Spices Market Report
As per the market research, the global Spices Market Revenue is expected to reach USD 24.23 billion by the end of 2028. The study period for this report is 2022-2028. The global Spices Market is estimated to grow at a CAGR of 4.55% during the forecast period. Spices and taste enhancers are added to add taste and flavours to different types of food items. Additionally, spices are also added to increase the shelf-life of food products.
India is probably the only country in the world where different types of spices are used in cooking daily foods. Spices such as turmeric, cumin, fenugreek, mustard, coriander, tamarind, etc. are some of the spices that Indians use for cooking regular foods. The use of spices is increasing across the world owing to increasing interest for ethnic foods, adopting different cooking styles, and using creative flavours in the food. All these factors have opened opportunities for the global Spices Market Growth. The growth was hampered during the pandemic time due to strict lockdown measures, low workforce, and insufficient production. The import was also restricted in many countries during the pandemic. Now, the market is recovering and is expected to grow well during the forecast period. The rise in the demand for organic spices will help the global Spices market to grow significantly.
Market Segmentation
The global Spices Market is segmented based on type, category, form, distribution channel, and region.
Based on spice-type, the sub-segments are pepper, cumin, garlic, ginger, turmeric, cinnamon, and others.
Based on category, the sub-segments are organic and conventional. The conventional spices occupy the major market share, but the organic spices market is also going to grow significantly by 2028.
Based on forms, the sub-segments of the markets are powder or whole.
Based on distribution channels, the Spices Market is further divided into convenience stores, supermarkets/hypermarkets, non-store based, and others.
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Regional Classification
The global Spices Market is divided into these regions- North America, Europe, Asia-Pacific, and rest of the World.
The increasing inclination of millennials towards cross-cultural cuisines and expansion of tourism industry have helped the Spices Market Analysis in North America. Europe is also going to show considerable market growth during the forecast period. The maximum growth of the Spices Market Size will be witnessed by the Asia-Pacific region. The use of spices in regular food items, high popularity of spices in this region, continuous food innovation, and increasing demand for organic spices will contribute to the growth of Spices market in the Asia-Pacific region in the coming years.
Industry News
The global Spices Market Key Players are investing huge amounts of money in research and development so that new products are obtained, and the key players can reach more customers across the globe. Companies are also going for mergers, acquisitions, and partnerships to retain their positions in the global market. In February 2021, The Pioneer Woman went into partnership with the Old-World Spices Seasonings Inc. and introduced new range of seasonings. In September 2020, Orkla acquired a major share of Eastern Condiments with an aim to develop local brands of spices.
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