Around the world, India has a reputation of being a major producer of spices, and the supply of Indian spices marks the name of India as a brand. Other spices that are famous internationally are from China, and the Middle East. Spices for which the demand is huge, enhance export revenues in major spice-producing countries. Spice farming mechanism conserves the generative and renewing capacity of the soil, plant nutrition, and soil management. It yields nutritious food rich in vitality which on consumption can strengthen consumer`s immunity against diseases. Increasing demand for coloring agents and natural flavoring in food, medicinal properties, and health benefits are driving the spices market. Understanding the dynamics of demand and supply of spices, it provides market analysis based on various segments. It covers key players of the market, along with current government regulatory requirements, historical market trends, and technologies.
The has been segmented by application, function, type and lastly region. Based on application, this market has been segmented into bakery foods, beverages, culinary, ready-to-eat (RTE) foods, sauces and dips, and others. Function-based segmentation flavor, preservative, covers color and others. By types, the segmentation of this market covers chili & pepper, cinnamon, ginger, nutmeg, turmeric, and others. The region-based segmentation of global spices market comprises of North America, Europe, Central America, Asia Pacific, and rest of the world (RoW).
During the forecast period, this report projects Asia Pacific region to dominate the global market. In this region, the biggest markets are countries which are also the producers of many world-famous spices. Such countries are China, India, Indonesia, and Vietnam. Remaining countries of Asia Pacific also play a significant role in the global market. Presence of various agro-climatic zones and seasonal support to various spices cultivation and production in Asia Pacific region boosts the growth of the market. During the forecast period, North America is expected to grow as a market for spices with Canada and the United States of America (USA) emerging as the cream of this market. In Central America, the biggest market for spices exists in Guatemala and Mexico. In Europe, a major share of the market is dominated by Netherlands, Romania Spain, and Ukraine, followed by rest of Europe.
Major Key Players Analysis: The key players in Global Spices Market include Everest Spices (India), ITC Spices (India), B&G Foods Holdings Corp. (USA), Cerebos Gregg’s Limited (New Zealand), Mahashian Di Hatti Limited (MDH)(India), McCormick & Co., Inc. (the USA), MTR Foods Private Limited (India), and Olam International (Singapore).
Latest Industry News: In India, the state-owned Gujarat State Fertilizer Corporation Ltd (GSFC) has unveiled a technique that apart from spicing up the food, also retains the taste of spices. GSFC Agrotech Ltd has launched its own packed spice powders. This unique technique grinds the spices in a special way, keeping their aroma intact. This technique has been developed with liquid nitrogen. Liquid nitrogen in grinding machine keeps the temperature cooler. The cool surroundings make spice leaves crispy and easier to crush finely. This way, their natural aroma, and oil remain intact. Although selling coriander and cumin powder currently, GSFC Agrotech has plans to expand its range of spices in the future.
Palladium Equity Partners has announced a new investment that marks its entry in spice business. Palladium has taken a stake in the 69-year-old Orlando Company Spice World that specializes in garlic products and spreads. Spice World is run by the Caneza family out of Orlando after moving to Central Florida from Miami in 1981. The company also has a plant in California, where its garlic is grown.
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