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Market Overview:
India being a major producer of spices boosts stronger potential for spices supply. Spice exports contribute to nation’s gross income considerably in countries like China, India, Africa and the Middle East. Spices are generally sold at premium spices and also in greater demand which can further enhance export revenues in major spice producing countries. Spices farming mechanism starts at grass root level conserving the generative and renewing capacity of the soil, plant nutrition, and soil management, yields nutritious food rich in vitality which has resistance to diseases. Increasing demand of natural flavoring and coloring agents in food, medicinal properties and health benefits are driving the spices market. There is high demand for spices from regions like Asia Pacific, Middle East and Europe.
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The global market for spices has witnessed continued demand during the last few years and is estimated to reach 83,468 kilo tons by 2022, at a CAGR of 2.84% from 2016 to 2022. Increase in versatile demand across various food and beverage segments particularly for convenience foods and beverages is likely to drive the global spices market during forecast period 2016 to 2022.
Based on spice function, flavor formed an essential function base for spices enabling it to gain maximum share in the year 2016 followed by color. Spices have been majorly used for flavoring or as a garnish since ancient times. The flavor of a spice is derived in part from compounds (volatile oils) from various parts of plants roots, seeds, bark and other plant parts. Based on spice form, whole form and powdered form held a major share in the spices market in the year 2016. Increase in demand for convenience products there is strong potential for powder form growth in the spices market. Crushed/chopped/flakes are emerging as new segment especially for bakery and pizza preparations.
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Major Key Players:
The leading market players in the global spices market primarily are McCormick & Co., Inc. (U.S.), Olam International (Singapore), Everest Spices (India), B&G Foods Holdings Corp. (U.S.), Cerebos Gregg’s Limited (New Zealand), MTR Foods Private Limited (India), Mahashian Di Hatti Limited (MDH)(India) and ITC Spices (India)
Study Objectives of Spices Market Forecast to 2022:
Detailed analysis for individual micro and macro markets for Spices
To estimate market size by type, form, function, application and region
To understand the supply and demand dynamics of Spices
To provide region level market analysis and future outlook for Asia Pacific, North America, Central America, Europe, Middle East and Africa
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Company profiling of major players & competitive positioning for the Spices market
Value chain analysis and supply chain analysis of Spices
Analysis of historical market trends, and technologies, and current government regulatory requirements related to Spices market
Target Audience:
Spices Manufacturers
Agriculture Industry
Food Industry
Continental Restaurants
Sauces & Dips Manufacturers
Traders, Importers and exporters
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Key Findings:
The spices market in Asia pacific is projected to grow at CAGR of 3.14%
In 2016, chillies among the various spices accounted for the highest share
Spices is majorly used for flavor application and is projected to grow at rate of 2.94% during the forecasted period
