As per the latest industry study by Persistence Market Research on spices, the global market is estimated to rise at a CAGR of 5.1% and top a valuation of US$ 233 Bn by 2031. Consumers are getting more conscious about what they eat, and want to know about the ingredients and nutrition value without compromising on the taste and flavor of food products. Spices play a key role in moulding food taste and flavor. Manufacturers are thus introducing new and innovative spice products into the market that give an authentic taste to food as well as are healthy for consumption.
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Apart from this, spices possess excellent properties for enhancing beauty. The ongoing trends of ‘Clean Beauty’ and ‘Green Beauty’ are compelling cosmetic manufacturers to include natural ingredients and create new formulations.
Latest developments in this marketplace include:
- In 2020, McCormick & Company, Inc. acquired 100% shares of FONA International, a global leader of natural and clean flavor providers, for use in various applications such as food, beverages, and nutritional products. The company also launched a new range of global organic seasonings under the brand ‘McCormick Gourmet’.
- In 2021, Olam International completely acquired Olde Thompson, a leading United States-based private-label spice and seasoning manufacturer. The acquisition will help the company in the expansion of its private label offerings. The company also acquired United States-based Mizkan America, Inc. in 2020 to fulfil consumer demand for Mexican spices and flavors.
Key Takeaways from Market Study
- South Asia holds majority share in the global market at 41%, followed by East Asia and North America with market shares of 14.6% and 14%, respectively.
- On the basis of type, mustard is being used more and holds a market share of 16.9%, followed by turmeric and chili with shares of 12% and 11.2%, respectively.
- On the basis of nature, conventional spices cover a share of more than 95% currently. However, demand for organic spices is expected to grow over the coming years.
- The whole and powder forms of spices are used more in various end-use industries, with 55% and 31% shares, respectively.
- Spices are majorly used in the food processing industry, which accounts for more than 46% market share followed by the foodservice industry that accounts for 19% share.
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Competitive Landscape
The global spices market is dominated by the presence of a large number of manufacturers, but they are mostly region-specific. The market is highly fragmented, and thus, competition is expected to be intense as spices are not grown in every region and the market is more export-oriented.
Major spices producers are adopting strategies such as increasing existing production capacity and business expansion. With the recent trend of preference for healthy and nutritious food products, manufacturers provide higher quality spices to food & beverage manufacturers, and also other end-use industries.
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