Market Highlights
Spices Market Share is estimated to be valued at USD 14,512.6 Million by 2027, registering a CAGR of 3.89% during the forecast period. Spices are seeds, fruits, roots, barks, or other parts of the plants, which are primarily used for flavoring, coloring or preserving food products. The growth of the global Spices Market Share is driven by the growing preference for packaged spices and the rising popularity of cross-cultural cuisines. However, the volatility in spot prices is hampering the growth of the market. The growing awareness pertaining to the health benefits of spices is expected to offer lucrative opportunities to market players in the coming years.
Asia-Pacific constituted a dominant share of the Spices Market Share in 2020 and is expected to record the highest CAGR during the forecast period due to the increasing demand for exotic and authentic flavors. India followed by China are among the lucrative markets for manufacturers in the region. The growing adoption of cross-cultural cuisines followed by increasing demand for exotic and authentic flavors has increased the sale of different and novel spices in the region. The market in Europe held the second-largest market share during the review period. Globalization has inspired consumers to search for new flavors. This has influenced several European manufacturers to introduce spice blends of cross-cultural cuisines. The trend followed by the manufacturers in the European Spices Market Share is offering products in small packaging. This allows the consumers to try out new spices in a smaller portion, which is projected to boost the growth of the retail Spices Market Share in the coming years. The awareness regarding the health benefits of spices is increasing in the Western market. Besides, organizations such as the European Spice Association and AYUSH are promoting the use of spices, which is also expected to provide lucrative opportunities to the manufacturers in the coming years.
Segmental Analysis
The Global Spices Market Share has been segmented on the basis of Product Type, Category, Form, Distribution Channel, and Region.
By product type, the global market has been divided into garlic, ginger, turmeric, cumin, cinnamon, pepper, and others. The others segment accounted for maximum market share in 2020 whereas, the ginger segment is expected to register the highest CAGR of 4.50% during the forecast period. The others segment includes spices such as cardamom, chili, coriander, celery seed, fennel, fenugreek, tamarind, clove, onion, nutmeg, paprika, anise, mace, mustard seed, saffron, sesame, vanilla, pimento, achiote, and blends, among others.
By category, the market has been divided into organic and conventional. The conventional segment accounted for the maximum market share in 2020. Conventional spices are grown using pesticides, herbicides, and other forms of agricultural chemicals to increase the yield. The sale in the organic segment is increasing significantly over the last few years owing to shifting preference toward organic ingredients and additives among consumers. The negative impact of chemical residues on conventional agriculture is expected to negatively affect the growth of the segment. However, the organic segment is likely to register the highest CAGR of 4.47% during the forecast period. Organic spices are grown organically, without the use of synthetic chemicals. These products are chemical-free and cultivated under stringent guidelines and supervision to maintain purity and low to zero chemical concentration. Organically produced spices are relatively costlier and require high capital investments for the cultivation and processing of spices.
By form, the market has been divided into a whole, ground/powder, and others. The ground/powder segment accounted for maximum market share in 2020 and is expected to register the highest CAGR of 3.96% during the projected period. Spices are processed into fine powder for its easy usage in cooking. Ground spices are easier to cook as they take less time to mix in the food. Certain spices are only used in the powdered form such as paprika and asafoetida. However, other spices such as turmeric, clove, nutmeg, chili, cardamom, and pepper are either used in whole or powdered forms.
Based on the distribution channel, the global Spices Market Share has been classified into store-based and non-store-based. The store-based segment is further segregated into supermarkets & hypermarkets, convenience stores, and others. The store-based segment accounted for a larger market share in 2020. Consumers prefer store-based channels as they offer a one-stop shopping experience. However, growing consumer preference for online purchases and technological advancements in the e-commerce industry are fueling the growth of the non-store-based segment. This segment is projected to register a higher CAGR during the forecast period.
Regional Analysis
Geographically, the global Spices Market Share has been categorized into North America, Europe, Asia-Pacific, and the rest of the world. As per MRFR analysis, Asia-Pacific dominated the market, accounting for the largest share in 2020 and is projected to register the highest CAGR of 4.07% during the forecast period. The European Spices Market Share accounted for the second-largest market share in 2020.
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Key Findings of the Study
- The Global Spices Market Share is expected to register a growth rate of 3.89% from 2019 to 2027. The surge in demand for packaged spices followed by the rising popularity of cross-culture cuisines is projected to propel the growth of the global Spices Market Share.
- The others segment is estimated to retain its prominent share by 2027. The ginger segment is projected to register a growth rate of 4.50% during the forecast period.
- The conventional segment is estimated to retain its prominent share by 2027. Whereas, the organic segment is estimated to register the highest growth rate of 4.47% during the forecast period.
- The ground/powder segment is estimated to retain its prominent share by 2027 and is projected to register the highest growth rate of 3.96% during the forecast period.
- The store-based segment accounted for the largest market share in 2020 and is expected to grow at a rate of 3.73% during the forecast period.
Key Players
Market Research Future recognizes include McCormick & Company, Inc (US), Frontier Co-op (US), Colorado Spice (US), SpicesInc.com (US), The Watkins Co. (US), Organic Tattva (India), Organic Spices Inc (US), Sauer Brands, Inc (US), B&G Foods, Inc (US), Terana, SA (Mexico), and TAJÍN (Mexico) as the Key Players in the Global Spices Market Share.
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