Press release
Global Spice Market: Awareness about Medicinal Benefits of Spices to Provide Impetus to Volume and Revenue Growth
The global demand for a variety of spices has continued to rise in the past few years owing to the vast rise in the consumption of convenience foods, snacks, and confectionary. The widened market for processed and ready-to-eat food products has also had a vast positive impact on the overall global consumption of a variety of spice.
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This report on the global spice market presents an extensive account of the present state of the market and forecasts the way the market’s will evolve in response to present circumstances over the period between 2016 and 2024. The report includes vast details regarding the present and past sales across key product segments and regional markets, the various growth factors expected to drive the market in the future years, and the challenges capable of arresting the growth of the market over the forecast period.
Global Spice Market: Drivers and Restraints
One of the key drivers of the global spice market is the increased usage of spices as natural preservatives in variety of poultry and meat products. Additionally, the significant rise in demand for healthy and nutrition-rich foods from the health-conscious young population globally has widened the consumer base of this segment of food products. Strengthening economies of countries in Asia Pacific have led to increased disposable incomes and have increased the demand for processed and ready-to-eat foods, which is anticipated to be a key growth driver of the spice market in the region.
However, the market is expected to be restrained due to the stringent government regulations related to food additives across different countries such as Canada, U.K., France, Italy and the U.S. Several food safety organizations, such as the FDA, have set high standards regarding the safety of a spice for its intended use for the consumer.
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Global Spice Market: Segmentation
On the basis of product type, the global spice market can be segmented into cardamom, pepper, cumin, clove, and ginger. On the basis of application, the market can be segmented into sauces, soups, frozen food, meat, convenience foods, poultry food, and bakery.
On the basis of geography, the report segments the global spice market into Europe, North America, Asia Pacific, and Rest of the World (RoW). Of these, North America is presently the most attractive regional market for spices, followed by Europe, Asia Pacific, and the RoW. Rising awareness regarding the medicinal properties of spices will continue to keep the demand for spices high in North America over the forecast period as well. The region is expected to gain traction and witness high growth in terms of revenue over the report’s forecast period.
The Asia Pacific market also holds immense promise for spices owing to the flourishing food and beverages industry in the region. A vast surge in the consumption of fast foods across countries such as India and China will also drive the market for spices in the region. China is the leading country-wise market for spices in Asia Pacific, followed by India. Owing to the presence of vast growth opportunities, several international spice companies are focusing on expansion strategies in the region, expected to make the Asia Pacific spice market much more mature and increasingly competitive in the near future.
Global Spice Market: Competitive Dynamics
The global spice market features a fragmented competitive landscape owing to the presence of a large number of small-scale companies. The market also features some large companies holding prominent positions, making the market intensely competitive. Some of the most notable companies operating in the global spice market are Everest Spices, SHS Group, Ajinomoto Co., Inc., Associated British Foods, Mccormick & Company, Kerry Group Plc, Ariake Japan Company Ltd., Sensient Technologies, MTR Foods Private Limited, Ariake Japan Company Ltd., Olam International, Worlee Gruppe, DS Group, and Dohler Group.
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