Spices Market size is set to grow by USD 3.05 billion from 2024-2028, Growing awareness of medical benefits of spices to boost the market growth, Technavio

NEW YORK, May 29, 2024 /PRNewswire/ -- The global spices market  size is estimated to grow by USD 3.05 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  7.22%  during the forecast period. 

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Key Market Trends Fueling Growth

The global spice market has experienced notable growth due to strategic acquisitions by key players. For example, McCormick and Co. Inc. acquired FONA International in late 2020, while Olam Group Ltd. purchased Olde Thompson in May 2021. These deals enable vendors to adapt to new technologies and expand customer bases, driving market growth during the forecast period. 

The Spice Market is a popular destination for businesses and individuals seeking high-quality spices. Recent trends show an increase in demand for cardamom, cinnamon, cloves, ginger, and turmeric. These spices are used extensively in various cuisines worldwide. The market also offers a variety of flavors such as vanilla, cumin, and sesame. Procurement of these spices is essential for food processing companies and restaurants.

The supply chain involves various steps including sourcing, processing, and distribution. The use of technology like AI and machine learning is trending in the spice industry for efficient supply chain management and quality control. The market is expected to grow further due to the increasing popularity of international cuisines and the health benefits associated with spices. 

Market Challenges

•         The spices market faces challenges from contamination issues leading to product recalls. In 2020, McCormick recalled gravy mix due to unlabeled dairy allergen. In 2021 and 2022, McCormick recalled seasonings for potential salmonella contamination. These recalls negatively impact vendors, harming brand reputation and causing significant financial losses, thereby hindering market expansion.

•         The Spice Market presents unique challenges for businesses involved in its operations. Procurement of high-quality spices from various sources is a significant challenge. The complex supply chain involves multiple intermediaries and requires careful coordination. Additionally, ensuring consistent quality and adherence to food safety regulations is essential.

•         The market's dynamic nature, with seasonal variations and fluctuating demand, adds to the complexity. Furthermore, competition is intense, and pricing pressures can be significant. To succeed, businesses must have a deep understanding of the market, build strong relationships with suppliers, and invest in innovative solutions to streamline operations and maintain quality.

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Segment Overview 

1. Product Type
• 1.1 Powder
• 1.2 Whole
• 1.3 Crushed or chopped
2. End-user 
• 2.1 Household
• 2.2 Food service
• 2.3 Industrial
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Powder-  The global spices market experiences growth in the segment of powdered spices, driven by their extensive use in South Asian cuisines like India, Nepal, and China. Notable powders include chili, turmeric, and garam masala. Garam masala, a popular Indian spice blend, enhances the taste and health benefits of dishes with its warm, fragrant flavors. However, concerns over adulteration and the availability of homemade or non-blended alternatives may hinder market expansion during the forecast period.

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Research Analysis

The spices market is a significant segment in the global food industry, encompassing a wide array of aromatic and flavorful ingredients. These include turmeric, pepper, cinnamon, cloves, garlic, cardamom, ginger, chili, vanilla, cumin seeds, and various powders. Spices and seasonings are essential in the food processing industry, used extensively by food processors, restaurants, hotels, cafés, and the foodservice channel, including QSRs and retail outlets.

Spice processing is a meticulous art, focusing on preservation, color, aroma, and flavor enhancement. Companies like Kalsec specialize in the production of natural spice extracts and flavors, catering to diverse industries and applications. Food processors utilize these extracts to create a vast range of products, while restaurants and hotels incorporate whole seasoning and fresh herbs like mint, rosemary, parsley, and clove to add depth and complexity to their dishes.

The Spices Market, also known as Masala Chowk or Khadim's, is a vibrant and colorful bazaar located in Old Delhi, India. This market is renowned for its wide array of spices, herbs, and seasonings. The air is filled with the enticing aromas of various spices, creating an inviting atmosphere. The market is a sensory experience, with piles of brightly colored spices and the sounds of vendors calling out to potential customers.

Spices such as turmeric, cardamom, cinnamon, cloves, and ginger are commonly found here. Visitors can also find an assortment of seeds, nuts, and dried fruits. The Spice Market is a must-visit destination for food enthusiasts and those seeking authentic Indian ingredients.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product Type
• Powder
• Whole
• Crushed Or Chopped
• End-user
• Household
• Food Service
• Industrial
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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