Global Spices Market Growth 2023-2029

Global Spices Market Growth 2023-2029

A spice is a dried seed, fruit, root, bark, or vegetable substance primarily used for flavoring, coloring or preserving food. Because they tend to have strong flavors and are used in small quantities, spices tend to add few calories to food. Many spices, however, can contribute significant portions of micronutrients to the diet.

A spice may have other uses, including medicinal, religious ritual, cosmetics or perfume production, or as a vegetable.

A spice may be available in several forms: fresh, whole dried, or pre-ground dried. Generally, spices are dried. A whole dried spice has the longest shelf life, so it can be purchased and stored in larger amounts, making it cheaper on a per-serving basis. Some spices are not always available either fresh or whole, for example turmeric, and often must be purchased in ground form. Small seeds, such as fennel and mustard seeds, are often used both whole and in powder form.

In this report, it includes the dried plant product used primarily for seasoning purposes or medicine effectiveness etc.

LPI (LP Information)' newest research report, the “Spices Industry Forecast” looks at past sales and reviews total world Spices sales in 2022, providing a comprehensive analysis by region and market sector of projected Spices sales for 2023 through 2029. With Spices sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Spices industry.

This Insight Report provides a comprehensive analysis of the global Spices landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Spices portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms' unique position in an accelerating global Spices market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Spices and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Spices.

The global Spices market size is projected to grow from US$ 7495.7 million in 2022 to US$ 8411.2 million in 2029; it is expected to grow at a CAGR of 8411.2 from 2023 to 2029.

India is the largest Spices market with about 63% market share. China is follower, accounting for about 6% market share.

The key players are McCormick, Unilever, Ajinomoto, Ariake, Kerry Group Plc. (Ireland), Olam International, Everest Spices, Zhumadian Wang Shouyi, MDH Spices, Catch(DS Group), Nestle, Brucefoods, Sensient Technologies (U.S.), Ankee Food, Haitian etc. Top 3 companies occupied about 13% market share.

This report presents a comprehensive overview, market shares, and growth opportunities of Spices market by product type, application, key manufacturers and key regions and countries.

Market Segmentation:

Segmentation by type

Hot Spices

Aromatic Spices

Others

Segmentation by application

Catering Industry

Household

Others

This report also splits the market by region:

Americas

United States

Canada

Mexico

Brazil

APAC

China

Japan

Korea

Southeast Asia

India

Australia

Europe

Germany

France

UK

Italy

Russia

Middle East & Africa

Egypt

South Africa

Israel

Turkey

GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.

McCormick

Unilever

Ajinomoto

Ariake

Kerry Group Plc. (Ireland)

Olam International

Everest Spices

Zhumadian Wang Shouyi

MDH Spices

Catch (DS Group)

Nestle

Brucefoods

Sensient Technologies (U.S.)

Ankee Food

Haitian

Key Questions Addressed in this Report

What is the 10-year outlook for the global Spices market?

What factors are driving Spices market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do Spices market opportunities vary by end market size?

How does Spices break out type, application?

What are the influences of COVID-19 and Russia-Ukraine war?

Please note: The report will take approximately 2 business days to prepare and deliver.