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.
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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.
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.
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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