The
global spice market is driven by growing demand for convenience
foods. The spice market can be segmented on the basis of product
types: pepper, cumin, clove, cardamom, ginger and others. In
addition, the spice market is segmented on the basis of application
type into frozen food, sauces, soups, meat, bakery, poultry food,
convenience foods and others. The spice market is directly influenced
by the rising processed food industry. In addition, the increase in
consumption of confectionery products, fried food and ready-to-eat in
the developed economies and bakery product are driving the market for
spices.
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One
of the major driving forces for this market include increased use of
spices as natural preservatives for meat and poultry. In addition,
rising demand for health and wellness food is the key factor to
improve the demand for spice globally. Development in economy of
emerging Asian countries which would increase the demand of
convenience food, confectionery and snacks is anticipated to provide
growth opportunity to the spice market. In addition, increasing
demand of meat, soups and poultry products is expected to raise the
demand of spice market globally.
The
spice market is increasing in accordance with the development of the
processed food industry. The increase in demand from industries such
as confectionery, prepared food and bakery is driving the spice
market. Increase in consumer spending on dairy and fried food and
bakery is also estimated to be driving the market for spice.
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Stringent
government regulations across different countries such as Canada,
U.K., France, Italy and U.S. among others restrain the growth of the
global spice market. Different organizations such as FDA have set
safety standards to determine whether a spice is safe enough for its
intended use in order to maintain consumer safety.
Based
on geography, the spice market is segmented into North America,
Europe, Asia Pacific and Rest of the World (RoW). North America is
the most attractive market for spice market globally followed by
Europe, Asia Pacific and RoW. Rising investment by different
international companies is driving the spice market in the region.
This is anticipated to boost the spice market during the estimate
period of 2015 – 2023. In terms of revenue, North America is
anticipated to witness high growth during the forecast period of 2015
– 2023 due to medicinal benefits of spices. Europe is the second
largest market for spice followed by Asia Pacific and Rest of the
World. In Asia Pacific, China holds the leading position followed by
India. In addition, the market for spice in the Asia-Pacific region
is rising with substantial opportunities for the ready-to-eat food
products, confectionery and snacks industries. Leading industries are
focusing on expansion of businesses across region and setting up new
plants for increasing their production capacity.
The
global spice market is fragmented with huge number of small companies
dominating the market. However, there is a presence of some large
corporations. Some of the major companies operating in spice market
are Associated British Foods, Ajinomoto Co., Inc., Kerry Group Plc,
Sensient Technologies, SHS Group, Ariake Japan Company Ltd., Worlee
Gruppe, Ariake Japan Company Ltd., Dohler Group, Mccormick &
Company, Olam International, DS Group, MTR Foods Private Limited and
Everest Spices among others.
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