Spices Market is expected to register a CAGR of 3.89% and reach USD 14,512.6 Million by 2025.
During the projected period, the global spice market is predicted to develop at a substantial rate. Packaged spices are now affordable to all consumer groups, owing to rising per capita disposable incomes. Furthermore, the expanding working population with limited time for cooking is driving up demand for on-the-go convenience foods, which is driving up demand for packaged spice items due to their convenience. Consumers are also learning about the advantages of packaged spices versus loose spices, such as reduced risk of contamination, longer shelf life, and quality assurance. This has boosted the use of packaged spices all across the world. Furthermore, many spice product producers are focusing on brand building and improving customer familiarity.
Consumer attention has turned to packaged spices as a result of market participants’ focus on creative packaging and appealing packaging. As a result of rising customer demand for convenience and high-quality products, packaged and branded spice items are becoming more popular across the world. Furthermore, spice production is very unpredictable across the world owing to climatic conditions such as rainfall, floods, and draughts, resulting in a demand-supply mismatch. Petroleum prices, food supply levels, and currency exchange rates all have an impact on commodity pricing. As a result, the market’s expansion is expected to be hampered.
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The worldwide spices market has been split into garlic, ginger, turmeric, cumin, cinnamon, pepper, and others based on product type. In 2018, the others category had the most market share, while the ginger sector is anticipated to grow at the fastest rate of 4.50 percent over the forecast period.
The market has been split into two categories: organic and conventional. In 2018, the traditional segment held the largest market share.
The market is separated into three categories: whole, ground/powder, and others. In 2018, the ground/powder category had the most market share and is predicted to grow at the fastest rate of 3.96 percent during the forecast period.
The worldwide spices market has been divided into two categories depending on distribution channels: store-based and non-store-based. In 2018, the store-based category had a higher market share.
During the projected period, Asia-Pacific is likely to have a significant share of the spice market. In 2018, the region accounted for 46.60 percent of the market. The remainder of Asia-Pacific, as well as India, are key contributors to the Asia-Pacific market’s growth. During the projection period of 2019 to 2025, the market in the area is expected to grow at a high CAGR of 4.07 percent. Asia is regarded as the “Land of Spices” since it is where most spices are grown, produced, consumed, and exported. Almost every nation in Asia-Pacific produces spices and consumes them in large quantities. Spices have always been an important element of different Asian cuisines, which is fueling the region’s spice industry expansion.
During the study period, the European market had the second-largest market share. Consumers have been motivated to seek out new cuisines as a result of globalization. This has led to the introduction of cross-cultural spice mixes by a number of European producers. Manufacturers in the European spice industry are following a trend of selling goods in tiny packages. This allows customers to sample new spices in a lesser quantity, which is expected to increase the retail spice market’s development in the future years. In the Western market, people are becoming more aware of the health advantages of spices. Furthermore, due to rising demand for spices such as pepper, paprika, pimento, and cinnamon, among others, the European market has a significant part of the worldwide spices industry.
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The Prominent Players in the Global Spices Market include McCormick & Company, Inc (US), Frontier Co-op (US), Colorado Spice (US), SpicesInc.com (US), The Watkins Co. (US), Organic Tattva (India), Organic Spices Inc (US), Sauer Brands, Inc (US), B&G Foods, Inc (US), Terana, SA (Mexico), and TAJÍN (Mexico).
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