Spices Market is predicted to expand at 5.1% CAGR by 2032
Besides, spices have wonderful beauty-enhancing effects. The current 'Clean Beauty' and 'Green Beauty' trends are encouraging cosmetic scientists to include natural elements into new formulas. As a result, players in the spice market will have additional opportunities.
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As per detailed industry analysis by Persistence Market Research, the global spices market is predicted to expand at 5.1% CAGR and cross a valuation of US$ 244.8 Bn by 2032.
Key Takeaways from Market Study:
South Asia accounts for 38.7% of the global market share, followed by North America and Europe.
The spices market is dominated by a large number of manufacturers, but a majority of them are regionally focused. The market is very fragmented. Because spices are not grown in every region and the industry is more export-oriented, competition is predicted to be fierce.
Conventional spices presently account for more than 95% of the market due to their nature. Due to consumer preferences for organic products, organic spices are projected to increase in popularity in the future.
Spices, both whole and powdered, are more widely employed in many end-use sectors. The whole form accounts for more than 55% market share.
Authentic meals are becoming increasingly popular. The authenticity of cuisines is derived from varied combinations of spices, which tends to raise demand for spices and aids in the preparation of foods with a range of flavor or taste, look, and perfume. Companies are developing a variety of spices sourced from all over the world in order to bring out the best and most unique flavors of cuisines.
Spices are mostly utilized in the food processing business, which accounts for over 46% of the market share, followed by the foodservice industry.
"Consumers are adopting healthy eating habits without compromising on the taste and flavor of food products. Thus, increasing demand for healthy and savory tasting food is expected to boost the sales of spices," says a Persistence Market Research analyst.
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Major spice manufacturers are pursuing strategies such as expanding their current capacities and expanding their businesses. Market players are attempting to supply better quality and larger quantities of spices to the food industry as well as other end-user sectors, in response to the recent trend of demand for healthy and nutritious food products.
In 2020, McCormick & Company, Inc. purchased 100% of FONA International, a global provider of natural and clean flavor for use in a variety of applications, including food, drinks, and nutrition. Under the brand 'McCormick Gourmet,' the company recently debuted a new line of global organic seasonings. These seasonings are influenced by the cuisines of South America, the Middle East, and Africa.
In 2021, Olam International completed the acquisition of Olde Thompson, a renowned private-label spice and seasoning maker in the United States. The purchase will assist the company in expanding its private-label offering across its entire product portfolio. In 2020, the firm also purchased Mizkan America, Inc., a company established in the United States, to meet customer demand for Mexican spices and flavors.
Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global spices market, presenting historical data (2016-2020) and estimation statistics for the forecast period of 2021-2031.
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The study offers compelling insights on the basis of type (cinnamon, cardamom, cloves, nutmeg, chilies, turmeric, cumin seeds, mustard, black pepper, fennel, coriander seeds, and others), nature (organic and conventional), form (whole, powder/granules, and oil), end use (food processing, beverages, foodservice, retail/household, and others), and distribution channel (business to business and business to consumers), across seven major regions of the world.
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