The Spices & Stimulants Market Size is estimated to reach $337.3 billion by 2027 and it is poised to grow at a CAGR of 4.1% over the forecast period of 2022-2027. Stimulants are believed to reverse the effects of fatigue on both the aspects of mental and physical
tasks. Therapeutic levels of stimulants can produce exhilaration, extended
wakefulness and loss of appetite. For example, caffeine is one of the most
nuanced stimulants with antioxidant properties. Moreover, spices can be a seed,
fruit, root, bark or some other plant substance utilized for flavoring and
coloring food products. Some of the commonly used spices are turmeric, black
pepper, cloves and cinnamon.
Spices & Stimulants Market Drivers
- Benefits and Application of Stimulants and Spices:
As per Nestle Professional 2022, nearly two billion cups of coffee are consumed every day across the world, which includes consumers across home and commercial settings. The increase in knowledge and fortification of coffee with additional benefits has aided the demand for coffee as a stimulant. Additionally, the growth of plant-based dairy alternatives has provided the much-needed push for coffee as a stimulant. Lastly, the demand for spices and herbs is going upward post-COVID-19, owing to the many medicinal benefits.
- Food Fortification Initiatives Compiling the Use of Stimulants and Spices:
The specific use of condiments and seasonings as drivers in large-scale fortification programs is a growing public health strategy. Micronutrient deficiencies hold a strong grip over the market, which can be remedied by fortifying the spices and stimulants. As per the U.S. CDC, vitamin A deficiency affects nearly 190 million preschool children, globally. Additionally, natural label claims have aided the market growth. For example, black pepper exhibits high antioxidant properties.
Partnerships and Product Launch
In May 2022, Spiceology announced its partnership and new product line with Kwame Onwuachi. The products offered are - Kwame’s Mom’s House Spice and Toasted Curry Powder. In September 2021, Olam Foods launched a new spice blend that gives manufacturers flavor for sensory experiences pertinent to regional cuisines of the Americas.
The Major Players in the Market
The major players in the Spices and Stimulants market include Associated British Foods, McCormick, Olam International, ADM, Acomo, C.F. Sauer Company, Fuchs North America, Vanns Spices, Strauss Group, House Foods Group and S&B Foods.
Over the years, product and ingredient manufacturers have diminished the value-chain gaps which has allowed the companies to offer closely-demand-associated products to consumers at highly competitive prices. Critically, product innovation and partnerships have expanded market reach across regions.
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