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Global Spices Market 2023 - By Industry Demand, Leading Players, Regional Analysis And Outlook By 2032
Spices Market
Spices Market Size, Growth Rate, And Forecast
The global spices market size is expected to grow from $4.20 billion in 2022 to $4.48 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global spices market size is expected to reach $5.70 billion in 2027 at a CAGR of 6.2%.
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Spices Market Drivers
The growth in demand for organic food are expected to propel the growth of the spice market going forward. Organic food is produced without the use of synthetic chemicals or genetically modified ingredients. Organic food is in high demand because people believe it is healthier and better for their immune systems.
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Spices Market Segments
• By Type: Garlic, Ginger, Turmeric, Cumin, Cinnamon, Pepper, Other Types
• By Form: Raw, Powder, Other Form
• By Category: Organic, Conventional
• By Application: Bakery And Confectionary Products, Meat And Poultry Products, Frozen Food, Soups, Sauces, Dressings, Other Applications
• By End User: Food Retail, Food Service, Food Processing
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Spices market.
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Spices Market Key Players
Major competitors in the Spices market include Ajinomoto Co Inc., Associated British Foods Plc., Baria Pepper, Kerry Group Plc., The Bart Ingredients Co. Ltd.
The Business Research Company's "Global Spices Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Spices Market Include:
1. Executive Summary
2. Spices Market Characteristics
3. Spices Market Trends And Strategies
4. Spices Market - Macro Economic Scenario
5. Spices Market Size And Growth
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26. Africa Spices Market
27. Spices Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Spices Market
29. Spices Market Future Outlook and Potential Analysis
30. Appendix
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