Expanding globalization, perpetual rise in disposable income, a growing interest in diverse cuisines are some of the factors that will define the growth of spices market in the approaching few years, according to a market intelligence report published by experts at IndustryARC. According to the report, the spices market size in the year 2018 stood at $8.4 billion and is evaluated to grow with a noticeable compound annual growth rate (CAGR) of 4.80% during the forecast period of 2019-2025.
The report is titled, ‘Spices Market: By Type (Coriander, Cardamom, Ginger, Cinnamon, Pepper, Nutmeg, Turmeric, Clove, Cumin,), Application (Frozen Products, Bakery & Confectionery Products, Sauces & Dressings, Beverages) - Forecast (2019-2025).’ In this report, food and beverage experts at IndustryARC have assessed the market and measured its prospects by several parameters including market opportunities, growth, challenges, drivers, and disruptive trends.
Global Spices Market: Leading Segmentation
According to Press Institute of India, Indian diaspora is the largest in the world with approximately 30 million people of Indian origin living abroad. Most of these Indians gravitate towards North America for better educational opportunities as well for being employed at multinational companies. This has made this country an attractive hub for studies and employment, leading to consistent opening of local restaurants and cuisines that serve dishes of different ethnicities, especially those which cater to the spice-loving population. Inadvertently, North America has made the largest imports of spices in the past few years making it a leading nation in the spices market geographically. In the year 2018, North America held a massive regional demand share of 35.80%.
Spices market has always been dominant in the food and beverage industry which is also a very important segment of this market by application. During the forecast period of 2019-2025, this application segment is expected to grow with a compound annual growth rate of 5.10%.
Spices Market: Disruptive Trends
· To Sanitize Environment
In south east Asia, spices have always been predominantly used to sanitize the environment and making it cleaner by spreading a fragrance around. Incense sticks for example, are a common product in India, used for both religious as well as sanitation purposes. By weight, they contain about 21% per cent of herbal or spice powder.
With consistent research, it has been regularly found that spices can be solicited for their antimicrobial and medicinal properties for improving the overall health of a patient. Spices such as celery, garlic, onion, and fennel are being used collectively for manufacturing medicines that help in curing cholesterol and hypertension.
· Dieting and Weight Loss
Culinary chefs around the world are popularising the use of spices because they enhance the flavour of a dish without increasing its calorific count. This is the reason why they make dieting easier for people, leading to high market growth as purchase increase.
· Perfume Industry
Instead of using flowers for their essential oils, the perfume industry is now experiencing a high demand for spice-based fragrances especially vanilla and musk. Vanilla pods are now being mass produced for increased perfume sales and cinnamon bark is in high demand as well.
Global Spices Market: Competitive Landscape
The spices market has many key market players including Royal Spices, VLC Spices, The British Pepper & Spice Company Limited, Lawry’s Mehran Spice & Food Industries, Oregon Spice Company, The Spice Way Vanns Spices Ltd., and Paras Spices Private Limited.
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Spices And Seasonings Market
What can you expect from the report?
The spices market report is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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