Spices Market

Spices Market by Type (Pepper, Ginger, Cinnamon, Cumin, Turmeric, Cardamon, Coriander, cloves, and Other Spices), Form (Whole, Powder, and Chopped/Crushed), Application and Region - Global Forecast to 2027

Report Code: UC 6051 Jan, 2025, by marketsandmarkets.com

According to MarketsandMarkets, the global spices market is estimated to be valued at USD 6.8 billion in 2022 and is projected to reach USD 9.3 billion by 2027. The market is expected to grow with a CAGR of 6.3%, in terms of value between 2022 and 2027. Spices are the seeds, dried fruits, roots, and bark of specific plants which are used in various food & beverage application for enhancing the flavor and shelf life of products.  

Spices Market

Spices Market Dynamics

Drivers:  Increasing urbanization and changing lifestyles

This rise in urbanization is expected to drive the global spices market. Availability of spices has increased owing to growth of retail infrastructure. Spices are easily and widely available at supermarket and hypermarket, ultimately boosting the demand for spices.

Restraints: Adverse effects associated with excess spice consumption

Spices are used in various food & beverage applications. However, excess consumption of spices has negative effects on one’s health. One of the most common side effects associated is related to digestion system. Acidity can be triggered by spicy foods, which leads to slow digestion rate and increasing risk of heartburn.

Opportunities: Increasing usage in health and wellness products

As consumers are becoming more health conscious, they are demanding more healthy food & beverage products. Specific spices are used as a replacement of sugars, salts, and artificial additives. Rising demand for organic foods, natural flavouring, and safe dietary supplements are driving the demand for spices.

Challenges: Spices are prone to microbial contamination

Spices imported from developing countries has witnessed increasing incidences of microbial contamination. The key problem associated with importing spices is the difficulty of checking its composition. Test on composition is possible but it is not cost-effective.

By form, powder segment is expected to dominate the global spices market

 Spices in powder form are preferred by consumers. Powdered spices are easy to handle, store, and have longer shelf life. These factors make powdered spices preferrable among consumers.

By type, pepper segment is likely to account for the largest market share

Pepper is used in the preparation of various food & beverage products. The growing food & beverage industry is expected to drive the demand for pepper. Black pepper has antioxidant and antibacterial properties which is expected to drive the growth for pepper segment in the forecasted period.

Asia Pacific region is expected to dominate the global spices market. According to FAO, factors such as economic development, urbanization and increasing income are leading to changes changing dietary patterns in Asia Pacific region. Consumers are increasing adopting traditional food items in their daily food intake. This is expected to drive the demand for spices in the region.

Key Market Players:

Key players in this market include McCormick & Company Inc. (US), Ajinomoto Co., Inc. (Japan), Associated British Food plc (UK), Kerry Group (Ireland), Döhler Group (Germany), Everest Spices (India), and ARIAKE JAPAN CO., LTD (Japan).

 

Exclusive indicates content/data unique to MarketsandMarkets and not available with any competitors.

 

TABLE OF CONTENTS

1 INTRODUCTION
    1.1 OBJECTIVES OF THE STUDY
    1.2 MARKET DEFINITION
    1.3 STUDY SCOPE
    1.4 REGIONAL SEGMENTATION
    1.5 PERIODIZATION CONSIDERED
    1.6 CURRENCY CONSIDERED
    1.7 VOLUME UNITS CONSIDERED
    1.8 STAKEHOLDERS

2 RESEARCH METHODOLOGY
    2.1 RESEARCH DATA
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key Data from Secondary Sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Key Data from Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 MARKET SIZE ESTIMATION
           2.2.1 MARKET SIZE ESTIMATION - METHOD 1
           2.2.2 MARKET SIZE ESTIMATION - METHOD 2
    2.3 DATA TRIANGULATION
    2.4 ASSUMPTIONS FOR THE STUDY
    2.5 LIMITATIONS OF THE STUDY

3 EXECUTIVE SUMMARY

4 PREMIUM INSIGHTS

5 MARKET OVERVIEW
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
           5.2.1 DRIVERS
           5.2.2 RESTRAINTS
           5.2.3 OPPORTUNITIES
           5.2.4 CHALLENGES

6 INDUSTRY TRENDS
    6.1 INTRODUCTION
    6.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
    6.3 TECHNOLOGY ANALYSIS
    6.4 PRICING ANALYSIS
    6.5 ECOSYSTEM/ MARKET MAP
    6.6 TRENDS/ DISRUPTION IMPACTING THE CUSTOMER’S BUSINESS
    6.7 PATENT ANALYSIS
    6.8 TRADE ANALYSIS
    6.9 KEY CONFERENCES AND EVENTS IN 2022-2023
    6.1 TARIFF AND REGULATORY LANDSCAPE
    6.11 PORTER’S FIVE FORCES ANALYSIS
    6.12 KEY STAKEHOLDERS & BUYING CRITERIA
    6.13 CASE STUDY ANALYSIS

7 SPICES MARKET, BY FORM
    7.1 INTRODUCTION
    7.2 WHOLE
    7.3 POWDER
    7.3 CHOPPED/CRUSHED

8 SPICES MARKET, BY TYPE
    8.1 INTRODUCTION
    8.2 CINNAMON
    8.3 PEPPER
    8.4 CUMIN
    8.5 CARDAMON
    8.6 TURMERIC
    8.7 GINGER
    8.8 CORIANDER
    8.9 CLOVES
    8.1 OTHER SPICES

9 SPICES MARKET, BY APPLICATION
    9.1 INTRODUCTION
    9.2 MEAT & POULTRY
    9.3 SNACK & CONVENIENCE FOOD
    9.4 SOUPS, SAUCES, AND DRESSINGS
    9.5 BAKERY & CONFECTIONERY
    9.6 BEVERAGES
    9.7 OTHER APPLICATIONS

10 SPICES MARKET, BY REGION
     10.1 INTRODUCTION
     10.2 NORTH AMERICA
             10.2.1 US
             10.2.2 CANADA
             10.2.3 MEXICO
     10.3 EUROPE
             10.3.1 GERMANY
             10.3.2 FRANCE
             10.3.3 UK
             10.3.4 ITALY
             10.3.5 SPAIN
             10.3.6 REST OF EUROPE
     10.4 ASIA PACIFIC
             10.4.1 CHINA
             10.4.2 INDIA
             10.4.3 JAPAN
             10.4.4 AUSTRALIA & NEW ZEALAND
             10.4.5 REST OF ASIA PACIFIC
     10.5 SOUTH AMERICA
             10.5.1 BRAZIL
             10.5.2 ARGENTINA
             10.5.3 REST OF SOUTH AMERICA
     10.6 REST OF THE WORLD
             10.6.1 AFRICA
             10.6.2 MIDDLE EAST

11 COMPETITIVE LANDSCAPE 
     11.1 OVERVIEW
     11.2 MARKET SHARE ANALYSIS*
     11.3 KEY PLAYERS STRATEGIES
     11.4 COMPANY REVENUE ANALYSIS OF TOP 5 MARKET PLAYERS
     11.5 COMPANY EVALUATION QUADRANT
             11.5.1 STARS
             11.5.2 EMERGING LEADERS
             11.5.3 PERVASIVE PLAYERS
             11.5.4 PARTICIPANTS
             11.5.5 COMPETITIVE BENCHMARKING
     11.6 PRODUCT FOOTPRINTS
     11.7 STARTUP/SME EVALUATION QUADRANT
             11.7.1 PROGRESSIVE COMPANIES
             11.7.2 STARTING BLOCKS
             11.7.3 RESPONSIVE COMPANIES
             11.7.4 DYNAMIC COMPANIES
     11.8 PRODUCT LAUNCHES, DEALS, AND OTHER DEVELOPMENTS
             11.8.1 NEW PRODUCT LAUNCHES
             11.8.2 DEALS
             11.8.3 OTHER DEVELOPMENTS
             11.8.4 PARTNERSHIPS, COLLABORATIONS, AND JOINT VENTURES

12 COMPANY PROFILES
     12.1 AJINOMOTO CO., INC.
     12.2 ASSOCIATED BRITISH FOODS PLC
     12.3 ARIAKE JAPAN CO., LTD.
     12.4 BARIA PEPPER
     12.5 KERRY GROUP
     12.6 THE BART INGREDIENTS CO. LTD.
     12.7 DS GROUP
     12.8 EVEREST SPICES
     12.9 DOHLER GROUP
     12.10 MCCORMICK & COMPANY INC. 

Note: Currently, list of only 10 companies have been provided. However, this section covers 12-15 key company profiles which include business overview, recent financials, product offerings, key strategies, and swot analysis. recent financials can be provided based on data/information availability in public domain. The list of companies mentioned above can be altered depending upon client’s interest

13 APPENDIX
Note: The TOC prepared above is tentative and may subject to change, based on the research progress


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