Spices Global Market Report 2024

Description

“Spices Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on spices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for spices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The spices market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Type: Garlic; Ginger; Turmeric; Cumin; Cinnamon; Pepper; Other Types
2) By Form: Raw; Powder; Other Form
3) By Category: Organic; Conventional
4) By Application: Bakery And Confectionary Products; Meat And Poultry Products; Frozen Food; Soups; Sauces; Dressings; Other Applications
5) By End User: Food Retail; Food Service; Food Processing
Companies Mentioned: Ajinomoto Co. Inc.; Associated British Foods Plc; BARIA PEPPER; Kerry Group Plc; The Bart Ingredients Co. Ltd.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Spices encompass a group of flavorful and aromatic ingredients derived from various parts of plants such as roots, seeds, fruits, bark, etc. They are primarily utilized to enhance the taste, color, and fragrance of food and beverages.

The primary types of spices include garlic, ginger, turmeric, cumin, cinnamon, pepper, and other varieties. Garlic, for instance, refers to spices commonly used for seasoning in cooking. These spices are available in multiple forms such as raw, powdered, and other variations, often categorized as organic or conventional. Spices find diverse applications across several industries including bakery and confectionery, meat and poultry products, frozen foods, soups, sauces, dressings, and various other food applications. They are utilized by different sectors within the food industry, including food retail, food service, and food processing.

The spices market research report is one of a series of new reports from The Business Research Company that provides spices market statistics, including spices industry global market size, regional shares, competitors with a spices market share, detailed spices market segments, market trends, and opportunities, and any further data you may need to thrive in the spices industry. This spices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The spices market size has grown strongly in recent years. It will grow from $1.41 billion in 2023 to $1.48 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth observed during the historical period can be attributed to several factors, including culinary diversity facilitated by globalization, the cultural significance of various cuisines, a rise in the consumption of ethnic foods, urbanization, changing lifestyles, and advancements in food processing techniques.

The spices market size is expected to see strong growth in the next few years. It will grow to $1.89 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth in the forecast period is expected to be driven by several factors, notably the rising demand for clean label and natural products, the increasing adoption of plant-based and vegetarian diets, the prominence of e-commerce and direct-to-consumer models, the preferences of health-conscious consumers, and the popularity of regional and ethnic fusion cuisine. Key trends projected in the forecast period encompass the heightened demand for organic and sustainable spices, the development of innovative spice blends and flavors, a focus on health and wellness attributes, an emphasis on clean label and transparency in product labeling, as well as the utilization of spices tailored for plant-based and ethnic cuisines.

The spice market is expected to experience growth driven by the increasing demand for organic food. Organic food, produced without synthetic chemicals or genetically modified ingredients, is sought after for its perceived health benefits and positive impact on the immune system. The rising consumption of organic food is contributing to a growing demand for herbs, spices, and seasonings. In May 2023, the Organic Trade Association reported that organic food sales in the United States surpassed $60 billion in 2022, reaching a total of $67.6 billion, with organic produce sales constituting $22 billion, making up 15 percent of total fruit and vegetable sales in the country. The upward trend in organic food consumption is a significant driver for the growth of the spice market.

The growth of the spice market is further fueled by the increase in global trade. The expansion of global trade, involving the exchange of goods and services across international borders, facilitates a dynamic and interconnected spice market. This growth fosters economic development, cultural exchange, and innovation, benefiting spice-producing regions and consumers asuch as by providing access to a diverse range of high-quality spice products. In September 2023, the United Nations Conference on Trade and Development reported an anticipated 2.4% increase in maritime trade in 2023, with continued growth expected from 2024 to 2028. The relaxation of pandemic constraints led to a 6.0% increase in oil trades and a 4.6% increase in gas trades in the energy sector in 2022. The surge in global trade contributes to the expansion of the spice market.

Product innovation emerges as a prominent trend in the spice market, with companies focusing on introducing innovative products to strengthen their market position. In November 2022, Lifespice India Private Limited launched India's first science-backed Spice Mixes. These mixes, prepared electronically without human touch, use 15 raw materials and exclude onions, ginger, garlic, or other vegetables. The blended recipes are finely pulverized and packaged in vacuum-sealed food-grade PET jars, showcasing a commitment to innovation and quality in the spice market.

Major players in the spices market are embracing a strategic partnership approach to introduce new enterprises focused on ground, cracked, and milled spices, as well as seasoning blends. Strategic partnerships involve leveraging the strengths and resources of collaborating companies for mutual benefits and success. A notable example is the partnership between Mane Kancor, an India-based spice extraction company, and Natures Spices, an India-based spice company. This collaboration led to the establishment of a joint venture named Mane Kancor Spices Pvt Ltd in September 2022. The joint venture operates in the domain of ground, cracked, and milled spices, along with seasoning blends. Mane Kancor's strategic move aims to enhance its farm-to-fork services by integrating processed spices and seasonings into its value chain. Additionally, the venture serves the internal needs of Mane across all its locations.

In December 2022, Wipro Consumer Care, an India-based consumer care company, made a strategic acquisition by purchasing Nirapara for an undisclosed amount. This acquisition enables Wipro to expand its portfolio in packaged food, spices, and consumer products. Nirapara, an India-based company operating in the spices market, aligns with Wipro's growth strategy in the consumer care segment through diversification and strategic acquisitions.

Major companies operating in the spices market report are Ajinomoto Co. Inc., Associated British Foods Plc, BARIA PEPPER, Kerry Group Plc, The Bart Ingredients Co. Ltd., Dharampal Satyapal Group, Everest Food Products Pvt. Ltd., Dohler Group, McCormick & Company Inc., Frontier Co-op, Colorado Spice Company, Watkins Incorporated, Organic Tattva LLP, Organic Spices Inc., Sauer Brands Inc., B&G Foods Inc., Terana S.A., Unilever plc, ARIAKE JAPAN Co.Ltd., OLAM INTERNATIONAL LIMITED, Mahashian Di Hatti Limited, Mishra store MDH Spices, Kikkoman Corporation, Cargill Incorporated, Baron Spices Inc., Slofoodgroup, All Seasonings Ingredients Inc., Newly Weds Foods Inc., Essence Food & Beverage LLC, Badia Spices Inc

Asia-Pacific was the largest region in the spices market in 2023. North America is expected to be the fastest-growing region in the spices market report during the forecast period. The regions covered in the spices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the spices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The spice market consists of sales of coriander, paprika, nutmeg, mustard seeds, cloves, fennel, fenugreek, capers, celery seeds, and oregano. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r11359

1. Executive Summary

2. Spices Market Characteristics

3. Spices Market Trends And Strategies

4. Spices Market - Macro Economic Scenario

4.1. Impact Of High Inflation On the Market
4.2. Ukraine-Russia War Impact On the Market
4.3. COVID-19 Impact On the Market

5. Global Spices Market Size and Growth

5.1. Global Spices Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Spices Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Spices Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Spices Market Segmentation

6.1. Global Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Garlic
Ginger
Turmeric
Cumin
Cinnamon
Pepper
Other Types
6.2. Global Spices Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Raw
Powder
Other Form
6.3. Global Spices Market, Segmentation By Category, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Organic
Conventional
6.4. Global Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Bakery And Confectionary Products
Meat And Poultry Products
Frozen Food
Soups
Sauces
Dressings
Other Applications
6.5. Global Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Food Retail
Food Service
Food Processing

7. Spices Market Regional And Country Analysis

7.1. Global Spices Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Spices Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Spices Market

8.1. Asia-Pacific Spices Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Spices Market

9.1. China Spices Market Overview
9.2. China Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Spices Market

10.1. India Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Spices Market

11.1. Japan Spices Market Overview
11.2. Japan Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Spices Market

12.1. Australia Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Spices Market

13.1. Indonesia Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Spices Market

14.1. South Korea Spices Market Overview
14.2. South Korea Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Spices Market

15.1. Western Europe Spices Market Overview
15.2. Western Europe Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Spices Market

16.1. UK Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Spices Market

17.1. Germany Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Spices Market

18.1. France Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Spices Market

19.1. Italy Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Spices Market

20.1. Spain Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Spices Market

21.1. Eastern Europe Spices Market Overview
21.2. Eastern Europe Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Spices Market

22.1. Russia Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Spices Market

23.1. North America Spices Market Overview
23.2. North America Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Spices Market

24.1. USA Spices Market Overview
24.2. USA Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Spices Market

25.1. Canada Spices Market Overview
25.2. Canada Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Spices Market

26.1. South America Spices Market Overview
26.2. South America Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Spices Market

27.1. Brazil Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Spices Market

28.1. Middle East Spices Market Overview
28.2. Middle East Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Spices Market

29.1. Africa Spices Market Overview
29.2. Africa Spices Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Spices Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Spices Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Spices Market Competitive Landscape And Company Profiles

30.1. Spices Market Competitive Landscape
30.2. Spices Market Company Profiles
- 30.2.1. Ajinomoto Co. Inc.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Associated British Foods Plc
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. BARIA PEPPER
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Kerry Group Plc
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. The Bart Ingredients Co. Ltd.
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global Spices Market Competitive Benchmarking

32. Global Spices Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Spices Market

34. Spices Market Future Outlook and Potential Analysis

34.1 Spices Market In 2028 - Countries Offering Most New Opportunities
34.2 Spices Market In 2028 - Segments Offering Most New Opportunities
34.3 Spices Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer