The 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
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.
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