Press release
Spices Market Size to Reach USD 20.9 Billion By 2030 with CAGR: 4.33%
Spices Market, Global Spices Market, Spices Market Overview, Spices Market Size
The global spices market, valued at USD 15.5 billion in 2022, is forecasted to witness steady growth, reaching USD 20.9 billion by 2030, with a compound annual growth rate (CAGR) of 4.33% during the period from 2023 to 2030, as per MRFR analysis.
Overview:
The spices market encompasses the global trade and consumption of a diverse array of aromatic plant products utilized for flavoring, coloring, and preserving food. This includes whole and ground spices, herbs, and blends sourced from various regions worldwide. The market is propelled by the demand for unique and exotic flavors, coupled with increasing awareness regarding the health benefits associated with certain spices.
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Impact of COVID-19:
The COVID-19 pandemic significantly affected the spices market, primarily disrupting the global supply chain. Production, processing, and transportation of spices were hampered, leading to shipment delays, escalated costs, and reduced product availability.
Key Players:
Leading market players in the spices industry include McCormick & Company Inc, Frontier Co-op, Colorado Spice, The Watkins Co., Organic Tattva, Organic Spices Inc, Sauer Brands Inc, B&G Foods Inc, and Terana SA.
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Market Segmentation:
The global spices market is segmented based on type, category, form, and end-use:
Type: Includes garlic, ginger, turmeric, cumin, cinnamon, and pepper.
Category: Segregated into Organic and Conventional.
Form: Categorized as whole and powder.
End-Use: Segmented into food retail, food service, and food processing.
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Regional Analysis:
The Asia-Pacific region dominates the global spices market, driven by major producers and consumers such as India, China, and Indonesia. India, particularly, stands as the largest producer and exporter of spices globally, including cumin, turmeric, and black pepper. Factors contributing to the region's dominance include favorable climatic conditions for spice cultivation, rich cultural culinary traditions, and a substantial domestic market fueled by a large population. Additionally, countries like Vietnam, Thailand, and Sri Lanka significantly contribute to the regional spice industry.
Discover More Research Reports on Food, Beverages & Nutrition Industry by Market Research
Future:
Organic Spices and Herbs Market Research Report Forecast to 2030 - https://www.marketresearchfuture.com/reports/organic-spices-herbs-market-4175
Organic Spices Market Global Research Report Forecast till 2030 - https://www.marketresearchfuture.com/reports/organic-spices-market-1852
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