Global Spices Market Valued Over $9 Billion in 2018

Global Spices Market Valued Over $9 Billion in 2018

“Spices Market”
The global spices market size was between $9 to $10 billion in 2018, and the opportunities are estimated to grow with a CAGR of around 4.8% to 5.2% during the forecast period of 2019 to 2025.

As per the findings of newly published market research report by IndustryARC titled, “Spices Market: By Type (Coriander, Cardamom, Ginger, Cinnamon, Pepper, Nutmeg, Turmeric, Clove, Cumin,), Application (Frozen Products, Bakery & Confectionery Products, Sauces & Dressings, Beverages) – Forecast (2019-2025),” the global  spices market size was between $9 to $10 billion  in 2018, and the opportunities are estimated to grow with a CAGR of around 4.8% to 5.2% during the forecast period of 2019 to 2025.

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Global Spices Market: Leading Segments

India is known as the home of spices. Indian species are sought-after globally, given their exquisite aroma, texture, and taste. India has the largest domestic market for spices in the world. India is the world’s largest producer and exporter of spices of the 109 varieties listed by the International Organization for Standardization (ISO), out of which the country produces and exports about 75 varieties of spices. For instance, India primarily exports pepper, chili, turmeric, ginger, nutmeg and mace garlic, tamarind, vanilla, cardamom, coriander, cumin, fennel, fenugreek, and celery.

Processed spices such as spice oils and oleoresins, mint products, curry powder, spice powders, blends, and seasonings are also exported. This exports made the spices market grow rapidly in the APAC region. Based on the geographical analysis, the APAC accounted for around 38% to 40% of the global spices market demand in 2018. The analyst of the report identifies that the hypermarket and supermarket as the key application and the demand for the segment are increasing at CAGR of around 15% to 17% during the forecast period 2019 to 2025.

The demand for spices in India has enlarged by annual growth of 5% as per the ministry of commerce and industry. In 2018, 1,028,060 tons of spices exported from India which was valued at $3.11 billion. The Government of India supports the producers of spices in the country to enhance the demand for the spices market through its flagship program, Mission for Integrated Development of Horticulture (MIDH), with the objective of promoting holistic development of horticulture as well as spices. The growth of the spices market is propelling by the MIDH components such as production and distribution of planting materials, establishment of new garden, creation of water resources, promotion of Integrated Pest Management (IPM), mechanization, creation of  the market infrastructure, Integrated Nutrient Management (INM), promotion of organic farming, promotion of Good Agricultural Practices (GAP), processing, and value addition so on are aimed at improving production, productivity, and quality of the spices.

Many spices – such as clove, oregano, thyme, cinnamon, and cumin-have been applied to treat infectious diseases or protect food because they were experimentally proved to possess antimicrobial activities against pathogenic, spoilage fungi, and bacteria, which influence the positive impact on the spices market. The increasing usage of spices as natural preservatives in a wide variety of poultry and frozen products are driving the growth of the spices market. Additionally, the significant rise in demand for healthy and nutrition-rich foods from the health-conscious young population globally has widened the need for spices by consumer base of food products.

Spices Market: Trends

•    Savory Spice is a trending ingredient in hummus, which is hard for consumers to access on their own, like black garlic. Accessing exotic flavors is a key advantage for a specialty retailer like Savory Spice.

•    Spices provide a sustainable therapeutic solution in poultry production and health. Focus on disease prevention than treatment boosts demand for Various Therapeutic Spices. Spices provide a sustainable therapeutic solution in poultry production and health.

Spices Market: Competitive Landscape

Some of the key companies identified in the report that are currently holding majority shares in the global species market are: Everest Spices, B&G Foods Holdings Corp., Cerebos Gregg’s Limited, ITC Spices, Mahashian Di Hatti Limited (MDH), McCormick & Co., Inc., MTR Foods Private Limited, Olam International, and Others.

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What can you expect from the report?

The Spices Market is Prepared with the Main Agenda to Cover the following 20 points:

1. Spices Market Size by Product Categories & Application        

2. Spices Market trends & Relevant Market Data

3. Manufacturer Landscape                                  

4. Distributor Landscape                                   

5. Pricing Analysis                                       

6. Top 10 End-user Analysis                               

7. Product Benchmarking                                   

8. Product Developments                                   

9. Mergers & Acquisition Analysis                           

10. Patent Analysis

11. Spices Market Demand Analysis (Revenue & Volume)

12. Country-level Analysis

13. Competitor Analysis

14. Spices Market  Shares Analysis

15. Value Chain Analysis

16. Supply Chain Analysis

17. Spices Market Strategic Analysis

18. Spices Market Current & Future Market Landscape Analysis

19. Opportunity Analysis

20. Spices Market Revenue and Volume Analysis

 

Frequently Asked Questions:

Q. Does Industry ARC provide customized reports and charge additionally for limited customization?

Response: Yes, we can customize the report by extracting data from our database of reports and annual subscription databases. We can provide the following free customization:

1. Increase the level of data in the application or end-user industry.

2. Increase the number of countries in geography chapter.

3. Find out market shares for other smaller companies or companies which are of interest to you.

4. Company profiles can be requested based on your interest.

5. Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end-use segment.

Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com  to discuss more about our consulting services.

About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.

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