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Spices Market Report 2024 - Spices Market Growth, Insights And Forecast
Spices Market
According to The Business Research Company's, The spices market size has grown strongly in recent years. It will grow from $1.41 billion in 2023 to $1.48 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to culinary diversity and globalization, cultural significance, increased ethnic food consumption, urbanization and changing lifestyles, innovations in food processing.
The spices market size is expected to see strong growth in the next few years. It will grow to $1.89 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to clean label and natural products, plant-based and vegetarian diets, e-commerce and direct-to-consumer models, health-conscious consumer choices, regional and ethnic fusion cuisine. Major trends in the forecast period include rising demand for organic and sustainable spices, innovative spice blends and flavors, health and wellness focus, clean label and transparency, spices for plant-based and ethnic cuisine.
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Market Drivers and Trends:
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. Organic food consumption, on the other hand, is steadily increasing, due to fueling demand for herbs, spices, and seasonings. For instance, in May 2023, according to a report published by the Organic Trade Association, a US-based business association, organic food sales in the United States surpassed the $60 billion mark for the first time in 2022. The total organic sales, encompassing both organic food and non-food products, reached a record high of $67.6 billion. Furthermore, organic produce sales amounted to $22 billion, constituting 15 percent of the total fruit and vegetable sales within the nation. Therefore, the growth in demand for organic food are driving the growth of the spice market.
Product innovation is a key trend gaining popularity in the spice market. Companies operating in the spice market are focused on innovative products to reinforce their position in the market. For instance, in November 2022, Lifespice India Private Limited, an Indian-based manufacturer of health care, garam masala, and snack foods, launched India's first science-backed Spice Mixes. These mixes are prepared using 15 raw materials, which do not include onions, ginger, garlic, or other vegetables. The product is prepared electronically without human touch or interaction. The blended recipes are pulverized to a 600-micron fineness and packaged in Vacuum sealed Food grade PET jars.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Ajinomoto Co. Inc.; Associated British Foods Plc; BARIA PEPPER; Kerry Group Plc; The Bart Ingredients Co. Ltd.; Dharampal Satyapal Group; Everest Food Products Pvt. Ltd.; Dohler Group; McCormick & Company Inc.; Frontier Co-op; Colorado Spice Company; Watkins Incorporated; Organic Tattva LLP; Organic Spices Inc.; Sauer Brands Inc.; B&G Foods Inc.; Terana S.A.; Unilever plc; ARIAKE JAPAN Co.Ltd.; OLAM INTERNATIONAL LIMITED; Mahashian Di Hatti Limited; Mishra store MDH Spices; Kikkoman Corporation; Cargill Incorporated; Baron Spices Inc.; Slofoodgroup; All Seasonings Ingredients Inc.; Newly Weds Foods Inc.; Essence Food & Beverage LLC; Badia Spices Inc.
Spices Market 2024 Key Insights:
• The spices market will grow to $1.89 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Organic Food Boom Ignites Spice Market Growth
• Product Innovation In The Spice Market
• Asia-Pacific was the largest region in the spices market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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