Global Spices Market By Product Type (Pepper, Ginger, Cinnamon, Cumin, Turmeric, Cardamom, Coriander, and Cloves), By Form (Powder, Whole, and Chopped/Crushed), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Spices Market Overview

The global spices market accounted for US$ 6,671.55 million in 2021. It is projected to grow at a compound annual rate of 6.7% between 2023 to 2032.

The need for authentic foods is one of the main drivers of spice consumption. Manufacturers will need to create high-quality, attractive, and reliable products that are consistent across the globe due to growing interest in different flavors and snacks. Spices can change the taste of specific cuisines and correspond with regional flavors. Fusions will be a growing market trend over the forecast period, with Southeast Asia and the Middle East contributing to the mix.

Global Spices Market Scope:

Product analysis

In 2021, pepper accounted for over 18.0% of global revenue. Pepper has been used for centuries as an aromatic spice. It can be found in whole or ground form and includes green pepper, black pepper, and white pepper. The most widely used form of pepper in the world is black pepper, also known as the king among spices. Black pepper’s healing properties, such as pain relief and antioxidant properties, are driving its popularity. The supply-demand gap is widening as pepper prices rise due to shortages. This creates tension in the domestic and international markets, which negatively affects the segment’s growth.

The fastest CAGR for Turmeric will be 8.1% between 2023 to 2032. Although it is relatively new in American cuisine, turmeric has been used for thousands of years in Asia and the Middle East. You can find it in powdered form in spice aisles. It’s versatile and can be used in many dishes. It can be used in both sweet and savory dishes. Its earthy flavor makes it a good choice for spice-based, savory recipes. Turmeric is a crucial ingredient in many classic dishes like coronation chicken and kedgeree.

Form analysis

In 2021, powdered spices made up more than 52% of global revenue. Their demand is expected to grow as consumers prefer whole spices for their authentic flavor and time savings. Many of these products can be found in various mixed forms. These powdered products can be used in marinades, snacks, spice mixes, and as flavoring agents for curries. These products can also be used to make bread dough or batters, which create a crusty texture on bread. They can be kept in the fridge for a long time as they have a good shelf life. These can be added to recipes with water or directly sprinkled on top.

From 2023 to 2032, the whole spice market is expected to experience a 7.1% CAGR. Whole spices are highly valued for their vibrant and fresh flavors. They are more durable than their counterparts. They are best used in dishes that have been simmered for a while to allow the full flavor of the ingredients to penetrate the dish.

Кеу Маrkеt Ѕеgmеntѕ

By Product Type

• Pepper
• Ginger
• Cinnamon
• Cumin
• Turmeric
• Cardamom
• Coriander
• Cloves
• Other Products

By Form

• Powder
• Whole
• Chopped/Crushed

Market Dynamics:

Spices can be seeds, dried fruit, barks, or roots that are used to add flavor, aroma, color, and texture to food. There are many spices available from different origins and cuisines in various forms. Each spice adds a distinct flavor, aroma, or taste to food. The most common spices include cinnamon and black pepper.

The distribution of spices is a popular business model. To establish and maintain their market presence, retailers such as Walmart, Kroger’s, and Tesco offer self-labeled products. Retailers are also making it easier for products with higher product affinity to be available through transparent packaging and longer shelf lives.

Domino’s, McDonald’s, and Starbucks all favor the use of spices in their food. Restaurants, bars, and resorts also focus on offering consumers the opportunity to taste different cuisines from certain regions. This is part of global trends.

Modern-day spices are not used for flavor or health, but their benefits can be significant. Many spices act as antioxidants and can be used to treat certain conditions. To encourage people to cook at home, spice companies have launched new advertising campaigns. McCormick and Kerry, two of the world’s largest spice manufacturers, are actively promoting their products on social media platforms like Facebook, Twitter, and Pinterest to raise awareness about various spices.

Regional Analysis

The Asia Pacific accounted for the largest percentage of more than 36.1% in 2021; the Asia Pacific is a significant producer and exporter of spices. The Asia Pacific has the highest population in the world and has seen a remarkable rise in demand for spices. Most spices and herbs are grown in India, Vietnam, and China. This makes the region the largest exporter in the globe.

With the rise of promotional and marketing activities, rising consumer income, and the development of domestic brands, the region’s consumption is growing rapidly. AJINOMOTO and Everest are some of the most prominent players in this market. China is Asia Pacific’s largest consumer of spices. Domestic consumption is the main driver of demand, followed closely by restaurants and cafes. Due to economic growth and diversification of daily diets in China, there are many options for catering to the growing demand for spices and seasonings.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

The majority of the suppliers are based in the Asia Pacific region, where China and India are the largest exporters. Many domestic suppliers cater to export-oriented spice manufacturers. Due to global culinary trends, the demand for Indian spices has seen strong growth in the international market.

Due to seasonal variations in production, manufacturers were able to increase the price of packaged spices like ginger, pepper, and cardamom. Manufacturers are also catering to consumers who want to try new products and a mix of spices.

Маrkеt Кеу Рlауеrѕ:

• Associated British Foods plc
• Ajinomoto Co., Inc.
• Baria Pepper
• ARIAKE JAPAN CO., LTD.
• Kerry Group
• DS Group
• Everest Spices
• The Bart Ingredients Co. Ltd.
• McCormick & Company, Inc.
• Other Key Players

For the Spices Market research study, the following years have been considered to estimate the market size: