Spices Market Size Worth $9.70 Billion By 2027 | CAGR: 6.5%: Grand View Research, Inc.
SAN FRANCISCO, Oct. 12, 2020 /PRNewswire/ -- The global spices market size is expected to reach USD 9.70 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.5% from 2020 to 2027. Growing demand for authentic flavored food at the global level is expected to remain a favorable factor for industry growth. Furthermore, increasing spending on dining out among millennials during their weekends is expected to expand the scope of the foodservice industry, which, in turn, will fuel the demand for spices over the next few years.
Key suggestions from the report:
- By product, pepper accounted for more than 15.0% share of the global revenue in 2019. The availability of different kinds of pepper in every region with different Scoville units has been creating demand for the spice
- The turmeric product segment is expected to register the fastest CAGR of 7.1% from 2020 to 2027. It is a versatile powder that can be added to numerous dishes and has a range of culinary purposes as it contributes to a peppery flavor, yellow color, and mustard-like scent
- Based on form, powdered spices accounted for more than 50.0% share of the global revenue in 2019. Growing consumer preference for whole spices in order to save time and attain true flavor are anticipated to propel their demand
- Asia Pacific accounted for the largest share of over 35.0% in 2019. The strong buyer base and easy availability of spices through wholesale and retail channels in China and India are expected to have a positive impact on industry growth
Read 80 page research report with ToC on "Spices Market Size, Share & Trends Analysis Report By Product (Pepper, Turmeric), By Form (Powder, Whole, Chopped & Crushed), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/spices-market.
Most of the key market players are focusing on enhancing their distribution channels by establishing distribution centers, engaging in acquisitions & mergers, and forming new agreements with local distributors. Forward integration is not only limited to distribution networking. Key market players are developing new products owing to the increasing demand for different and ethnic tastes and flavors.
Key manufacturers of spices include McCormick; Associated British Food plc; Ajinomoto Co, Inc.; and Kerry Group. Product innovation in terms of the development of new spices and seasonings by manufacturers is projected to be a critical success factor over the next seven years. Manufacturers across the globe are focused on achieving optimum business growth and establishing a strong market position by implementing various strategies, such as distribution and marketing, acquisitions, production capacity expansion, intensive investments, and product licensing in research & development. The technological breakthrough is likely to offer significant scope for the seasoning and spices market.
The location of distribution and sales is a vital factor for the companies to enhance their overall positioning in the market. Prominent market players such as McCormick; Associated British Foods; and Ajinomoto Co. Inc. have set up distribution networks for the supply of their products in developing regions, including Central and South America and Asia Pacific, owing to the increasing demand from these regions.
Grand View Research has segmented the global spices market on the basis of product, form, and region:
- Spice Product Outlook (Revenue, USD Million, 2016 - 2027)
- Pepper
- Ginger
- Cinnamon
- Cumin
- Turmeric
- Cardamom
- Coriander
- Cloves
- Others
- Spice Form Outlook (Revenue, USD Million, 2016 - 2027)
- Powder
- Whole
- Chopped/Crushed
- Others
- Spices Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Europe
- Germany
- France
- Asia Pacific
- China
- India
- Central & South America
- Brazil
- Middle East & Africa
- South Africa
List of Key Players of Spices Market
- Ajinomoto Co., Inc.
- Associated British Foods plc
- ARIAKE JAPAN CO., LTD.
- Baria Pepper
- Kerry Group
- The Bart Ingredients Co. Ltd.
- DS Group
- Everest Spices
- Dohler Group
- McCormick & Company, Inc.
Find more research reports on Consumer F&B Industry, by Grand View Research:
- Watermelon Seeds Market – Rising cases of obesity and related health problems including coronary heart disease due to unhealthy eating habits and a sedentary lifestyle will boost the product demand.
- Soy Sauce Market – Increasing product demand as a flavor enhancer and seasoning ingredient by food manufacturers, food retail chains, and restaurants is driving the growth of this market.
- Reduced Fat Butter Market – Growing awareness regarding the health benefits of the product, such as the reduced risk of heart diseases and better weight management and digestion, is expected to drive the demand over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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