Pune, India, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Spices Market Overview:
Market Research Future (MRFR) predicts that the Global Spices Market is expected to record a CAGR of 3.89% while garnering a market value of USD 14,512.6 million by 2025, A spice is a seed, fruit, root, or bark, which is used as a flavoring and coloring agent.
The increasing demand for authentic cuisines globally is expected to be a significant factor that can grow the market during the forecast period. The rising popularity of cross-culture cuisines is likely to be another salient cause that can develop the market in the coming time. The rapid expansion of Domino’s, Starbucks, and McDonald’s are inclining towards the usage of chili flakes, dried ginger, black pepper, and parsley to enhance the flavor of the product, which is predicted to strengthen the industry in the assessment tenure. The increasing awareness about the health benefits of spices is anticipated to offer various opportunities for market expansion in the coming time. In addition, the rising demand for packaged spices is likely to fuel the demand for spices in the industry, thereby benefitting the market in the forecast tenure. The rising globalization is another crucial factor that is contributing to grow the market notably. In addition, the increasing advertisement of spices through e-commerce is likely to grow the market in the coming tenure. On the contrary, the volatility in prices is anticipated to hamper the market growth during the forecast period.
Latest Trends Post COVID-19 Outbreak:
The outbreak of COVID-19 is likely to bring a positive impact on the global spice market owing to the increasing consumption of spices that aid in boosting immunity. Various spices such as; turmeric, thyme, oregano, gilloy, and licorice are expected to witness surged demand, thereby augmenting the market size. The manufacturers of spices noticed a significant opportunity to expand their consumer base.
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Key Players Locking Horns:
- 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)
Future Market Growth Factors:
The increasing acquisition, mergers, and partnerships among the players of the industry are likely to propel the competition in the market. The increasing number of players entering the market has led to the rise in the rivalry in the industry. For example, Deccan Diaries, a Bengaluru-based startup, left her corporate job to promote traditional southern Indian spice across the nation. In another update, Kochi-based startup NatureLoc is likely to grow the competition in the industry in the coming time. In addition, the startup from North East India called Zizira is expected to fuel the market competition. Furthermore, the rising product launches and R&D activities in the product can further augment the market size in the assessment tenure.
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Market Segmentation:
The global spices market is segmented into the category, product type, distribution channel, and form. In the category segment of the global spices market, the conventional segment is anticipated to acquire the largest market share during the forecast period. The segment is expected to grow due to the growing preference for additives and organic ingredients among consumers. On the other hand, the organic segment is anticipated to acquire the highest CAGR of 4.47% during the evaluation tenure. In the product type segment of the global spices market, the other segment is expected to receive the largest market share in the coming time. On the other hand, the Ginger segment is estimated to expand at the highest CAGR of 4.50% in the forecast time. In the distribution segment of the global spices market, the non-store segment is predicted to record a higher CAGR than the store-based segment. In the form segment of the global spices market, the ground/powder segment is anticipated to register the highest CAGR during the forecast period.
Regional Status and Challenges:
As per the regional analysis conducted by MRFR, APAC is expected to acquire the largest market share during the forecast period. Countries such as; India, China, Vietnam, and Thailand are anticipated to make the most crucial contribution in developing the market in the region. The region is witnessing a rise in the number of startups that are likely to steer the market in APAC. For example, a Mumbai-based startup called Masala Tokri, which offers 11 products, aims to procure 1 Cr turnover. Besides, the announcement of the launch of Rooted Peepul, which is a brand for healthy spice blends and immunity boosters, is likely to gain prominence in APAC. Key players of the market such as; MDH, Badshah, Everest, AJINOMOTO are predicted to grow the market significantly in the assessment tenure. China is recognized to be the largest consumer of spices in the Asia Pacific.
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The demand is expected to be majorly driven by the increasing number of eatery outlets, domestic consumption, and the rising popularity of authentic cuisines. In addition, the region is also known to be a renowned exporter to Europe and North America. Furthermore, the increasing initiatives taken by the government of APAC countries; such as AYUSH, (the Ministry of Ayurveda, Yoga & Naturopathy, Unani, Siddha, and Homeopathy) is also projected to encourage the usage of Ayurved spices, which is expected to benefit the industry in the assessment tenure. Europe is expected to make a significant contribution in the growing market during the assessment tenure due to the increasing demand for spices owing to the growing popularity of cross-cuisine culture. The UK is predicted to make a significant contribution in augmenting the market in the region. North America is anticipated to acquire a significant market share during the forecast period owing to the increasing popularity of cross-cuisine culture. Besides, the established players of the region are expected to make a significant contribution to strengthening the industry in the coming time. For example, 2 McCormick purchased 100% of the shares of natural flavors supplier FONA International for $710 million. The US is anticipated to make a salient contribution in steering the market growth in the coming time.
Discover more Research Reports on Food & Beverages Industry, by Market Research Future:
Medicinal Spices Market Information- by Type (Turmeric, Chili, Pepper, Cumin, Garlic, Ginger, Clove, Cinnamon, Nutmeg and others), Form (Seeds, Whole, Ground/Powder, Crushed/Chopped, Roots, Minced, Flakes and others), Medicinal Properties (Anti-Flatulent, Anti-Emetic, Diuretic, Anti-Microbial, Anti-Bacterial, Antispasmodic and others) and Region - Forecast to 2023
Organic Spices and Herbs Market Information- by Spices Type (Chilies, Garlic, Ginger, Turmeric, Cumin, Pepper, Cinnamon, Cloves, Cardamom and Others), by Herbs Type (Basil, Mint, Marjoram, Parsley, Oregano, Sage, Bay Leaves, Dill, Thyme, Rosemary, Celery, Kaffir lime leaves and Others), by Form (Whole, Powder, Crushed/Chopped, Essential oil and Others), by Application (Culinary, Meat &Poultry Products, Sauces & dips, Snacks & Convenience Foods, Soups & Noodles, Ready to Eat Meals, Beverages, Personal Care and Other) and Region - Forecast to 2023
Spices and Seasonings Market Research Report Information by Type (Pepper, Ginger, Cinnamon, Turmeric, Cardamom, and Cloves), Category (Conventional and Organic) Distribution Channel (Store-Based and Non-Store-Based), and Region-Global Forecast till 2023
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