The global spices market, which is directly linked to the growth in the food sector, is poised for high growth over the next six years. Spices are used across several applications such as soups, sauces & dressings, snacks & convenience food, meat & poultry products, frozen products, beverages, and bakery & confectionery products. Prominent types include cardamom, cinnamon, clove, coriander, cumin, garlic, ginger, nutmeg & mace, pepper, and turmeric.
These spices form different parts of the plants which are edible and have medicinal properties, for example cinnamon is the bark of its tree and has anti-inflammatory properties along with high antioxidants. These multiple benefits of spices have effected rise in demand for them all over the world in fields like medicine manufacturing, ready-to-use food segments and culinary among others. Rising awareness about healthy lifestyle is expected to give a boost to spices market as spices like holy basil, sage, turmeric and ginger among others have several properties that can detoxify blood and rejuvenate body organs.
Online marketing campaigns have proved to be a promising medium for the promotion of the spices market. Key market drivers include consumer preference towards new recipes and curiosity towards incorporating new taste in standard recipes. Ready-to-use food segments such as pizzas, organic, herbs & herbal teas, herbs, sauces & other convenience foods are expected to open up new avenues for market growth. Adulteration and strict food regulations, particularly in the U.S. and Europe are expected to hinder market growth over the forecast period.
Key players have emphasized on establishing new manufacturing facilities to increase production. For instance, in February 2014, Everest signed a MOU with the Zanzibar government to invest INR 1 billion (USD 16 million) to set up a manufacturing unit in the country. Companies have also established research and development centers in numerous countries to gain an understanding about geographic trends. Some of the prominent spices market players include MDH Spices, McCormick & Company, Knorr and Kraft Foods, Everest Spices, and Catch.
Avail customized purchase options to meet your exact research needs:
Get your queries resolved from an industry expert.
Design an exclusive study to serve your research needs.
A testimonial for service in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.
"The quality of research they have done for us has been excellent..."
The demand for nutraceuticals & functional foods is expected to witness an upward surge owing to consumers opting for immunity boosting supplements during the COVID-19 pandemic. Furthermore, a decline in the consumption of poultry, meat and seafood products across the globe is expected to increase the demand for plant and animal-based protein supplements in the near future. The report will account for Covid19 as a key market contributor.