As per the latest industry study by Persistence Market Research on spices, the global market is estimated to rise at a CAGR of 5.1% and top a valuation of US$ 233 Bn by 2031.
Consumers are getting more conscious about what they eat, and want to know about the ingredients and nutrition value without compromising on the taste and flavor of food products. Spices play a key role in moulding food taste and flavor. Manufacturers are thus introducing new and innovative spice products into the market that give an authentic taste to food as well as are healthy for consumption.
Apart from this, spices possess excellent properties for enhancing beauty. The ongoing trends of ‘Clean Beauty’ and ‘Green Beauty’ are compelling cosmetic manufacturers to include natural ingredients and create new formulations.
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“Spices have numerous applications in food processing as well as beverages. However, their use in cosmetic products is also seen to be rising over the past few years, so as to formulate innovative products,” says a persistence Market Research analyst.
The global spices market is dominated by the presence of a large number of manufacturers, but they are mostly region-specific. The market is highly fragmented, and thus, competition is expected to be intense as spices are not grown in every region and the market is more export-oriented.
Major spices producers are adopting strategies such as increasing existing production capacity and business expansion. With the recent trend of preference for healthy and nutritious food products, manufacturers provide higher quality spices to food & beverage manufacturers, and also other end-use industries.
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Persistence Market Research, in its new report, offers an impartial analysis of the global spices market, presenting historical data (2016-2020) and estimation statistics for the forecast period of 2021-2031.
The study offers compelling insights on the basis of type (cinnamon, cardamom, clove, nutmeg, chili, turmeric, cumin seeds, mustard, black pepper, fennel, coriander seeds, and others), nature (organic and conventional), form (whole, powder/granules, and oil), end use (food processing, beverages, foodservice, retail/household, and others), and distribution channel (business to business and business to consumer), across seven major regions of the world.
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