Spices Market Gaining Traction from Sovary Spice with More Exotic Flavors

As per the findings of newly published market research report by IndustryARC 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),” the global  spices market size was between $9 to $10 billion  in 2018, and the opportunities are estimated to grow with a CAGR of around 4.8% to 5.2% during the forecast period of 2019 to 2025.

India is known as the home of spices. Indian species are sought-after globally, given their exquisite aroma, texture, and taste. India has the largest domestic market for spices in the world. India is the world's largest producer and exporter of spices of the 109 varieties listed by the International Organization for Standardization (ISO), out of which the country produces and exports about 75 varieties of spices. For instance, India primarily exports pepper, chili, turmeric, ginger, nutmeg and mace garlic, tamarind, vanilla, cardamom, coriander, cumin, fennel, fenugreek, and celery. 

Processed spices such as spice oils and oleoresins, mint products, curry powder, spice powders, blends, and seasonings are also exported. This exports made the spices market grow rapidly in APAC region. Based on the geographical analysis, the APAC accounted for around 38% to 40% of the global spices market demand in 2018. The analyst of the report identifies that the hypermarket and supermarket as the key application, and the demand for the segment is increasing at CAGR of around 15% to 17% during the forecast period 2019 to 2025.

The demand for spices in India has enlarged by annual growth of 5% as per the ministry of commerce and industry. In 2018, 1,028,060 tons of spices exported from India which was valued at $3.11 billion. The Government of India supports the producers of spices in the country to enhance the demand for the spices market through its flagship program, Mission for Integrated Development of Horticulture (MIDH), with the objective of promoting holistic development of horticulture as well as spices. The growth of the spices market is propelling by the MIDH components such as production and distribution of planting materials, establishment of new garden, creation of water resources, promotion of Integrated Pest Management (IPM), mechanization, creation of  the market infrastructure, Integrated Nutrient Management (INM), promotion of organic farming, promotion of Good Agricultural Practices (GAP), processing, and value addition so on are aimed at improving production, productivity, and quality of the spices.

Many spices - such as clove, oregano, thyme, cinnamon, and cumin-have been applied to treat infectious diseases or protect food because they were experimentally proved to possess antimicrobial activities against pathogenic, spoilage fungi, and bacteria, which influence the positive impact on the spices market. The increasing usage of spices as natural preservatives in a wide variety of poultry and frozen products is driving the growth of the spices market. Additionally, the significant rise in demand for healthy and nutrition-rich foods from the health-conscious young population globally has widened the need for spices by consumer base of food products. 

Some of the key companies identified in the report that are currently holding majority shares in the global species market are: Everest Spices, B&G Foods Holdings Corp., Cerebos Gregg’s Limited, ITC Spices, Mahashian Di Hatti Limited (MDH), McCormick & Co., Inc., MTR Foods Private Limited, Olam International, and Others.

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