Spices market size to grow by USD 2.60 billion from 2022 to 2027, APAC is estimated to account for 30% of the growth of the global market - Technavio

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Dec 04, 2023, 02:15 ET

NEW YORK, Dec. 4, 2023 /PRNewswire/ -- The global spices market size is estimated to grow by USD 2.60 billion from 2022 to 2027, according to Technavio. The market is expected to grow at a CAGR of 6.97% during the forecast period. Moreover, the growth momentum will accelerate. Based on geography, the global spices market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global spices market. APAC is estimated to account for 30% of the growth of the global market during the forecast period. India, China, Japan, South Korea, Australia, Thailand, and Singapore are some of the key countries in the market in the region. The growth of the regional market is attributed to factors such as increasing health consciousness, rising awareness about different types of spices, growth in spending by the Millennial, Generation X, and Baby Boomer populations, the introduction of global spice brands, and increasing adoption of traditional recipes. APAC is a leading producer and exporter of spices and herbs. The consumption of spices in the region is growing at a fast rate, with increasing consumer incomes, the emergence of many domestic brands, and the growing marketing and promotional activities. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

Technavio has announced its latest market research report titled Global Spices Market 2023-2027

Market Dynamics

The growing awareness of the medical benefits of spices is driving market growth. Spices have antioxidant properties that can be used to treat health issues. For instance, turmeric helps fight against diseases such as joint inflammation. Therefore, the demand for spices has increased. Spice companies have started advertising on social media platforms such as Facebook, Pinterest, and Twitter to promote their brands. These factors will fuel the growth of the market in focus during the forecast period.

The threat of contamination of spices is challenging the market growth. Contamination can occur during any stage of the supply chain, such as farm and production sites, packaging, distribution, and storage. The use of artificial ingredients can also affect the final product. Moreover, food regulatory and compliance authorities can issue a notice to the manufacturer if a product poses health risks, which can lead to product recalls. This, in turn, can affect the revenue and reputation of the manufacturer. Such factors will hinder the growth of the global market during the forecast period.

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Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
Global competitiveness and key competitor positions
Market presence across multiple geographical footprints - Strong/active/niche/trivial - Buy the report!

Spices market - Segmentation assessment
Segment overview
Technavio has segmented the market based on product type (powder, whole, and crushed/chopped) and end-user (household, food services, and industrial).

The powder segment will account for a significant share of the market growth during the forecast period. Powdered spices are popular in South Asian countries such as India, Nepal, and China. For instance, in India, Garam Masala is a spice blend used to flavor soups, stews, and curries. It is a mix of flavors such as cardamom, cinnamon, cloves, and peppercorns. It offers many health benefits, such as regulating blood pressure, increasing nutrient absorption capacity, reducing inflammation, and improving heart health. These factors will positively impact the growth of the segment during the forecast period.

Insights on the market contribution of various segments, including country- and region-wise historic data (2017 to 2021) and forecast market size (2023 to 2027) - Download a sample report

Spices market – Vendor analysis

The report includes a detailed analysis of key market vendors, including Ajinomoto Co. Inc., BARIA SPICES CO. LTD., Baron Spices and Seasonings, Blink Commerce Pvt. Ltd., British Pepper and Spice Co. Ltd., Dohler GmbH, DS Group, EVEREST Food Products Pvt. Ltd., Innovative Retail Concepts Pvt. Ltd., Kerry Group Plc, Kikkoman Corp., Mahashian Di Hatti Pvt. Ltd., Master of Spices, McCormick and Co. Inc., More Retail Pvt. Ltd., Olam Group Ltd., Rumi Spice, Shanuga Spices Pvt. Ltd, Spicy Organic LLC, Tata Sons Pvt. Ltd., Tesco Plc, The Bart Ingredients Co., The Speculaas Spice Co. Ltd., UK Blending Ltd., VLC Spices, and World of Spice Ltd.

Spices market – Leading trends influencing the market

The rising number of private-label brands is a key trend in the market.
Various private-label brands sell different types of spices to improve their profitability.
For instance, several retailers in India, such as Star Bazar by TATA, Blinkit, and Big Basket, offer a wide range of spices through their private-label brands.
Similarly, UK-based retailer, Tesco Plc offers spices under its brand Tesco.
Walmart also sells a wide range of spices, such as black pepper, pink salt, peppercorn medley, Himalayan pink salt, and Rosemary grinder, through its brand and subsidiary Sam's Club.
Such factors will drive the growth of the global market during the forecast period.

Insights on market Challenges, historic period (2017 to 2021), and forecast period (2023 to 2027) - Request a sample report!

What are the key data covered in this spices market report?

CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the spices market between 2023 and 2027
Precise estimation of the size of the spices market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the spices market across APAC, North America, Europe, South America, and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of spices market vendors

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TOC

Executive Summary
Market Landscape
Market Sizing
Historic Market Size
Five Forces Analysis
Market Segmentation by Product Type
market Segmentation by End-User
Customer Landscape
Geographic Landscape
Drivers, Challenges, and Trends
Company Landscape
Company Analysis
Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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.

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SOURCE Technavio