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Spices Market Size Worth USD 23.67 Billion in 2032 | Emergen Research
Spices Market
Health Benefits Drive Demand:
Spices have long been valued for their flavor and medicinal properties. Modern research has confirmed various health benefits associated with popular spices. For instance, cinnamon exhibits antioxidant properties and aids in lowering triglycerides and cholesterol. Peppermint is known for its soothing effects on the gastrointestinal system, while turmeric possesses potent anti-inflammatory properties.
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Technological Advancements in Production:
The spice production industry has witnessed a technological revolution, leading to increased productivity and quality. Advanced equipment and automation have reduced human error and ensured consistent product quality. Modern methods, such as cryogenic grinding, preserve the natural flavors and scents of spices, while precise monitoring during processing guarantees high-quality output.
Challenges and Opportunities:
Despite the positive outlook, allergies associated with spices pose a challenge to market growth. However, increasing applications of spices in perfumery present new opportunities for market expansion. Additionally, the preference for organic spices is on the rise, driven by consumer demand for healthier and sustainably produced products.
Segment Insights:
• Spices Forms: The powder segment dominates the market due to its versatility and widespread use in various cuisines.
• Spices Types: Ginger is expected to hold a significant market share, attributed to its numerous health benefits and culinary versatility.
• Spices Categories: The organic segment is witnessing rapid growth as consumers prioritize health and sustainability. However, the conventional segment remains dominant due to its widespread availability and cost-effectiveness.
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Spices Top Companies and Competitive Landscape
The global spices market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective spices products in the market.
Some major players included in the global spices market report are:
• Ajinomoto Co., Inc.
• Associated British Foods plc
• ARIAKE JAPAN Co., Ltd.
• Baron Spices & Seasonings
• BARIA PEPPER
• British Pepper & Spice
• Döhler GmbH
• DS Group
• Everest Spices
• Kerry Group plc
• Kikkoman Corporation
• MDH Spices
• Master Of Spices
• McCormick & Company, Inc.
• Moreretail
• Olam Group
• SAUER BRANDS INC
• The BART Ingredients Company
• Terana, S.A.
• TAJIN
Spices Latest Industry News
• On 22 July 2022, Emami Agrotech announced the launch of its branded spices across India, aiming to achieve a revenue goal of USD 9.8-14 million in the next three to five years. Mantra Spices is a range of blended powder spices and tastemakers that are offered by Emami Agrotech, the branded food production business of the broad Emami Group, under the Emami Healthy & Tasty brand. The company faces competition from other FMCG manufacturers, such as ITC, Tata Consumer Products, MDH, Catch and Everest, as Emami Agrotech utilizes its existing sales network to introduce Mantra Spices in northern, eastern and western markets.
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Spices Market Segment Analysis
For the purpose of this report, Emergen Research has segmented the global spices market on the basis of form, category, type, end-user, application, and region:
• Form Outlook (Revenue, USD Billion; 2019-2032)
o Powder
o Whole
o Crushed and Chopped
• Category Outlook (Revenue, USD Billion; 2019-2032)
o Organic
o Conventional
• Type Outlook (Revenue, USD Billion; 2019-2032)
o Pepper
o Ginger
o Cinnamon
o Cumin
o Turmeric
o Cardamom
o Coriander
o Cloves
o Others
• End-Use Outlook (Revenue, USD Billion; 2019-2032)
o Household
o Food Services
o Industrial
• Application Outlook (Revenue, USD Billion; 2019-2032)
o Bakery and Confectionery
o Soup, Noodles, and Pasta
o Meat and Seafood
o Sauces, Salads, and Dressing
o Savory Snacks
o Frozen Products
o Beverages
o Others
• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa
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