and exporter. It produces around 109 different spices including cinnamon, cardamom, cloves, cumin, coriander, black pepper, turmeric, and many others. Spices have found their leading application in hypermarkets, and supermarkets especially in first-world countries that import them. This segment is expected to grow with a fantastic CAGR of 15%-17% during the forecast periods of 2019-2025.
Spices market Growth Drivers:
A perpetual increase in globalization brings us closer to exotic produce from all over the world. According to the Spices Board of India, in the time period of 2017-2018, India exported 1,028,060 tons of spices and spice products which were collectively valued at $2781.46 million. With supermarkets and online grocery stores edging closer to our homes, it has become easier to access spices, and its products. Increase in disposable income has also helped the global spices market in attaining growth.
The spices market is experiencing growth on the basis of increasing popularity of spices’ health properties all over the world. According to John Hopkins Medicine, spices help in improving our overall health. Cinnamon helps in lowering blood sugar, and is effective in diseases like polycystic ovarian syndrome. Turmeric has long been used to fight inflammation, and is beneficial for preventing cardiovascular diseases. Nearly all the spices provide warmth, and are useful in managing our health in some way or another. This helps the market in growing by elevating consumer interest, thereby improving overall sales.
Spices Market Challenges:
The only problem faced by the global spice market is the lack of efficient marketing. Indian spices market especially lacks marketing techniques that helps popularizes its product throughout the world. Spices market growth can boost up massively if companies concentrated on better advertisements, which encourage other countries to import spices.
Spices market Key Players Perspective:
Top players in the spices market thrive on the secrecy of their recipes. Curry powders invented by Everest Spices, MDH, and other similar companies have not revealed the ingredients of their spices mixes till date. This has led consumer interest intact in the market.
According to the analyst’s assessment of the market, the key players are Everest Spices, B&G Foods Holdings Corp., Cerebos Gregg’s Limited, ITC Spices, Mahashian Di Hatti Limited (MDH), McCormick & Co., Inc., MTR Foods Private Limited, Olam International, and others.
Spices Market Trends:
- The Use of Spices In Preparation Of Cosmetics
Spices are actively being used in the preparation of cosmetics. Turmeric, known for its anti-inflammatory properties is being added to face washes, and face packs for reducing inflammation in our facial cells. Likewise, coffee bean, and vanilla are being added to soaps and marketed on the basis of their healing properties.
- Red Chilly Flavored Desserts and Turmeric Tea Latte
Western countries like America have completely adopted the use of spices, and used them in innovative products. Americans have added chilly to their desserts and beverage conglomerates like Starbucks have started selling turmeric tea latte in their stores, a drink that has been used in India since ancient times. Trends like this will define the direction in which the market grows for the next few years.
Spices market Research Scope
The spices market can be segmented on the basis of type, and application. Type segment bifurcates the market into coriander, cardamom, ginger, cinnamon, pepper, nutmeg, turmeric, clove, cumin, and others. Based on application, the market can be divided into frozen products, bakery and confectionary, sauces and dressings, and beverages.
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the spices market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of cheese in the spices market, and their specific applications in different areas.
Spices market Report: Industry Coverage
The spices market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Key Questions Addressed in the Spices Market Report
Is the market demand for Spices growing? How long will it continue to grow and at what rate?
Which type of home security system presents the major growth opportunities?
Is there a possibility for change in the market structure over time?
Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
What are the short-term, long-term, and medium-term growth drivers for the market?
What are the short-term, medium-term, and long-term challenges for the market?
What are the short-term, medium-term, and long-term opportunities for the market
Who are the top players/companies of the market?
What are the recent innovations in the market?
How many patents have been filed by the leading players?
What are the types of patents filed by the leading players?
What is our Vision 2030 for Spices market?
A Few Focus Points Of This Research Are Given Below:
- Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
- Provide an overview of the product portfolio, including product planning, development, and positioning
- Discuss the role of technology companies in partnerships
- Explore the regional sales activities
- Analyze the market size and giving the forecast for current and future global Spices market during the forecast 2018–2023
- Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures