Global Spice Market: Surging Consumption of Meat and Poultry Products to Augment Demand, says TMR

Globally, the demand for a variety of spices is increasing at a significant pace owing to the surging consumption convenience foods, confectionery, and snacks. The robust growth of the market for processed and ready-to-eat food products is providing a tremendous push to the global spice market. A report by Transparency Market Research (TMR), titled “Spice Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024,” is a professional study comprising of detailed analysis of various aspects of the market, including trends, opportunities, and geographical segmentation. The report sheds light on tools such as market attractiveness analysis and Porter’s five force analysis to provide a better understanding of the vendor landscape of the global spice market.

Spices have been traditionally used as natural preservatives in a variety of meat and poultry products. Therefore, burgeoning consumption of these products is stoking the growth of the global spice market. The rising disposable income of people in emerging countries due to improving economic conditions is translating into the greater uptake of processed and ready-to-eat food products, thereby augmenting the market. Besides this, the growing inclination towards healthy and nutrition-rich food products is also working in favor of the market.

However, stringent norms in developed countries, including the U.S., the U.K., France, Canada, and Italy, pertaining to the use of food additives are hampering the growth of the market. Additionally, several organizations working towards food safety, such as the Food and Drug Administration (FDA), have set strict standards for the safety of spices, which are keeping the market from reaching its utmost potential.

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On the basis of geography, the report divides the market into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. North America will be a lucrative destination for key players in the global arena, thanks to the rising awareness regarding the medicinal properties of spices. Asia Pacific will be a highly promising market, owing to the booming food and beverages industry in the region. The high production and consumption of spices in countries such as India and China make them sights of high growth rates in the region.

The global market for spices is highly fragmented and competitive in nature due to the presence of a raft of small-scale manufacturers. The market also features some large players holding prominent positions in the arena. Some of the prominent companies operating in the global spice market are Everest Spices, Ajinomoto Co. Inc., SHS Group, Mccormick & Company, Associated British Foods, Ariake Japan Company Ltd., Kerry Group Plc, MTR Foods Private Limited, Sensient Technologies, Olam International, Ariake Japan Company Ltd., DS Group, Worlee Gruppe, and Dohler Group.