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Market Overview:With spice, comes flavors and regular foods become luscious in taste. Each spice has a different texture, unique aroma, and enhancing features that bring out the best of the ingredients and make food delectable. Furthermore, these spices have properties from which individuals can benefit health-wise. Driven by such attributes, the global spice market can experience a steady CAGR of 2.84% during the forecast period (2016-2022), reveals Market Research Future (MRFR), in an in-depth analysis of the sector. To stay in sync with the transforming lifestyle, convenience food division is banking heavily on spices which can significantly drive the market ahead. Advents in spices farming mechanism have, on the other hand, revolutionized the way diverse sectors have perceived spices so far. By conserving the generative capability, renewing capacity of the soil, maintain plant nutrition and soil management, spices have been crafted that are rich in vitality and have increased level of resistance to diseases. Triggered by various such factors, the spice market demand is heading towards an estimated volume of 83,468 kilo tons during the forecast period.
On the flip side, the spice market can witness certain pullbacks from government policies which can further enhance with speculative economic conditions and logistical flippancy. But restraining the spice market for too long is not possible as the demand from several burgeoning sectors can help the sector in overcoming the hurdles.
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Industry News:
The intensely competitive global spice market is witnessing the implementation of new technologies. For instance, Gujarat State Fertilizer Corporation Ltd (GSFC) developed a technique, using liquid nitrogen and special grinding technology, that helps in retaining the aroma of the spice intact. Among the other strategies, mergers and acquisitions are age-old practices. Palladium Equity Partners taking stakes in Orlando Company Spice World is one such example.
Key Players Review:
Key players in global Spices Market include Everest Spices (India), B&G Foods Holdings Corp. (USA), Cerebos Gregg’s Limited (New Zealand), ITC Spices (India) Mahashian Di Hatti Limited (MDH)(India), McCormick & Co., Inc. (the USA), MTR Foods Private Limited (India), Olam International (Singapore), and others.
Industry Trend:
A new business trick has been developed by supermarkets where they have started cross-merchandizing spices with perishables. This health-driven idea has given products such as cinnamon on sweet potatoes, basil, and oregano on broccoli to customize their food as per the target group. Global Spice market can substantially benefit from this.
Region-specific foods are fast catching up. African and provincial Mexican cuisines are becoming favorite with gastronomic explorers. In addition, traditional flavors such as Moroccan, Indian, and Thai blends are expected to rise further.
Segmentation:
The global spice market can be segmented by application, function, and type.
Application-wise, the spice market can be segmented into bakery foods, beverages, culinary, ready-to-eat (RTE) foods, sauces and dips, and others.
Based on function, the spice market includes color, flavor, preservative, and others.
Type-based segmentation of the spice market includes chili & pepper, cinnamon, ginger, nutmeg, turmeric, and others.
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Regional Analysis:
Region-specific analysis of the global spice market spans across North America, Europe, Central America, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The APAC region is expected to dominate the global spice market with a sizeable market share. Countries such as India, China, Indonesia, and Vietnam have earned a reputation for giving the world a variety of spices that are not found elsewhere. Diverse agro-climatic zones and favors drawn from seasons have given the region advantage in the cultivation of spices.
North America is expected to grow during the forecast period as a chief market consumer of spices with the U.S. and Canada emerging as global food destinations. Guatemala and Mexico, on the other hand, are displaying their strength as dominant spice suppliers in the global spice market. The European market is getting significant contributions made by Netherlands, Romania, Spain, and Ukraine.
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