Spices Market

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Spices Market

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The Global Spices Market was valued at US$ 7 billion in 2021 and is predictable to reach US$ 11.41 billion by 2030 which is projected to attain a CAGR of 5.6 % during the forecast period from 2021- 2030. Spices are referred as a root, bark, seed, or fruit used majorly for flavoring or coloring a recipe and not used as the main ingredient. – PowerPoint PPT presentation

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Title: Spices Market

1
Spices Market

Global Scenario, Market Size, Outlook, Trend, and
Forecast,2020 2030

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Overview

The Global Spices Market was valued at US 7
billion in 2021 and is predictable to reach US
11.41 billion by 2030 which is projected to
attain a CAGR of 5.6 during the forecast period
from 2021- 2030.
Spices are referred as a root, bark, seed, or
fruit used majorly for flavoring or coloring a
recipe and not used as the main ingredient.

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Market Dynamics

The prime reasons attributed for the growth of
spices are owing to the increasing consumption of
snacks, confectionery, and convenience foods.
Further, ready-to-eat and processed foods have
also created a major contribution to the spices
market growth globally. Rising expansion for
cooking styles, ethnic preferences among the
consumers for creative flavors is boosting the
market for spices during the forecast period.
Spices such as fragrant seeds, roots, bark among
others offer taste, fragrance, and surface to the
food without any fat or calories.
Presently, the usage of spices is not only
limited to adding flavors to the food but also
for health benefits such as ginger, turmeric
among others. Spices act as an antioxidant for
the treatment of specific health conditions.
Promotional events and advertisements by the key
players to attract the consumers to try new
recipes at home which is expected to boost the
sales of spices during the forecast period. In
addition, e-commerce and retail segments portray
the sales and distribution of spices to the
consumers with a variety of offers and discounts
on spices with a longer shelf life. Strict
government regulations pertaining to food
additives across the different nations and
standards set by FDA for the safer use of spices
for its proposed among the consumer are expected
to restrain the growth of spices market. Further,
rising tourism across the globe has demanded the
consumers to taste the local cuisine with more
spice-based and more savory of that region which
is further propelling the demand for spices
during the forecast period.

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The Global Spices Market is segmented by product,
form, category, distribution channel, and region.
Based on product, it is categorized into ginger,
cumin, cardamom, cloves, pepper, cinnamon,
turmeric, coriander, and others. By form, it
bifurcates into whole, crushed, and powdered.
Category segments are classified into
conventional and organic. Spices application
categorized into soups, meat, poultry food,
sauces, frozen food, convenience foods, and
bakery. By distribution channel, it is bifurcated
into store-based, non-store-based, convenience
stores, supermarkets hypermarkets, and others.
Based on regional insights, the global spices
market is categorized into North America (US,
Canada, Mexico, Rest of America), Asia Pacific
(India, China, Rest of Asia Pacific), Europe (UK,
Germany, Russia, Rest of Europe) and Rest of the
world (Latin America and Middle East Africa).
The Asia Pacific is rallying the highest market
share owing to the spices growing culture in the
region and huge producers exporters of spices
across the globe. Major spices-producing
economies are Vietnam, China, India, and
Thailand. Prime reasons for driving the market
growth are attributed to rising indispensable
income and broadening of daily dietary habits
followed by eatery outlets or restaurants.
North America is expected to show significant
growth owing to increasing awareness about the
medicinal properties of spices followed by
Europe, Asia Pacific and Rest of the World.
Prominent players inducing the Global Spices
Market are Frontier Co-op, SpicesInc.com, Organic
Tattva, Sauer Brands Inc., Terana SA, MCCormick
Company Inc., Colorado Spice, The Watkins Co.,
Organic Spices Inc., BG Foods Inc., Baria
Pepper, DS Group, Everest Spices, Ajinomoto Co.
Inc., and Dohler Group among others.