Spices Market Scope
Spices are derived from plants, aromatic vegetable substances which includes seed, fruits, root, bark or flowers. These are primarily used to season or flavor food, but can also be used in medicine, religious rituals, cosmetics, and perfume production. Each of these spices provides a unique flavor, aroma, and taste to the food. Some of the commonly used spices are cinnamon, black pepper, cumin seeds, nutmeg, cloves, chili powder, turmeric, ginger, and garlic. Increasing demand for authentic cuisines globally is one of the foremost factors driving the consumption of spices. The growing fondness towards enjoying various kinds of flavors in foods and snacks is likely to prompt manufacturers to produce high-quality, appealing, and reliable products that can maintain consistent standards globally.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | McCormick & Company (United States), Olam Group (Singapore), MDH Spices (India), House Foods Group Inc (Japan), Everest Spices (India), Mane KANCOR (India), Vasant Masala (India), Paulig Group (Finland), Sleaford Quality Foods Ltd (United Kingdom) and Elite Spice (United States) |
CAGR | % |
The global market for Spices is fragmented by the global key players owing to the rising demand for the wheat germ oil in cosmetic industry due to nutritional contain like vitamin E and in food supplements industry as functional and convenience foods. Research Analyst at AMA estimates that Global Vendors will contribute to the maximum growth of Global Spices market throughout the predicted period.
McCormick & Company (United States), Olam Group (Singapore), MDH Spices (India), House Foods Group Inc (Japan), Everest Spices (India), Mane KANCOR (India), Vasant Masala (India), Paulig Group (Finland), Sleaford Quality Foods Ltd (United Kingdom) and Elite Spice (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Cinnatopia (Sri Lanka), Euroma (Netherland), , Desai Foods Private Limited (India), Solina Group (France) and Penzeys Spices (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Spices market by Type , by Application (Bakery & confectionery products, Meat & poultry products, Frozen food, Soups, sauces, & dressings, Beverages and Others) and Region with country level break-up.
On the basis of geography, the market of Spices has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In November 2023, Growcoms, the pioneering B2B marketplace for spices, announced partnership with the investment venture capital JSW Ventures and Arali Ventures, with participation from existing investor InfoEdge Ventures. This partnership will expand Growcoms presence and enhance efficiencies in the spice export industry.
In June 2023, Vasant Awadhi Garam Masala is launched from the house of Vasant Masala for food connoisseurs who love an exclusive aroma and unique taste in their food. The newly launched, innovative blended spice marks a new feather in the cap that promises to open a fresh and new market segment for the brand, Vasant Masala.
Influencing Trend:
Increasing e-commerce sale
Market Growth Drivers:
Rising innovative flavors, authentic cuisines, and ethnic tastes and Increasing demand for value added spices.
Challenges:
Focus on quality and origin stories
Restraints:
Fluctuating prices of the raw material
Opportunities:
Rising demand in the food processing industry and Development of new extraction techniques
Key Target Audience
Manufacturing companies, Health-Conscious Consumer, Market Research & Consultancy Firm, Potential Investors, Government & Regulatory Bodies and Others