Global
Spice Market: Overview
The
global demand for a variety of spices has continued to rise in the
past few years owing to the vast rise in the consumption of
convenience foods, snacks, and confectionary. The widened market for
processed and ready-to-eat food products has also had a vast positive
impact on the overall global consumption of a variety of spice.
This
report on the global
spice market presents an extensive account of the present
state of the market and forecasts the way the market’s will evolve
in response to present circumstances over the period between 2016 and
2024. The report includes vast details regarding the present and past
sales across key product segments and regional markets, the various
growth factors expected to drive the market in the future years, and
the challenges capable of arresting the growth of the market over the
forecast period.
Global
Spice Market: Drivers and Restraints
One
of the key drivers of the global spice market is the increased usage
of spices as natural preservatives in variety of poultry and meat
products. Additionally, the significant rise in demand for healthy
and nutrition-rich foods from the health-conscious young population
globally has widened the consumer base of this segment of food
products. Strengthening economies of countries in Asia Pacific have
led to increased disposable incomes and have increased the demand for
processed and ready-to-eat foods, which is anticipated to be a key
growth driver of the spice market in the region.
However,
the market is expected to be restrained due to the stringent
government regulations related to food additives across different
countries such as Canada, U.K., France, Italy and the U.S. Several
food safety organizations, such as the FDA, have set high standards
regarding the safety of a spice for its intended use for the
consumer.
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Global
Spice Market: Segmentation
On
the basis of product type, the global spice market can be segmented
into cardamom, pepper, cumin, clove, and ginger. On the basis of
application, the market can be segmented into sauces, soups, frozen
food, meat, convenience foods, poultry food, and bakery.
On
the basis of geography, the report segments the global spice market
into Europe, North America, Asia Pacific, and Rest of the World
(RoW). Of these, North America is presently the most attractive
regional market for spices, followed by Europe, Asia Pacific, and the
RoW. Rising awareness regarding the medicinal properties of spices
will continue to keep the demand for spices high in North America
over the forecast period as well. The region is expected to gain
traction and witness high growth in terms of revenue over the
report’s forecast period.
The
Asia Pacific market also holds immense promise for spices owing to
the flourishing food and beverages industry in the region. A vast
surge in the consumption of fast foods across countries such as India
and China will also drive the market for spices in the region. China
is the leading country-wise market for spices in Asia Pacific,
followed by India. Owing to the presence of vast growth
opportunities, several international spice companies are focusing on
expansion strategies in the region, expected to make the Asia Pacific
spice market much more mature and increasingly competitive in the
near future.
Global
Spice Market: Competitive Dynamics
The
global spice market features a fragmented competitive landscape owing
to the presence of a large number of small-scale companies. The
market also features some large companies holding prominent
positions, making the market intensely competitive. Some of the most
notable companies operating in the global spice market are Everest
Spices, SHS Group, Ajinomoto Co., Inc., Associated British Foods,
Mccormick & Company, Kerry Group Plc, Ariake Japan Company Ltd.,
Sensient Technologies, MTR Foods Private Limited, Ariake Japan
Company Ltd., Olam International, Worlee Gruppe, DS Group, and Dohler
Group.
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