Spices Market - Forecast(2021 - 2026)
Spices Market Overview:
According to official sources from the Indian Brand Equity Foundation, between the time period of 2017-2018, India exported a humongous 1.08 billion kilograms of spices of various types to different countries in the world. This entire export’s market value stood at a massive $3.11 billion dollars. Such is the extent to which South Asia’s spices are desired by different cuisines around the world. Because of their unique aroma and taste, Indian spices have always been solicited for global use since the ancient times. The climate of Indian subcontinent makes it an ideal place for spices to get cultivated without affecting its regular produce. Spices have a variety of end user industries including bakeries, cosmetics, pharmaceuticals, and the most prominent one: food and beverage industry. In the year 2018, the global spices market size stood at $8.4 billion. Due to increasing demand for spices on account of expanding urbanization, during the forecast period of 2019-2025, the spices market will experience growth with a standard compound annual growth rate (CAGR) of 4.80%.
Spices Market Outlook:
Spices are parts of a specific tree that are edible, have medicinal properties, and can completely impact the flavor of a particular dish. Cinammon for example is the bark of its namesake tree, cloves are flower buds, bay leaves are leaf of its plants, cardamoms are seeds, and in the same way all other spices are also dried plant parts in order to be used in culinary arts, except herbs can be used fresh as well. Spices market has many different applications including bakery products, sauces, dressings, beverages, frozen foods, and package foods. Food segment is one of the most promising segments of spices market and is expected to grow with a compound annual growth rate of 5.10% during the forecast period of 2019-2025. North America with its rising international educational institutes and globalised companies has been exporting spices religiously. Due to this reason, it led the spices market geographically with a regional share of 35.80% in the year 2018.
Spices Market Growth Drivers:
Expanding Globalisation
With first world countries such as Canada and United Kingdon becoming more accepting and welcoming of immigrants, globalisation has reached a newer pinnacle. India for example, is the leading producer of spices in the world while also being the world’s largest diaspora at 30 million Indian people living abroad.[1] A consistent expansion and migration of people of different ethnicities and formation of composite culture leads to sharing of culinary cultures, inadvertently impacting the spices market. Spices market has witnessed massive growth globally because of newer cuisines using spices being introduced to people of different ethnicities. This has been a noticeable growth driver for the market and will continue to be one.
Food And Beverage Industry
Food and beverage industry is the most important end user of spices in the world. With a rise in disposable income, the working class and urban population in general is willing to eat in restaurants and experience different cuisines. Packaged and frozen food are also utilizing spices to make the food seem more edible while preserving it for a long time simultaneously. This has been contributing to the overall market growth of spices and will define its direction in the upcoming years.
Spices Market Challenges:
A recurrent issue faced by the spices market is lack of proper advertisement. While cooking shows and restaurants do the trick of popularising spices, innovative advertisements should be produced to encourage people across all nations to buy spices and utilize them for different purposes including culinary, cosmetics, and even medical.
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