Spice Market size is likely to expand at a prominent CAGR in the forecast period

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Spice Market

Spices are harvested from leaves, barks, stems, flowers, roots, stigma, seeds, barks, or fruits of plants that are used for flavoring, preserving, coloring, or garnishing foods. Spices offers antimicrobial and antifungal properties, thus fueling their use in the medical sector. Spices offers multiple health benefits such as they maintain cholesterol levels, fight inflammation, enhance brain functioning & immune system, and reduce nausea.

A variety of spices are available in the market that include turmeric, cinnamon, pepper, cumin, clove, cassia bark, saffron, ginger, cardamom, and others. Each spice has its own different aroma, flavor, function, color, and health benefits. For instance, turmeric is used to add color in food and prevents heart diseases and delays aging effects.

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Increase in applications of spices in different industries, such as food & beverages, medical, and others, and rise in popularity of ready-to-use mixture of spices have driven the growth of the global spice market. Moreover, rise in popularity of ethnic food has fueled the demand for spices globally. However, addition of spices with some sterilized gases, such as ethylene oxide, in ready-to-eat & processed food to prevent contamination restricts the growth of the market. This is attributed to implementation of stringent regulations by the EU Directive on the use of ethylene oxide, as it acts as a carcinogen. On the contrary, increase in trends such as healthy living and rise in interest of consumers to try new tastes & flavors are anticipated to offer lucrative opportunities to market in in the near future.

The global spice market is segmented based on variety, form, application, distribution channel, and region. By product, the global market is categorized into turmeric, pepper, paprika, nutmeg, cardamom, cumin, mustard seed, cloves, ginger, and others. Depending on form, it is segregated into raw, powder, and others. The applications covered in this study include bakery & confectionary products; meat & poultry products; frozen food; soups, sauces, & dressings; others. Distribution channels of global spice market comprises direct or B2B and indirect or B2C channels. B2C channels are further classified into supermarkets/hypermarkets, convenience stores, retail stores, e-commerce, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The prominent players operating in the market include SHS Group, Everest Spices, DS Group, McCormick & Company, Inc., Barrington Chemical Corporation, Nani Agro Foods, MTR Foods Pvt. Ltd., MDH Spices, Olam International, and Bart Ingredients Co. Ltd.

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KEY BENEFITS FOR STAKEHOLDERS

  • This report provides a quantitative analysis of the current trends, estimations, and dynamics of the global spice market from 2018 to 2026 to identify the prevailing market opportunities.
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
  • In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
  • Market player positioning facilitates benchmarking while providing a clear understanding of the present position of the key market players.
  • The report includes analyses of the regional as well as global market, key players, market segments, application areas, and growth strategies.

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