The 2023-2028 World Outlook for Spices

The 2023-2028 World Outlook for Spices

This study covers the world outlook for spices across more than 190 countries. For each year reported, estimates are given for the latent demand, or potential industry earnings (P.I.E.), for the country in question (in millions of U.S. dollars), the percent share the country is of the region, and of the globe. These comparative benchmarks allow the reader to quickly gauge a country vis-à-vis others. Using econometric models which project fundamental economic dynamics within each country and across countries, latent demand estimates are created. This report does not discuss the specific players in the market serving the latent demand, nor specific details at the product level. The study also does not consider short-term cyclicalities that might affect realized sales. The study, therefore, is strategic in nature, taking an aggregate and long-run view, irrespective of the players or products involved.

In this report we define the sales of spices as including all commonly understood products and/or services falling within this broad category, irrespective of product packaging, formulation, size, or form. Companies participating in this industry include Ajinomoto Company, Inc., Ariake Japan Company, Associated British Foods, B&G Foods Holdings Corporation, Cerebos Gregg’s, Ltd., Döhler Group, DS Group, Everest Spices, ITC Spices, Kerry Group, Lawry’s Mehran Spice & Food Industries, Mahashian Di Hatti Pvt, McCormick, MTR Foods Private, Ltd., Olam International, Oregon Spice Company, Paras Spices Private, Ltd., Royal Spices, Sensient Technologies, SHS Group, The British Pepper & Spice Company, VLC Spices, and Worlée Gruppe. In addition to the sources indicated, additional information available to the public via news and/or press releases published by players in the industry was considered in defining and calibrating this category. All figures are in a common currency (U.S. dollars, millions) and are not adjusted for inflation (i.e., they are current values). Exchange rates used to convert to U.S. dollars are averages for the year in question. Future exchange rates are assumed to be constant in the future at the current level (the average of the year of this publication's release in 2022).