Spices Market by Form and Geography - Forecast and Analysis 2022-2026

  • Published: Nov 2021
  • Pages: 120
  • SKU: IRTNTR71633
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The spices market share is expected to increase by USD 2.35 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.65%. 

This spices market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers spices market segmentation by form (powder, whole, and chopped) and geography (APAC, North America, Europe, MEA, and South America). The spices market report also offers information on several market vendors, including Ajinomoto Co. Inc., Dohler GmbH, DS Group, Everest Spices, Kerry Group Plc, Kikkoman Corp., McCormick and Co. Inc., Olam International Ltd., SAIGON HANOI IMEXCO Ltd., and The Bart Ingredients Co. Ltd. among others.

What will the Spices Market Size be During the Forecast Period?

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Spices Market: Key Drivers and Trends

The growing awareness about the health benefits of organic spices is notably driving the spices market growth, although factors such as stringent regulations may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the spices industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Spices Market Driver

One of the key factors driving growth in the spices market is the growing awareness about the health benefits of organic spices. Spices have been used for years for their health and therapeutic properties, especially in the Eastern culture. Spices have found use not just in the kitchens of consumers but also in the treatment of minor ailments. Different spices and herbs are used in the treatment of different health ailments. Organic spices do not contain any adulterants and help in developing better immunity power, as most spices are rich in antioxidants. Organic spices are found to be more flavorful due to steam treatment and other innovative processing methods.

Key Spices Market Challenge

The stringent regulations will be a major challenge for the spices market during the forecast period. Spices come with a guarantee that they are safe to consume and healthy and do not contain any harmful chemicals. Hence, to assure consumers fully obtain quality and food safety certifications to prove that their products are verified and tested. Different governments impose various regulations to preserve the authentic standards of organic foods. The ISO has set out certain standards regarding organic spices production and distribution. Small vendors and farmers face hurdles in receiving certifications if their produce or production facilities are not up to the mark. Moreover, the cost of obtaining these certifications is too high. Owing to this, several small farmers and vendors cannot continue to produce organic spices and tend toward the regular ones. To increase the sales volume of organic spices, vendors have to come up with strong plans to establish proper infrastructure and facilities.

This spices market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Spices Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Ajinomoto Co. Inc.
  • Dohler GmbH
  • DS Group
  • Everest Spices
  • Kerry Group Plc
  • Kikkoman Corp.
  • McCormick and Co. Inc.
  • Olam International Ltd.
  • SAIGON HANOI IMEXCO Ltd.
  • The Bart Ingredients Co. Ltd.

 

This statistical study of the spices market encompasses successful business strategies deployed by the key vendors. The spices market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The spices market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Spices Market?

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41% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for spices in APAC. Market growth in APAC will be faster than the growth of the market in other regions.

The increased health consciousness, rising awareness among people about different types of spices, increased consumer spending, the introduction of global brands, and the growing adoption of traditional recipes will facilitate the spices market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Form Segments in the Spices Market?

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The spices market share growth by the powder segment will be significant during the forecast period. The powder form of spices is finely grounded spices, such as chili powder, turmeric powder, and garam masala. This can be either a mix of spices together to form a complex spice powder such as garam masala or powders of coriander, cumin, cloves, cinnamon, and nutmeg. These powders have many health benefits also, like antioxidants, regulating blood pressure, increasing nutrient absorption capacity, reducing inflammation, and improving heart health. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the spices market size and actionable market insights on post COVID-19 impact on each segment.

 

Spices Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 6.65%

Market growth 2022-2026

$ 2.35 billion

Market structure

Fragmented

YoY growth (%)

5.97

Regional analysis

APAC, North America, Europe, MEA, and South America

Performing market contribution

APAC at 41%

Key consumer countries

US, China, India, UK, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Ajinomoto Co. Inc., Dohler GmbH, DS Group, Everest Spices, Kerry Group Plc, Kikkoman Corp., McCormick and Co. Inc., Olam International Ltd., SAIGON HANOI IMEXCO Ltd., and The Bart Ingredients Co. Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Spices Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive spices market growth during the next five years
  • Precise estimation of the spices market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the spices industry across APAC, North America, Europe, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of spices market vendors

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Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2021
  • Market outlook: Forecast for 2021 - 2026

Five Forces Analysis

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Form

  • Market segments
  • Comparison by Form
  • Powder - Market size and forecast 2021-2026
  • Whole - Market size and forecast 2021-2026
  • Chopped - Market size and forecast 2021-2026
  • Market opportunity by Form

Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2021-2026
  • North America - Market size and forecast 2021-2026
  • Europe - Market size and forecast 2021-2026
  • MEA - Market size and forecast 2021-2026
  • South America - Market size and forecast 2021-2026
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Ajinomoto Co. Inc.
  • Dohler GmbH
  • DS Group
  • Everest Spices
  • Kerry Group Plc
  • Kikkoman Corp.
  • McCormick and Co. Inc.
  • Olam International Ltd.
  • SAIGON HANOI IMEXCO Ltd.
  • The Bart Ingredients Co. Ltd.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The spices market growth will increase by $2352.03 million during 2021-2026.
The spices market is expected to grow at a CAGR of 6.65% during 2021-2026.
Technavio has segmented the spices market by other1 (Powder, Whole, and Chopped) and geographic (APAC, North America, Europe, MEA, and South America).
Ajinomoto Co. Inc., Dohler GmbH, DS Group, Everest Spices, Kerry Group Plc, Kikkoman Corp., McCormick and Co. Inc., Olam International Ltd., SAIGON HANOI IMEXCO Ltd., The Bart Ingredients Co. Ltd. are a few of the key vendors in the spices market.
APAC will register the highest growth rate of 40.77% among the other regions. Therefore, the spices market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
  • US
  • China
  • India
  • UK
  • Germany
The key factors driving the spices market growth are:
  • Growing awareness about health benefits of organic spices
The spices market vendors should focus on grabbing business opportunities from the segment as it accounted for the largest market share in the base year.
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