Global Spices Market Segmented By Product (Pepper, Ginger, Cinnamon, Cumin, Turmeric, Cloves, Coriander, Cardamon, Others) By Form (Whole, Powder, Crushed) By Application (Bakery And Confectionery, Meat And Poultry Products, Beverages, Frozen Food, Soups, Sauces And Dressings, Others) By Distribution Channel (Supermarkets, Convenience Stores, Online) & By Region - Forecast And Analysis 2020-2027
Market Insights
The Spices market was valued at USD 6.58 Billion in 2020, and it is expected to reach a value of USD 9.70 Billion by 2027, at a CAGR of 6.50% over the forecast period (2020 - 2027).
Global desire for authentically flavored food is predicted to be a positive element for market growth. Furthermore, regional foods around the world use a variety of spices that are unique to the country and its customs. Furthermore, rising expenditure on dining out by millennials on weekends, as well as young "binge-eating," is predicted to broaden the scope of the food service business, fueling demand for spices over the projection period.
Segmental Analysis
Spices, seeds, dried fruits, roots, and bark are used to enhance the taste, aroma, color, texture, and flavor of food. Cinnamon, black pepper, cumin seeds, nutmeg, cloves, chilly powder, turmeric powder, ginger, and garlic are some of the most prevalent spices. Ready-to-cook spice mixes are gaining popularity among customers due to the minimal effort necessary in cooking using spice blends.
This report provides in-depth analysis of Global Spices market. We have analyzed 20+ data points that include product price trends, consumer purchase patterns, company annual sales performance, COVID-19 impact on distribution channels, parent industry performance, regional trends, and technological innovations, for tracking the Global market size and performance in the recent years.
Regional Insights
Global Spices Market: Impact of COVID 19
The emergence of COVID-19 has had a good effect on the worldwide spice industry, as spices are consumed more and more, which naturally help to increase immunity. Different spices such as turmeric, thyme, oregano, and licorice should observe increased demand and hence, increase the market growth. Spice makers saw an important chance to enhance their client base and raise knowledge of the different advantages of the spices..
Key Trends in Global Spices Market
- In March 2021, Olam Food Ingredients acquired its fully owned subsidiary, Olam Holdings Inc., to its premier US private-label spices and seasonings producer, Olde Thompson. It enhances OFI's growth goal of offering sustainable, natural food and beverage value-added ingredients as a worldwide leadership.
- Kikkoman Corporations headed for India in February 2021 with the creation of Kikkoman India Private Limited, its wholly-owned subsidiary. This is Kikkoman's goal, in particular, of becoming a market leader in the Indian category of soy sauce, herbs, and spices.
Global Spices Market: Regional Dynamics
The most rapidly developing market in the worldwide seasonal and spice markets is Asia-Pacific. China, followed by India, is the biggest market. Significant spices are exported to Europe and North America from the Asia-Pacific.
Market Dynamics
Global Spices Market: Competitive Landscape
The market is characterized by the presence of a few well-established players. New product launches, partnerships and investing in research & development have been a key business strategy. Some of their recent developments are as follows:
- Ajinomoto Co., Inc. acquired nearly half the US-based More Than Gourmet Holdings, the leading liquid seasoning company in August 2019, a Japan-based food and ingredients company. It is predicted that this acquisition will enhance Ajinomoto's reach in the North American market for integrated food solutions.
- In February 2019, McCormick worked with IBM, a technology behemoth, to mine 40 years' data about consumers, taste palates, and product characteristics using artificial intelligence.
Key players in Spices market are:
- Ajinomoto Co., Inc.
- Associated British Foods plc
- Baria Pepper
- Kerry Group
- The Bart Ingredients Co. Ltd.
- DS Group
- Everest Spices
- Dohler Group
- McCormick & Company, Inc.
- Kikkoman Corporation
Scope of the Report
The study provides an analysis of the Global Spices Market in the emerging and established markets across the globe, including North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done on the basis of value.