Key Players in Spice Market are Harnessing Rich Flavours and Satisfying Consumers Taste Buds, says Market.us

Aditya Deshmukh
Aditya Deshmukh

Updated · Dec 7, 2022

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Spices are used widely to enhance the flavor, aroma, color, taste, and texture of food & beverages and act as preservatives and antibacterial agents. These attributes of spices and seasonings are used by convenience food manufacturers to enhance product quality and flavor and extend their shelf life.

Consumers are more open to new flavors and have increased their interest in ethnic foods. It has led to a rise in spice and seasoning sales and increased product offerings. This industry’s success can also be attributed to its response to consumers’ demand for healthier products, convenience, and a wide range of flavors.

According to an analysis by Market.us, “The global spices market accounted for US$ 6,671.55 million in 2021. It is projected to grow at a compound annual rate of 6.7% between 2023 to 2032.

Spice Market Growth

Spices are seeds, bark, dried fruits, roots, or other substances that add flavor, aroma, and color to food. Each spice gives food a unique flavor, aroma, and taste. Black pepper and cinnamon are the most popular spices.

Whole spices are prized for their vibrant and fresh flavors. They are more durable than their counterparts. It’s used in dishes prepared for at least one hour to allow the flavors of the spices to penetrate the dish. The 7.1% CAGR will affect the entire spice market.

Anurag Sharma, a senior research analyst at Market.us, said, “Global spice market sales are expected to rise due to the rapid growth of economies. One of the main factors driving the global spice industry is the increased use of spices as natural preservatives for various meat and poultry products. The significant rise in the demand for nutritious foods by the young and healthy has also boosted the market.

Fast-food chains like McDonald’s and Domino’s are more inclined to use chili powders, black pepper, dried ginger powders, and parsley to enhance any product’s flavor. Restaurants, bars, and resorts are not only focused on these chains but also offer a variety of cuisines from different regions. It is part of global trends.

Modern-day spices are not used for flavor or health, but their benefits can be significant. Many spices act as antioxidants and can be used to treat certain conditions. 

McCormick and Kerry, two of the world’s largest spice manufacturers, actively promote their products on social media platforms like Facebook, Twitter, and Pinterest. Spice companies have launched advertising campaigns to encourage people to make their recipes.

Consumers have always purchased loose spices in developing countries like India, China, and Bangladesh. In the last decade, however, there has been an evolution in consumer behavior. They are now buying packaged and branded spices. All consumer groups can afford packaged spices due to the increasing disposable incomes.

The growing number of people who work and have limited cooking time is driving the need for convenient food. It has led to a significant increase in the demand for packaged spices. The benefits packaged spices offer over loose spices include reduced risk of adulteration, longer shelf life, and quality assurance.

Asia Pacific accounted for the largest percentage of more than 37.0% in 2019; Asia Pacific is a major producer and exporter of spices. It has the highest population globally and has seen a remarkable rise in demand for spices. The majority of spices and herbs grown in this region are from countries like India, Vietnam, and China. This makes it the largest exporter in the globe.

The region’s consumption is growing rapidly due to the rise of promotional and marketing activities, increased consumer income, and the expansion of domestic brands. AJINOMOTO and Everest are some of the major players in this market. Ariake Japan, Catch, MDH, Catch, Catch, Ariake Japan, and Ariake Japan are also notable. China is the Asia Pacific’s largest consumer of spices. 

Domestic consumption is the main driver of demand, followed closely by restaurants and food outlets. Due to economic growth and diversification of daily diets in China, there are many options for catering to the growing demand for spices and seasonings.

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Aditya Deshmukh

Aditya Deshmukh

I am Aditya, I have more than 2 years of experience in Digital Marketing as well as in Industry Research I am workimg for core SEO team My core focus areas include: SEO, Web Analytics,Industry Research and find Industry build their brands through useful, well-designed marketing strategies. Digital marketing is my passion & I love what I do, I breathe it. I want to explore more, learn more, and try different tools.