Spices Global Market Report 2024

The spices market size has grown strongly in recent years. It will grow from $1.41 billion in 2023 to $1.48 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth observed during the historical period can be attributed to several factors, including culinary diversity facilitated by globalization, the cultural significance of various cuisines, a rise in the consumption of ethnic foods, urbanization, changing lifestyles, and advancements in food processing techniques.

The spices market size is expected to see strong growth in the next few years. It will grow to $1.89 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth in the forecast period is expected to be driven by several factors, notably the rising demand for clean label and natural products, the increasing adoption of plant-based and vegetarian diets, the prominence of e-commerce and direct-to-consumer models, the preferences of health-conscious consumers, and the popularity of regional and ethnic fusion cuisine. Key trends projected in the forecast period encompass the heightened demand for organic and sustainable spices, the development of innovative spice blends and flavors, a focus on health and wellness attributes, an emphasis on clean label and transparency in product labeling, as well as the utilization of spices tailored for plant-based and ethnic cuisines.

The spice market is expected to experience growth driven by the increasing demand for organic food. Organic food, produced without synthetic chemicals or genetically modified ingredients, is sought after for its perceived health benefits and positive impact on the immune system. The rising consumption of organic food is contributing to a growing demand for herbs, spices, and seasonings. In May 2023, the Organic Trade Association reported that organic food sales in the United States surpassed $60 billion in 2022, reaching a total of $67.6 billion, with organic produce sales constituting $22 billion, making up 15 percent of total fruit and vegetable sales in the country. The upward trend in organic food consumption is a significant driver for the growth of the spice market.

The growth of the spice market is further fueled by the increase in global trade. The expansion of global trade, involving the exchange of goods and services across international borders, facilitates a dynamic and interconnected spice market. This growth fosters economic development, cultural exchange, and innovation, benefiting spice-producing regions and consumers asuch as by providing access to a diverse range of high-quality spice products. In September 2023, the United Nations Conference on Trade and Development reported an anticipated 2.4% increase in maritime trade in 2023, with continued growth expected from 2024 to 2028. The relaxation of pandemic constraints led to a 6.0% increase in oil trades and a 4.6% increase in gas trades in the energy sector in 2022. The surge in global trade contributes to the expansion of the spice market.

Product innovation emerges as a prominent trend in the spice market, with companies focusing on introducing innovative products to strengthen their market position. In November 2022, Lifespice India Private Limited launched India's first science-backed Spice Mixes. These mixes, prepared electronically without human touch, use 15 raw materials and exclude onions, ginger, garlic, or other vegetables. The blended recipes are finely pulverized and packaged in vacuum-sealed food-grade PET jars, showcasing a commitment to innovation and quality in the spice market.

Major players in the spices market are embracing a strategic partnership approach to introduce new enterprises focused on ground, cracked, and milled spices, as well as seasoning blends. Strategic partnerships involve leveraging the strengths and resources of collaborating companies for mutual benefits and success. A notable example is the partnership between Mane Kancor, an India-based spice extraction company, and Natures Spices, an India-based spice company. This collaboration led to the establishment of a joint venture named Mane Kancor Spices Pvt Ltd in September 2022. The joint venture operates in the domain of ground, cracked, and milled spices, along with seasoning blends. Mane Kancor's strategic move aims to enhance its farm-to-fork services by integrating processed spices and seasonings into its value chain. Additionally, the venture serves the internal needs of Mane across all its locations.

In December 2022, Wipro Consumer Care, an India-based consumer care company, made a strategic acquisition by purchasing Nirapara for an undisclosed amount. This acquisition enables Wipro to expand its portfolio in packaged food, spices, and consumer products. Nirapara, an India-based company operating in the spices market, aligns with Wipro's growth strategy in the consumer care segment through diversification and strategic acquisitions.

Major companies operating in the spices market report are Ajinomoto Co. Inc., Associated British Foods Plc, BARIA PEPPER, Kerry Group Plc, The Bart Ingredients Co. Ltd., Dharampal Satyapal Group, Everest Food Products Pvt. Ltd., Dohler Group, McCormick & Company Inc., Frontier Co-op, Colorado Spice Company, Watkins Incorporated, Organic Tattva LLP, Organic Spices Inc., Sauer Brands Inc., B&G Foods Inc., Terana S.A., Unilever plc, ARIAKE JAPAN Co.Ltd., OLAM INTERNATIONAL LIMITED, Mahashian Di Hatti Limited, Mishra store MDH Spices, Kikkoman Corporation, Cargill Incorporated, Baron Spices Inc., Slofoodgroup, All Seasonings Ingredients Inc., Newly Weds Foods Inc., Essence Food & Beverage LLC, Badia Spices Inc.

Asia-Pacific was the largest region in the spices market in 2023. North America is expected to be the fastest-growing region in the spices market report during the forecast period. The regions covered in the spices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the spices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of spices include garlic, ginger, turmeric, cumin, cinnamon, pepper, and other varieties. Garlic, for instance, refers to spices commonly used for seasoning in cooking. These spices are available in multiple forms such as raw, powdered, and other variations, often categorized as organic or conventional. Spices find diverse applications across several industries including bakery and confectionery, meat and poultry products, frozen foods, soups, sauces, dressings, and various other food applications. They are utilized by different sectors within the food industry, including food retail, food service, and food processing.

The spices market research report is one of a series of new reports that provides spices market statistics, including spices industry global market size, regional shares, competitors with a spices market share, detailed spices market segments, market trends, and opportunities, and any further data you may need to thrive in the spices industry. This spices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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