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Spices Market Demand, Growth Analysis, Size, Share, Trends, Business Opportunity, By Forecast To 2025
Spices Market
Spices Market is expected to register a CAGR of 3.89% and reach USD 14,512.6 Million by 2025. A spice is a seed, fruit, root, bark, or other parts of the plant, which is primarily used for flavoring, coloring, or preserving food products. Many spices have antimicrobial properties. The growth of the spices market can be attributed to the growing popularity of cross-culture cuisines. Immigrants bring with them the traditional cuisines of their native lands, resulting in the rising popularity of cross-culture cuisines worldwide.
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Market Dynamics
The Global Spices Market is expected to register significant growth during the forecast period. The increasing per capita disposable incomes have made packaged spices affordable for all consumer groups. Moreover, the increasing working population with limited time for cooking is boosting the demand for on-the-go convenience foods, which is significantly contributing to the growing demand for packaged spice products owing to their convenience. Consumers are also becoming aware of the benefits of packaged spices over loose spices such as low chances of contamination, increased shelf life, and quality assurance. This has increased the adoption of packaged spices across the globe.
Segmentation
On the basis of product type, the global spices market has been divided into garlic, ginger, turmeric, cumin, cinnamon, pepper, and others. The other segment is expected to dominate the global market and be valued at USD 8,508.9 million by the end of 2025. The ginger segment is projected to register the highest CAGR of 4.50% from 2019–2025. Ginger is a commonly used spice, which was first cultivated in China and has gained acceptance across the globe. Ginger offers several health benefits and is used to treat dizziness, nausea, and cold sweats. Ginger also contains various active components, including volatile oils and phenol compounds called gingerols, which help relief from nausea. Thus, due to the health benefits associated with ginger, the demand for ginger is expected to increase during the forecast period, 2019–2025.
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Regional Analysis
Asia-Pacific is expected to constitute a dominant share of the spices market during the forecast period. The region accounted for 46.60% share of the market in 2018. The rest of Asia-Pacific and India are among the major contributors to the growth of the Asia-Pacific market. The market in the region is projected to register a significant CAGR of 4.07% during the forecast period of 2019 to 2025. Asia is known as the “Land of Spices” as it is the place of origin, production, consumption, and export of most of the spices. Almost every country in Asia-Pacific produces spices and has a high consumption of the same.
Key Players
The Prominent Players in the Global Spices Market include McCormick & Company, Inc (US), Frontier Co-op (US), Colorado Spice (US), SpicesInc.com (US), The Watkins Co. (US), Organic Tattva (India), Organic Spices Inc (US), Sauer Brands, Inc (US), B&G Foods, Inc (US), Terana, SA (Mexico), and TAJÍN (Mexico).
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