Spices Market Size Worth USD 23.67 Billion in 2032 | Emergen Research

Vancouver, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The global spices market size was USD 15.50 billion in 2022 and is expected to register a rapid revenue CAGR of 4.3% during the forecast period. Increasing awareness about health benefits of spices, and demand for authentic cuisines worldwide are key factors driving market revenue growth.

Moreover, rising technological advancements in spice production is another key factor driving revenue growth of the market. The production of spices has undergone a technological revolution in recent years, with streamlined procedures and increased productivity. Modern equipment and automation have greatly decreased human error and increased output overall. For instance, throughout the drying and milling processes, temperature, humidity, and other variables are now monitored and controlled by computer-controlled systems, guaranteeing a constant quality product. Natural flavours and scent of spices are preserved by state-of-the-art methods, such as cryogenic grinding, which entails grinding spices at extremely low temperatures.

An emerging trend in the spices market is increasing applications of spices in perfumery. In the perfume industry, spice is a general phrase that is frequently used. There are two primary types of spices one will come across while discussing spices in perfume, including warm and fresh spices. Fragrances with a milder spice level are referred to as fresh spicy. It is wonderful to have fresh spice on warmer spring, summer, and fall days. In addition, fresh spice is a great addition to daytime colognes, office scents, and gym odors. Fresh spices have many uses as these are not very string and has a more zingy and upbeat flavor.

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However, allergies associated with spices is a key factor, which could restrain market revenue growth. It is very common to add spices and other ingredients to food. Spices can cause allergies as these are produced from plants. Although allergic antibody mediated reactions are thought to be extremely uncommon, these are frequently suspected as being the cause of allergic reactions. In addition, majority of patient reactions are not actually allergic reactions; instead, these can be non-allergic reactions that are consistent with intolerances due to the production of allergic antibodies against the spice itself. Differentiating between the two is crucial as genuine antibody mediated reactions have the potential to be fatal, whereas non-allergic reactions are usually self-limited, or they will eventually go away on their own without medical intervention.

Segment Insights:

Form Insights:

On the basis of form, the global spices market is segmented into powder, whole, and crushed and chopped.

The powder segment accounted for largest revenue share in the global spices market in 2022 due to widespread use and versatility of powdered spices. Spices that have been ground into a powder are called powdered spices, which are used to enhance the flavor and aroma of prepared foods, offer diversity to meals, and flavor food. Most kitchens have powdered spices on hand for baking, cooking, and other domestic chores. In addition, spices that are powdered include coriander powder, cumin powder, turmeric powder, garam masala, black pepper, and red chili powder. A popular spice that goes well with almost anything is black pepper powder. Without the color and heat of red chili powder, no Indian dish would be complete, which comes in various forms. One such form is Kashmiri red chili powder, which is mostly used to give color to dishes and is a little less spicy than other red chili powders. One of the main components in Indian cooking is turmeric, often known as Haldi, which adds a distinct spicy and woodsy flavor to food and is used in nearly all recipes.

Type Insights:

On the basis of type, the global spices market is segmented into pepper, ginger, cinnamon, cumin, turmeric, cardamom, coriander, cloves, and others.

The ginger segment is expected to account for significantly large revenue share in the global spices market during the forecast period due to health benefits of ginger. Spice ginger is derived from a flowering plant native to Southeast Asia which, provides several health advantages and enhances the flavor of both savory and sweet dishes. Spice ginger is linked to galangal, cardamom, and turmeric and is a member of the Zingiberaceae family. One of the most popular spices in the world, ginger can be found in many different forms such as powdered, dried, pickled, preserved, crystallized, and candied. Since it contains the ingredient gingerol, ginger has a peppery flavor. Ginger has long been used in both conventional and complementary medicine.

Regional Insights:

The Asia Pacific market accounted for largest revenue share in the global spices market in 2022 due to increasing acquisitions of leading local taste technologies and capabilities. For instance, on 3 February 2021, Kerry, the world's leading taste and nutrition company, announced the completion of acquisition of the Jining Nature Group. The company is a prominent producer of prepared meals, spices and savory tastes in China. It presently holds strong national positions in both prepared foods and savory flavor industries.

The North America market is expected to register fastest revenue growth rate in the global spices market during the forecast period due to introduction of innovative spice blends catering to diverse cuisines. For instance, on 30 September 2021, Olam Food Ingredients released the first batch of new spice blends range. With the help of these 17 ready-to-use dry mixes, food manufacturers, foodservice providers, and retailers can create authentic and consistent flavors that are inspired by some of the popular cuisines across the continent with ease and  clean, simple label. The range of spice blends includes Citrus Habanero Jerk, which adds a Jamaican taste to dishes with a blend of allspice, habanero, and lime; Warm Sedona Sunset, a Southwest blend that radiates sweet heat through turmeric, ginger, cinnamon, and green cardamom; and Spicy Citrus Coast, a modern Mexico blend with a scorpion chili kick, ground red pepper, and lime.

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Scope of Research

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Major Companies and Competitive Landscape

The global spices market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective spices products in the market. Some major players included in the global spices market report are:

• Ajinomoto Co., Inc.
• Associated British Foods plc
• ARIAKE JAPAN Co., Ltd.
• Baron Spices & Seasonings
• BARIA PEPPER
• British Pepper & Spice
• Döhler GmbH
• DS Group
• Everest Spices
• Kerry Group plc
• Kikkoman Corporation
• MDH Spices
• Master Of Spices
• McCormick & Company, Inc.
• Moreretail
• Olam Group
• SAUER BRANDS INC
• The BART Ingredients Company
• Terana, S.A.
• TAJIN

Strategic Development

• On 22 July 2022, Emami Agrotech announced the launch of its branded spices across India, aiming to achieve a revenue goal of USD 9.8-14 million in the next three to five years. Mantra Spices is a range of blended powder spices and tastemakers that are offered by Emami Agrotech, the branded food production business of the broad Emami Group, under the Emami Healthy & Tasty brand. The company faces competition from other FMCG manufacturers, such as ITC, Tata Consumer Products, MDH, Catch and Everest, as Emami Agrotech utilizes its existing sales network to introduce Mantra Spices in northern, eastern and western markets.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global spices market on the basis of form, category, type, end-user, application, and region:

• Form Outlook (Revenue, USD Billion; 2019-2032)
  • Powder
  • Whole
  • Crushed and Chopped
• Category Outlook (Revenue, USD Billion; 2019-2032)
  • Organic
  • Conventional
• Type Outlook (Revenue, USD Billion; 2019-2032)
  • Pepper
  • Ginger
  • Cinnamon
  • Cumin
  • Turmeric
  • Cardamom
  • Coriander
  • Cloves
  • Others
• End-Use Outlook (Revenue, USD Billion; 2019-2032)
  • Household
  • Food Services
  • Industrial
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Bakery and Confectionery
  • Soup, Noodles, and Pasta
  • Meat and Seafood
  • Sauces, Salads, and Dressing
  • Savory Snacks
  • Frozen Products
  • Beverages
  • Others
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America

• • • • U.S.
      • Canada
      • Mexico

• • Europe

• • • • Germany
      • France
      • UK
      • Italy
      • Spain
      • Benelux
      • Rest of Europe

• • Asia Pacific

• • • • China
      • India
      • Japan
      • South Korea
      • Rest of APAC

• • Latin America

• • • • Brazil
      • Rest of LATAM

• • Middle East & Africa

• • • • Saudi Arabia
      • UAE
      • South Africa
      • Turkey
      • Rest of Middle East & Africa

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