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.
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.
Competitive Analysis: 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)
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.
Regional Analysis: The global Spices Market is segmented into North America, Europe, and Asia Pacific along with rest of the world (RoW). Asia-Pacific region is estimated to dominate the market in the year 2016 followed by North America. India, China and Vietnam are major spice producers in the Asia-Pacific region. Presence of various agro-climatic zones and seasons support various spices production in this region. Guatemala and Mexico are major spices market in the North-American region. Strong potential of spices production and consumption favors spices market growth the most among the various regions in the world.
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