Global Spices Market is gaining traction owing to the increase in versatile demand for food and beverages across the world. According to Market Research Future reports, the global spices market is touted to grow at a CAGR of 2.84% during the forecast period 2019 to 2025.
The contribution of spices in exports is recorded to be high to a nation’s gross income, mainly in countries like China, India, and Africa. India, being a foremost producer of spices, boosts the stronger potential for the supply of spices across the world. Spices are considered to be resistant to diseases and enrich vitality in food with nutritional value.
The dominant market players in the Global Spices Market are listed as McCormick & Co., Inc. (U.S.), Olam International (Singapore), Everest Spices (India), B&G Foods Holdings Corp. (U.S.), Cerebos Gregg’s Limited (New Zealand), MTR Foods Private Limited (India), Mahashian Di Hatti Limited (MDH)(India) and ITC Spices (India)
July 01, 2018: India Spice, cardamom is recorded to be at a new high, whereas coriander up 2% on strong demand.
Global Spices Market: Drivers & Trends
The demand for spices as crucial ingredients in various cuisines is rising globally, mainly due to changing trend and dietary habits of people along with the rising demand for traditional food products is remarkably driving the global spice market. Apart from this, further factors such as increasing demand for natural flavouring and colouring agents in food, medicinal properties, and health benefits are equally driving the Spices Market Analysis during the forecast period.
The spice market is set to exhibit tremendous potential due to high demands from regions of Asia Pacific, Middle East, and Europe due to increasing demand for convenience food products. Such food has powdered spices, which is enabling the global spice market going ahead in the next couple of years. On this note, crushed/chopped/flakes are emerging as new market segments for the spice market, especially for bakery and fast food preparations.
Global Spices Market has been segmented by type, form, function, and application.
In terms of function segment, the market comprises of flavour and colour. Wherein, flavour segment sets to be an essential base for spices that has enabled it to gain a maximum share in the year 2016, as it has been majorly used for flavouring or garnishing food since earliest times. The flavour of a spice is derived in parts as compounds from various parts of plant roots, seeds, bark and another part of plants.
In terms of form, the market has been segmented into whole form and powdered form, which held a significant share of the spice market in the year 2016. In this segment, crushed, chopped, and flakes are emerging rapidly as a new segment mainly in bakery sectors and fast food preparation segment.
Region level market analysis of the global spices market has been done for Asia Pacific, North America, Central America, Europe, the Middle East, and Africa.
The growing demand for bakery products and surging domestic bakery production in North America is intensifying the growth of the global spices market in the region at a higher CAGR. The spices market is also expected to generate the most substantial revenue in Asia-Pacific due to heavy consumption of it in countries like India, China. Apart from this, the growing consumption of spices in this region is also promoting market growth at a rapid pace.