Global Spices Market is expected to exhibit a CAGR of 2.84% over the forecast period from 2016 to 2024, according to a new research report from Market Research Future (MRFR). The report presents a thorough overview of the global spices market with the help of a detailed analysis of the historical trajectory of the global spices market and the leading market drivers and restraints at present. Reliable future predictions for the spices market are presented in the report for the forecast period from 2016 to 2024, comprising a close look at the competitive hierarchy within the market and the leading segments of the global spices market. The global spices market is expected to rise to a valuation of 83,468 kilotons by 2024.
The global spices market has been a major global market ever since the 15th and 16th centuries, when Portuguese and Dutch traders established trading post in places where spices grew abundantly naturally: Southeast Asia and India. The global spices market has retained a strong global position in the last few years due to the growing demand for spiced food in Western countries, in addition to the growing number of urban households in emerging countries, which has given new impetus to the traditional spices market in these regions. Spices add flavor to food and are thus revered across the world for their irreplaceable contribution to recipes.
The growing awareness about the medicinal benefits of certain spices is also likely to be a major driver for the global spices market over the forecast period. Since spices are active plant materials, they contain bioactive substances that have been shown to be of use in several treatments. The traditional role of spices in Asian medicines is also a major driver for the global spices market. Rising medical research aimed at exploring the medical applications of spices is likely to remain a major driver for the global spices market over the forecast period.
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Leading players in the Global Spices Market include McCormick & Co. Inc., Everest Spices, Cerebros Gregg’s Limited, Mahashian Di Hatti Limited, ITC Spices, MTR Foods Private Limited, B&G Foods Holdings Corp., and Olam International.
In February 2019, the All India Spices Exporters Forum (AISEF) called for the registration of all pepper importers. This step is supposed to help the country combat illegal imports of pepper. The high sales volume and widespread presence of the spices market in Asia Pacific is likely to make this concern more tangible in the coming years.
The global spices market is segmented by type, function, application, and region in the research report.
By type, the global spices market is segmented into chili and pepper, nutmeg, cinnamon, ginger, turmeric, and others. Chili and pepper accounted for the largest share in the global spices market in 2016 and is likely to remain the leading market over the world due to the growing demand for simple spices such as chili powder and pepper.
By function, the global spices market is segmented into flavor, color, preservative, and others. Flavor applications held the largest share in the global spices market and are likely to remain the leading segment over the forecast period due to the widespread usage of spices for imparting flavor to foods. The flavor function segment is expected to exhibit a 2.94% CAGR over the forecast period.
By application, the global spices market is segmented into culinary, sauces and dips, ready-to-eat (RTE) foods, bakery foods, beverages, and others.
The global spices market is dominated by Asia Pacific, which is the leading producer as well as consumer of spices in the world. The bountiful natural presence of spices in the hot and humid regions of Southeast Asia, including countries such as Indonesia, Malaysia, India, China, etc., is the major driver for the Asia Pacific spices market. The Asia Pacific market for spices is likely to exhibit growth at a CAGR of 3.14% over the forecast period due to the growing formalization of the market in Asia Pacific. Due to the traditional presence of spices in the region’s culinary preparations, there is a significant unregistered market for spices in Asia Pacific, which has led to a risk of illegal smuggling of spices and inadequate registration.
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