Dried Spices Market to Reach $16.6 Billion, Globally, by 2032 at 4.6% CAGR: Allied Market Research

The worldwide demand for dried spices has boosted owing to shifting culinary preferences, globalization of food culture, and rising awareness of health advantages linked to spice consumption. In addition, increased desire for convenient cooking solutions, along with authentic taste and high-quality spices, actively contributes to the rapid growth of the dried spices market.

PORTLAND, Ore., March 19, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Dried Spices Market By Source (Natural and Organic), Product Type (Pepper, Ginger, Cinnamon, Cumin, Turmeric, Cardamom, Cloves, Nutmeg & Mace, and Others), Form (Powder, Granules, and Whole), and Application (Food & Beverage Industry, Foodservice Industry, and Retail): Global Opportunity Analysis and Industry Forecast, 2023-2032: Global Opportunity Analysis and Industry Forecast, 2022–2032." According to the report, the global dried spices market was valued at $10.7 billion in 2022, and is projected to reach $16.6 billion by 2032, registering a CAGR of 4.6% from 2023 to 2032.

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Prime determinants of growth

The dried spices market has experienced significant growth driven by the increasing awareness regarding the health benefits associated with dried spice consumption. Dried spices, including turmeric, cinnamon, and ginger, are recognized for their antioxidant properties, anti-inflammatory effects, and positive impacts on digestive health. These health-promoting attributes match well with the health-conscious consumers seeking functional food, and thus the manufacturers are utilizing such ingredients in the manufacturing of functional foods, which, in turn, is driving the growth of the dried spices market. Moreover, surge in demand for organic spices products is expected to create numerous opportunities for the key players in the coming years.  

Report coverage & details:

The natural spices segment to maintain its leadership status throughout the forecast period

Depending on source, the natural spices segment held the highest market share in 2022, accounting for more than three-fifths of the global dried spices market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that consumers opt for natural dried spices due to their cost-effectiveness, wide availability, and adherence to culinary traditions. Natural dried spices are often more affordable than their organic counterparts, which helps this segment to gain significant market share. Moreover, natural dried spices are generally more widely available in supermarkets and grocery stores. This increased accessibility makes it convenient for consumers to find and purchase these dried spices easily. In addition, limited awareness or understanding of the distinctions between conventional and organic options, coupled with specific spice varieties only available in natural form, influences purchasing decisions of consumers.

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The pepper segment to maintain its leadership status throughout the forecast period

By product type, the pepper segment held the highest market share in 2022, accounting for nearly one-fifth of the global dried spices market and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that dried pepper products offer convenience and an extended shelf life compared to fresh peppers. They are easy to store and have a longer durability, making them a practical choice for consumers. Moreover, the popularity of various international cuisines has risen, and many global dishes incorporate dried peppers as a staple ingredient. This increased interest in diverse culinary experiences contributes to the demand for dried pepper products. In addition, peppers are known for their health benefits owing to the presence of antioxidants and other nutrients. Dried peppers retain these nutritional elements, and the perception of them being a healthy addition to meals is expected to drive the growth of this segment.

The powder segment to maintain its leadership status throughout the forecast period

On the basis of form, the powder segment held the highest market share in 2022, accounting for more than two-fifths of the global dried spices market and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that powdered spices offer unparalleled convenience and ease of use in culinary applications, eliminating the need for chopping or grinding. This pre-processing enhances efficiency for both households and foodservice industries. Moreover, powdered spices boast an extended shelf life, ensuring longer product durability compared to their whole counterparts. This longevity aligns with consumer preferences for pantry-staple items. The fine texture of powdered spices facilitates uniform flavor distribution in dishes, enhancing the overall taste experience. In addition, manufacturers often invest in advanced technologies to ensure consistent quality, contributing to the widespread consumer preference and dominance of the powdered dried spices segment.

The food & beverage industry segment to maintain its leadership status throughout the forecast period

As per application, the food & beverage industry segment held the highest market share in 2022, accounting for more than two-fifths of the global dried spices market and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that dried spices are fundamental for enhancing the flavor profiles of food & beverage. They add depth, complexity, and distinctive tastes to a wide range of dishes and beverages, which drives the demand for dried spices in this segment. Moreover, dried spices allow manufacturers to differentiate their products in a crowded market. Unique spice blends or the use of specific spices can give a product a distinct identity and set it apart from competitors. Furthermore, some dried spices such as pepper, turmeric, and cinnamon are associated with health benefits, and their incorporation into food & beverages aligns with consumer trends focused on wellness and functional ingredients.

Asia-Pacific to maintain its dominance by 2032

Region wise, Asia-Pacific held the highest market share in terms of revenue in 2022 and is likely to dominate the market during the forecast period. Some countries in the region such as India, China, Indonesia, Vietnam, and Thailand have favorable climates for spice cultivation, allowing for huge production of dried spices. The proximity of spice-producing regions to major consumer markets in the region also supports the availability and affordability of dried spices, thus increasing the growth of the dried spices market. Furthermore, governments actively support and promote spice cultivation as part of agricultural initiatives, contributing to increased production in Asia-Pacific.

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Leading Market Players: -

• Everest Food Products Pvt. Ltd.
• McCormick & Company, Inc.
• Bart Ingredients Company Ltd.
• DS Group
• Firmenich SA
• Olam Group Limited
• The Spice House
• Simply Organic
• Sauer Brands
• Frontier Co-op.

The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter's five forces analysis to determine the factors affecting market growth.

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