NEW YORK, March 20, 2023 /PRNewswire/ -- The global spices market size is estimated to grow by USD 2,607.46 million from 2022 to 2027, according to Technavio. The market is expected to grow at a CAGR of 6.97% during the forecast period. Moreover, the growth momentum will accelerate. The growing awareness of the medical benefits of spices is driving market growth. Spices have antioxidant properties that can be used to treat health issues. For instance, turmeric helps fight against diseases such as joint inflammation. Therefore, the demand for spices has increased. Spice companies have started advertising on social media platforms such as Facebook, Pinterest, and Twitter to promote their brands. These factors will fuel the growth of the market in focus during the forecast period. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

The threat of contamination of spices is challenging the market growth. Contamination can occur during any stage of the supply chain, such as farm and production sites, packaging, distribution, and storage. The use of artificial ingredients can also affect the final product. Moreover, food regulatory and compliance authorities can issue a notice to the manufacturer if a product poses health risks, which can lead to product recalls. This, in turn, can affect the revenue and reputation of the manufacturer. Such factors will hinder the growth of the global market during the forecast period.

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Spices market - Segmentation assessment
Segment overview
Technavio has segmented the market based on product type (powder, whole, and crushed/chopped) and end-user (household, food services, and industrial).

• The powder segment will account for a significant share of the market growth during the forecast period. Powdered spices are popular in South Asian countries such as India, Nepal, and China. For instance, in India, Garam Masala is a spice blend used to flavor soups, stews, and curries. It is a mix of flavors such as cardamom, cinnamon, cloves, and peppercorns. It offers many health benefits, such as regulating blood pressure, increasing nutrient absorption capacity, reducing inflammation, and improving heart health. These factors will positively impact the growth of the segment during the forecast period.

Geography Overview
Based on geography, the global spices market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global spices market.

• APAC is estimated to account for 30% of the growth of the global market during the forecast period. India, China, Japan, South Korea, Australia, Thailand, and Singapore are some of the key countries in the market in the region. The growth of the regional market is attributed to factors such as increasing health consciousness, rising awareness about different types of spices, growth in spending by the Millennial, Generation X, and Baby Boomer populations, the introduction of global spice brands, and increasing adoption of traditional recipes. APAC is a leading producer and exporter of spices and herbs. The consumption of spices in the region is growing at a fast rate, with increasing consumer incomes, the emergence of many domestic brands, and the growing marketing and promotional activities.

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Spices market – Vendor analysis

The report includes a detailed analysis of key market vendors, including Ajinomoto Co. Inc., BARIA SPICES CO. LTD., Baron Spices and Seasonings, Blink Commerce Pvt. Ltd., British Pepper and Spice Co. Ltd., Dohler GmbH, DS Group, EVEREST Food Products Pvt. Ltd., Innovative Retail Concepts Pvt. Ltd., Kerry Group Plc, Kikkoman Corp., Mahashian Di Hatti Pvt. Ltd., Master of Spices, McCormick and Co. Inc., More Retail Pvt. Ltd., Olam Group Ltd., Rumi Spice, Shanuga Spices Pvt. Ltd, Spicy Organic LLC, Tata Sons Pvt. Ltd., Tesco Plc, The Bart Ingredients Co., The Speculaas Spice Co. Ltd., UK Blending Ltd., VLC Spices, and World of Spice Ltd.

Spices market – Leading trends influencing the market 

• The rising number of private-label brands is a key trend in the market.

• Various private-label brands sell different types of spices to improve their profitability.

• For instance, several retailers in India, such as Star Bazar by TATA, Blinkit, and Big Basket, offer a wide range of spices through their private-label brands.

• Similarly, UK-based retailer, Tesco Plc offers spices under its brand Tesco.

• Walmart also sells a wide range of spices, such as black pepper, pink salt, peppercorn medley, Himalayan pink salt, and Rosemary grinder, through its brand and subsidiary Sam's Club.

• Such factors will drive the growth of the global market during the forecast period.

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What are the key data covered in this spices market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the spices market between 2023 and 2027

• Precise estimation of the size of the spices market and its contribution to the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the spices market across APAC, North America, Europe, South America, and Middle East and Africa

• A thorough analysis of the market's competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of spices market vendors

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Related Reports:

The spices and seasonings market is estimated to grow at a CAGR of 6.01% between 2022 and 2027. The size of the market is forecasted to increase by USD 6,957.05 million. The growing awareness of the medical benefits of spices is notably driving the market growth, although factors such as the threat of contamination may impede the market growth.

The size of the blended spices market in India is expected to rise by USD 896.57 million from 2021 to 2026 at a CAGR of 14.27%. The rising awareness about the health benefits of blended spices is notably driving the blended spices market growth in India , although factors such as fluctuations in prices of blended masala ingredients may impede the market growth.

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Table of contents

1 Executive Summary

• 1.1 Market overview

2 Market Landscape

• 2.1 Market ecosystem

3 Market Sizing

• 3.1 Market definition

• 3.2 Market segment analysis

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

• 4.1 Global spices market 2017 - 2021

• 4.2 Product Segment Analysis 2017 - 2021

• 4.3 End-user Segment Analysis 2017 - 2021

• 4.4 Geography Segment Analysis 2017 - 2021

• 4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

• 5.1 Five forces summary

• 5.2 Bargaining power of buyers

• 5.3 Bargaining power of suppliers

• 5.4 Threat of new entrants

• 5.5 Threat of substitutes

• 5.6 Threat of rivalry

• 5.7 Market condition

6 Market Segmentation by Product Type

• 6.1 Market segments

• 6.2 Comparison by Product Type

• 6.3 Powder - Market size and forecast 2022-2027

• 6.4 Whole - Market size and forecast 2022-2027

• 6.5 Crushed/chopped - Market size and forecast 2022-2027

• 6.6 Market opportunity by Product Type

7 Market Segmentation by End-user

• 7.1 Market segments

• 7.2 Comparison by End-user

• 7.3 Household - Market size and forecast 2022-2027

• 7.4 Food services - Market size and forecast 2022-2027

• 7.5 Industrial - Market size and forecast 2022-2027

• 7.6 Market opportunity by End-user

8 Customer Landscape

• 8.1 Customer landscape overview

9 Geographic Landscape

• 9.1 Geographic segmentation

• 9.2 Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027

• 9.4 North America - Market size and forecast 2022-2027

• 9.5 Europe - Market size and forecast 2022-2027

• 9.6 South America - Market size and forecast 2022-2027

• 9.7 Middle East and Africa - Market size and forecast 2022-2027

• 9.8 US - Market size and forecast 2022-2027

• 9.9 China - Market size and forecast 2022-2027

• 9.10 UK - Market size and forecast 2022-2027

• 9.11 Germany - Market size and forecast 2022-2027

• 9.12 India - Market size and forecast 2022-2027

• 9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape

• 11.3 Landscape disruption

• 11.4 Industry risks

12 Vendor Analysis

• 12.1 Vendors covered

• 12.2 Market positioning of vendors

• 12.3 Ajinomoto Co. Inc.

• 12.4 BARIA SPICES CO. LTD.

• 12.5 British Pepper and Spice Co. Ltd.

• 12.6 Dohler GmbH

• 12.7 DS Group

• 12.8 EVEREST Food Products Pvt. Ltd.

• 12.9 Kerry Group Plc

• 12.10 Kikkoman Corp.

• 12.11 Mahashian Di Hatti Pvt. Ltd.

• 12.12 Master of Spices

• 12.13 McCormick and Co. Inc.

• 12.14 Olam Group Ltd.

• 12.15 The Bart Ingredients Co.

• 12.16 The Speculaas Spice Co. Ltd.

• 12.17 UK Blending Ltd.

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist

• 13.3 Currency conversion rates for US$

• 13.4 Research methodology

• 13.5 List of abbreviations

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