Spices Market Overview:
According to official sources from the Indian Brand Equity Foundation, between the time period of 2017-2018, India exported a humongous 1.08 billion kilograms of spices of various types to different countries in the world. This entire export’s market value stood at a massive $3.11 billion dollars. Such is the extent to which South Asia’s spices are desired by different cuisines around the world. Because of their unique aroma and taste, Indian spices have always been solicited for global use since the ancient times. The climate of Indian subcontinent makes it an ideal place for spices to get cultivated without affecting its regular produce. Spices have a variety of end user industries including bakeries, cosmetics, pharmaceuticals, and the most prominent one: food and beverage industry. In the year 2018, the global spices market size stood at $8.4 billion. Due to increasing demand for spices on account of expanding urbanization, during the forecast period of 2019-2025, the spices market will experience growth with a standard compound annual growth rate (CAGR) of 4.80%.
Spices Market Outlook:
Spices are parts of a specific tree that are edible, have medicinal properties, and can completely impact the flavor of a particular dish. Cinammon for example is the bark of its namesake tree, cloves are flower buds, bay leaves are leaf of its plants, cardamoms are seeds, and in the same way all other spices are also dried plant parts in order to be used in culinary arts, except herbs can be used fresh as well. Spices market has many different applications including bakery products, sauces, dressings, beverages, frozen foods, and package foods. Food segment is one of the most promising segments of spices market and is expected to grow with a compound annual growth rate of 5.10% during the forecast period of 2019-2025. North America with its rising international educational institutes and globalised companies has been exporting spices religiously. Due to this reason, it led the spices market geographically with a regional share of 35.80% in the year 2018.
Spices Market Growth Drivers:
Ø Expanding Globalisation
With first world countries such as Canada and United Kingdon becoming more accepting and welcoming of immigrants, globalisation has reached a newer pinnacle. India for example, is the leading producer of spices in the world while also being the world’s largest diaspora at 30 million Indian people living abroad. A consistent expansion and migration of people of different ethnicities and formation of composite culture leads to sharing of culinary cultures, inadvertently impacting the spices market. Spices market has witnessed massive growth globally because of newer cuisines using spices being introduced to people of different ethnicities. This has been a noticeable growth driver for the market and will continue to be one.
Ø Food And Beverage Industry
Food and beverage industry is the most important end user of spices in the world. With a rise in disposable income, the working class and urban population in general is willing to eat in restaurants and experience different cuisines. Packaged and frozen food are also utilizing spices to make the food seem more edible while preserving it for a long time simultaneously. This has been contributing to the overall market growth of spices and will define its direction in the upcoming years.
Spices Market Challenges:
A recurrent issue faced by the spices market is lack of proper advertisement. While cooking shows and restaurants do the trick of popularising spices, innovative advertisements should be produced to encourage people across all nations to buy spices and utilize them for different purposes including culinary, cosmetics, and even medical.
Spices Market Key Players Perspective:
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.
The British Pepper and Spice Company is a United Kingdom based company manufacturing and exporting spices worldwide. They are credited with exporting the finest herbs and spices especially in England and countries around it. With a history of almost 300 years old, they have served spices market in UK since the London fire.
Spices Market Trends:
Ø Use Of Spices In Cosmetics
Spices are being dominantly used in the cosmetics industry for their organic properties. Herbs such as rosemary and sage are prevalent in the essential oils market for their distillation. They are further used for making perfumes and colognes. Perfume industry has already been credited several times for incorporating spices including clove, vanilla, and cinnamon in their range of fragrances. Do-it-yourself artists are now spreading the usage of cosmetics in making face packs and hair masks out of spices on account of their medicinal properties. This will majorly disrupt the market in the upcoming years and shift the focus of spices market slightly from the food and beverage industry.
Spices Market Research Scope
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Spices Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of cheese in the Spices Market, and their specific applications in different areas.
Spices Market Report: Industry Coverage
The spices market can be segmented on the basis of type and application. Based on type, the market can be divided into coriander, cardamom, ginger, cinnamon, pepper, nutmeg, turmeric, clove, cumin, and others. And by application, the market can be fragmented into frozen products, bakery and confectionary, sauces, dressings, beverages, and meat and poultry.
The Spices Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia