Emerging Demand for Authentic Cuisines and Burgeoning Trend of Exotic Flavors in Snacks are Fuelling the Growth of Spices Market During the Forecast Period 2022-2027

The growth of the Spices Market is greatly fuelled by the emerging demand for Authentic Cuisines and the Burgeoning Trend of Exotic Flavors in foods and snacks. Spices include the dried portions of particular plants utilized in making food to contribute excess flavor and aroma. Numerous people take pleasure in consuming different ethnic foods like Italian, Greek, Chinese and Japanese. Italian Cuisine may make use of herbs and spices like Basil (Ocimum basilicum), Bay leaf (Laurus nobilis), Oregano (Origanum vulgare), Marjoram (Origanum majorana), Parsley (Petroselinum crispum), Rosemary (Rosmarinus officinalis), Sage (Salvia officinalis) and Thyme (Thymus vulgaris). Authentic Indian Cuisines make use of aromatic spices that contribute flavor and seasoning to Indian dishes with vital health advantages. Typical spices in Indian Cuisine include Ginger, Turmeric, Cardamon, Pepper and Coriander. Present trends in flavors are trending toward the exotic. Fastest-developing flavor classes include ethnic flavors, fruit flavors and spices. The Spices Market size is estimated to reach $23.7 billion by 2027, growing at a CAGR of 5.5% during the forecast period 2022-2027. 

Spices Market Growth Drivers:

Surging Adoption of Spices Amidst the COVID-19 Pandemic is Driving the Growth of the Spices Industry:

The market for spices and seasonings observed an accelerated upsurge with the outbreak of COVID-19, wherein certain select spices intended to offer immunity, like turmeric, pepper, ginger and garlic, have received tremendous responses from consumers worldwide. In developed economies. they are hugely dependent on imports from developing nations. Anosmia and ageusia are typical and frequently comorbid symptoms of coronavirus disease 2019 (COVID-19). The frequency of olfactory and gustatory dysfunction in infected inpiduals has been recorded to be 19.4-88%. While nearly all of those infected recover smell and taste, up to 20% endure persistent anosmia or hyposmia and ageusia or dysgeusia subsequent to 30 days. Two inpiduals endured considerable enhancement in taste and smell shortly after ingestion of one dose of a turmeric supplement. Turmeric-ginger-garlic tea may be utilized for the prevention and care of COVID-19. The surging adoption of spices amidst the COVID-19 Pandemic is therefore driving the growth of the Spices Industry, thereby contributing to the Spices Industry Outlook.

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Soaring Health Advantages of Spices are Propelling the Growth of the Spices Market:

Typical spices involve cinnamon, turmeric, ginger, sage, peppermint, mint, turmeric and basil among others. Incessantly high blood sugar is a severe issue and blood sugar control is specifically vital for diabetics. Cinnamon accompanies sweet potatoes well. As per one investigation, 3 grams (just under 2 teaspoons) of cinnamon each day for eight weeks enhanced blood sugar control, lipid profile and BMI in diabetic patients. Another investigation discovered vital advantages for doses as reduced as 1 gram (less than a single teaspoon) every day. The soaring health advantages of authentic ingredients and spices are therefore propelling the growth of the Spices Market.

Acquisition:

In December 2021, the Kerry Group extended its footprint in Africa succeeding in its acquisition of Rwanda-based Afribon. This acquisition is arranged to bring healthy and tasty food to consumers.

Spices Market: Competitive Landscape

Key companies holding major shares in the Spices Market are Ajinomoto Co., Inc., Associated British Foods plc, ARIAKE JAPAN CO., LTD., Baria Pepper, Kerry Group, The Bart Ingredients Co. Ltd., DS Group, Everest Spices, Dohler Group and McCormick & Company, Inc.