Spices Market Rising With Growth In New Technology Trends Research By 2027Posted by Mrudula Anil Karmarkar on February 8th, 2021 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. The demand for nutraceuticals & functional foods is expected to witness an upward surge owing to consumers opting for immunity boosting supplements during the COVID-19 pandemic. Furthermore, a decline in the consumption of poultry, meat and seafood products across the globe is expected to increase the demand for plant and animal-based protein supplements in the near future. The report will account for Covid19 as a key market contributor. 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. Spices Market Report Highlights
Spices are seeds, dried fruits, roots, and barks used to give flavor, aroma, and color to food. Several spices from various origins and cuisines are available in various forms, including ground, crushed, and whole. Each of these spices provides a unique flavor, aroma, and taste to the food. Some of the commonly used spices are cinnamon, black pepper, cumin seeds, nutmeg, cloves, chili powder, turmeric, ginger, and garlic. Retail and e-commerce portals are among the sought-after destinations for the distribution of spices. Retailers such as Walmart, Kroger’s, and Tesco are serving consumers with self-labeled products to establish their presence in the market and sustain the competition. However, retailers are also facilitating the availability of products with a higher affinity to showcase their product content through transparent packaging and those with a higher shelf life. Besides the household consumption of spices, most of the fast-food chains such as Domino’s, McDonald’s, and Starbucks are favorably inclined towards the use of chili flakes, black pepper, dried ginger powders, and parsley to enhance the flavor in any product. Apart from these chains, restaurants, bars, and resorts are also focusing on providing consumers a taste of different culinary from selected regions, which is a part of diving into global trends. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/1244/ibb The modern-day use of spices is limited to taste and flavor but they are extensively used for their health benefits. Many of these act as an antioxidant and thus are used to treat certain health conditions. Spice companies have also started new advertising campaigns to encourage consumers to try recipes at home. Manufacturers like McCormick and Kerry are widely campaigning on social media platforms such as Pinterest, Facebook, and Twitter to create awareness regarding the use of various spices. Most of the supplier base is pivoted to the Asia Pacific region where China and India are among the leading exporters, with many domestic suppliers catering to the manufacturers of export-oriented spices. The demand for Indian spices in the international market has witnessed robust growth, citing the global culinary trends over the past few years. The marginal increment in the prices of spices, like pepper, ginger, and cardamom, on account of seasonal variation affecting productions, had let manufacturers upscale the packaged price for end consumers. On the other hand, the manufacturers are catering to consumers having a taste for a combination of different spices to penetrate the market with novel products. Some prominent players in the global spices market include:
Grand View Research has segmented the global spices market on the basis of product, form: Spice Product Outlook (Revenue, USD Million, 2016 - 2027)
Spice Form Outlook (Revenue, USD Million, 2016 - 2027)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |