New York, June 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Spices Global Market Report 2023"
Ltd., Dohler Group, McCormick & Company Inc., Frontier Co-op, Colorado Spice, The Watkins Co., Organic Tattva, Organic Spices Inc., Sauer Brands Inc., B&G Foods Inc., and Terana S.A.
The global spices market is expected to grow from $4.20 billion in 2022 to $4.48 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The spices market is expected to reach $5.70 billion in 2027 at a CAGR of 6.2%.
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.
Spices are a group of flavored and aromatic ingredients derived from the roots, seeds, fruits, bark, or other parts of plants. They are typically used to enhance the taste, color, and aroma of food and beverages.
Asia-Pacific was the largest region in the spices market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in spices report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of spices are garlic, ginger, turmeric, cumin, cinnamon, pepper, and other types.Garlic usually refers to spices that are frequently used as flavoring in cooking.
The various forms include raw, powder, and other forms with various categories such as organic, and conventional. These are used in various applications such as bakery and confectionary products, meat and poultry products, frozen food, soups, sauces, dressings, and other applications and by various end users such as food retail, food service, and food processing.
The growth in demand for organic food are expected to propel the growth of the spice market going forward.Organic food is produced without the use of synthetic chemicals or genetically modified ingredients.
Organic food is in high demand because people believe it is healthier and better for their immune systems.Organic food consumption, on the other hand, is steadily increasing, due to fuelling demand for herbs, spices, and seasonings.
For instance, in May 2021, an organic industry survey conducted by Organic Trade Associations (OTA) showed that organic sales (including organic food products) in the United States increased by a record 12.4% to $61.9 billion in 2020. Therefore, the growth in demand for organic food are driving the growth of the spice market.
Product innovation is a key trend gaining popularity in the spice market.Companies operating in the spice market are focused on innovative products to reinforce their position in the market.
For instance, in November 2022, Lifespice India Private Limited, an Indian-based manufacturer of health care, garam masala, and snack foods, launched India’s first science-backed Spice Mixes.These mixes are prepared using 15 raw materials, which do not include onions, ginger, garlic, or other vegetables.
The product is prepared electronically without human touch or interaction. The blended recipes are pulverized to a 600-micron fineness and packaged in Vacuum sealed Food grade PET jars.
In December 2022, Wipro Consumer Care, an India-based consumer care company acquired Nirapara for an undisclosed amount.With this acquisition, Wipro expands its packaged food, spices, and consumer products portfolio.
Nirapara is an India-based company operating in the spices market.
The countries covered in the spices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
The spices market research report is one of a series of new reports 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.