Expanding globalization, perpetual rise in disposable income, a growing interest in diverse cuisines are some of the factors that will define the growth of spices market in the approaching few years, according to a market intelligence report published by experts at IndustryARC. According to the report, the spices market size in the year 2018 stood at $8.4 billion and is evaluated to grow with a noticeable compound annual growth rate (CAGR) of 4.80% during the forecast period of 2019-2025.

The report is titled, ‘Spices Market: By Type (Coriander, Cardamom, Ginger, Cinnamon, Pepper, Nutmeg, Turmeric, Clove, Cumin,), Application (Frozen Products, Bakery & Confectionery Products, Sauces & Dressings, Beverages) - Forecast (2019-2025).’ In this report, food and beverage experts at IndustryARC have assessed the market and measured its prospects by several parameters including market opportunities, growth, challenges, drivers, and disruptive trends.

Global Spices Market: Leading Segmentation

According to Press Institute of India, Indian diaspora is the largest in the world with approximately 30 million people of Indian origin living abroad.[1] Most of these Indians gravitate towards North America for better educational opportunities as well for being employed at multinational companies. This has made this country an attractive hub for studies and employment, leading to consistent opening of local restaurants and cuisines that serve dishes of different ethnicities, especially those which cater to the spice-loving population. Inadvertently, North America has made the largest imports of spices in the past few years making it a leading nation in the spices market geographically. In the year 2018, North America held a massive regional demand share of 35.80%.

Spices market has always been dominant in the food and beverage industry which is also a very important segment of this market by application. During the forecast period of 2019-2025, this application segment is expected to grow with a compound annual growth rate of 5.10%.

Global Spices Market: Disruptive Trends 

·         To Sanitize Environment

In south east Asia, spices have always been predominantly used to sanitize the environment and making it cleaner by spreading a fragrance around. Incense sticks for example, are a common product in India, used for both religious as well as sanitation purposes. By weight, they contain about 21% per cent of herbal or spice powder.

·         Medicine

With consistent research, it has been regularly found that spices can be solicited for their antimicrobial and medicinal properties for improving the overall health of a patient. Spices such as celery, garlic, onion, and fennel are being used collectively for manufacturing medicines that help in curing cholesterol and hypertension. 

·         Dieting and Weight Loss

Culinary chefs around the world are popularising the use of spices because they enhance the flavour of a dish without increasing its calorific count. This is the reason why they make dieting easier for people, leading to high market growth as purchase increase.

·         Perfume Industry

Instead of using flowers for their essential oils, the perfume industry is now experiencing a high demand for spice-based fragrances especially vanilla and musk. Vanilla pods are now being mass produced for increased perfume sales and cinnamon bark is in high demand as well.

Global Spices Market: Competitive Landscape

The spices market has many key market players including Royal Spices, VLC Spices, The British Pepper & Spice Company Limited, Lawry’s Mehran Spice & Food Industries, Oregon Spice Company, The Spice Way Vanns Spices Ltd., and Paras Spices Private Limited.

 

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Related Reports:

Spices And Seasonings Market

https://www.industryarc.com/Research/Spices-And-Seasonings-Market-Research-504443

Curcumin Market

https://www.industryarc.com/PressRelease/597/Curcumin-Market-Research.html

What can you expect from the report?

The spices market report is prepared with the main agenda to cover the following 20 points:

 

1. Market Size by Product Categories & Application            11. Demand Analysis (Revenue &                                                                                                      Volume)

2. Market trends & Relevant Market Data                            12. Country level Analysis

3. Manufacturer Landscape                                                   13. Competitor Analysis

4. Distributor Landscape                                                       14. Market Shares Analysis

5. Pricing Analysis                                                                 15. Value Chain Analysis

6. Top 10 End user Analysis                                                  16. Supply Chain Analysis

7. Product Benchmarking                                                      17. Strategic Analysis

8. Product Developments                                                      18. Current & Future Market Landscape                                                                                                         Analysis

9. Mergers & Acquisition Analysis                                         19. Opportunity Analysis

10. Patent Analysis                                                                  20. Revenue and Volume Analysis

 

Frequently Asked Questions:

Q. Does IndustryARC provide customized reports and charge additionally for limited customization?

Response: Yes, we can customize the report by extracting data from our database of reports and annual subscription databases. We can provide the following free customization:

1. Increase the level of data in application or end user industry.

2. Increase the number of countries in geography chapter.

3. Find out market shares for other smaller companies or companies which are of interest to you.

4. Company profiles can be requested based on your interest.

5. Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end use segment.

Any other custom requirements can be discussed with our team, drop an e-mail to [email protected]  to discuss more about our consulting services.

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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.


[1] http://pib.nic.in/newsite/printrelease.aspx?relid=169695