Spices have high significance in adding flavors to the food which is primarily driving the growth of the market. Also, the medicinal properties of the spices have resulted in their high demand in the market. Moreover, rising awareness for food safety related to pesticide residues in spices and related health hazards has prompted for increasing sales of spices. Additionally, change in food trends and inclination towards various international food is encouraging consumption of spices in raw form which is further encouraging the growth of spices market. Due to the increasing demand of spices from households as well as foodservice industry, the market is growing at an incremental pace of development on the global stage.
Also, continuous improvements in spice processing technology coupled with innovation in spice harvesting technologies across the globe is contributing to the market growth of spices. Major spices manufacturers are highly investing on development of innovative technologies to undergo spice processing at a large scale. The use of advanced technologies in spice industry is playing a vital role to fulfil increasing demand of spices from all regions of the world. The countries rich in source of spices such as India, China, Turkey and Pakistan are working to make the trading process of spices more liberal. Growth of food service industry has opened doors for the growth in demand of spices globally.
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Latest Industry Updates:
Sep 2015 McCormick invested USD 241 Million in 2015 to expand the base of their business. McCormick is focusing on online promotion activities with the help of their app.
June 2016 Olam acquired Brooks Peanut for USD 85 Million in Jun 2016 and acquired 50% stakes in Acacia Investments for USD 24 Million in Jun 2016. Apart from Acquisitions, Olam is investing on new product launch and last year they have launched two products related to spices business.
Jan 2016 Singapore-based commodities company Olam International Ltd raised $175 million from International Finance Corp, to finance its projects in India and Nigeria. The part of funding will be also used to upgrade spices and sugar facilities in Maharashtra and Kerala in India.
Sep 2017 Spices export in India rises 35% in first quarter of 2017. Garlic has registered the maximum growth in terms of volume and value.
Leading Key Players:
The key players of spices market are highly focused on R&D and new product launches over past few years. For instance, McCormick had launched four new products in last year. Launching new products is assisting these companies to expand their product portfolio and to differentiate their product line from their competitors. Most of the product launched by these players are blended spices holding a unique taste. Majority of the players in the spices market are concentrated in the Asia-Pacific region in terms of supply. However, spices is in more demand in the European region. To enter into the spices market, the companies are more engrossed on getting certified from various recognized institutes and governing bodies both locally and globally.
The leading market players in the global spices market report are Everest Spices (India), B&G Foods Holdings Corp. (U.S.), McCormick & Co., Inc. (U.S.), Olam International (Singapore), Cerebos Gregg’s Limited (New Zealand), MTR Foods Private Limited (India), Mahashian Di Hatti Limited (India), and ITC Spices (India) among many others.
The Global Spices Market has been divided into Type, Form, Function, Application and Region.
On The Basis Of Type: Turmeric, Cinnamon, Nutmeg, Ginger, Chili & Pepper and others
On The Basis Of Function: Color, Preservative and Flavor others
On The Basis Of Application: Culinary, Bakery Foods, Sauces and Dips, RTE Foods, Beverages and others
On The Basis Of Region: Europe, North America, Asia Pacific and ROW.
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Asia-Pacific region is projected to dominate the market over the forecast period followed by Rest of the World (RoW). India, China and Vietnam being the major spice producers in the Asia-Pacific region are contributing to the growth of spice market in this region. Presence of various agro-climatic zones and seasonal support to various spices production in this region is further boosting the growth of the market. America is also a potential market for spices market. Increasing production and consumption of spices is positively affecting the growth of spices among the various regions of the world.