Spices Market to observe USD 2.35 Bn incremental growth; Significant growth expected in powder spices segment - Technavio

NEW YORK, Nov. 22, 2022 /PRNewswire/ -- The "Spices Market by Form and Geography - Forecast and Analysis 2022-2026" report has been added to Technavio's offering. The report expects the market size to grow by USD 2.35 billion, accelerating at a CAGR of 6.65% during the forecast period. The report provides a detailed analysis of the key revenue-generating segments, regional growth opportunities, product launches, vendor landscape, and much more. Understand how the purchase of the report can have a direct impact on your revenue. Download a Free PDF Report Sample

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our spices market report covers the following areas:

• Spices Market Size
• Spices Market Trends
• Spices Market Industry Analysis

By form, the global spices market is segmented as powder, whole, and chopped. The powder form of spices is finely grounded spices, such as chili powder, turmeric powder, and garam masala. This can be either a mix of spices together to form a complex spice powder such as garam masala or powders of coriander, cumin, cloves, cinnamon, and nutmeg. These powder spices are commonly used in South Asian countries such as India, Nepal, and China. Among these, garam masala is a popular Indian spice blend used to flavor soup recipes, stews, and curries. It is a commonly used spice in Indian cuisine, which is amazingly warm and fragrant. These powders have many health benefits also, like antioxidants, regulating blood pressure, increasing nutrient absorption capacity, reducing inflammation, and improving heart health. All these factors are fostering the growth of the segment. Discover potential segments in the market. Buy Report!

The global spices market is fragmented with the presence of several regional and international players. The vendors are focusing on new product launches and inorganic growth strategies such as mergers and acquisitions to remain competitive in the market. Ajinomoto Co. Inc., Dohler GmbH, DS Group, Everest Spices, Kerry Group Plc, Kikkoman Corp., McCormick and Co. Inc., Olam International Ltd., SAIGON HANOI IMEXCO Ltd., and The Bart Ingredients Co. Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Although the growing awareness about the health benefits of organic spices will offer immense growth opportunities, stringent regulations will challenge the growth of the market participants.

We provide a detailed analysis of around 25 vendors operating in the spices market, including some of the dominant vendors. Backed with competitive intelligence and benchmarking, our research report on the spices market is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support. Download a Free Sample Report

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• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will assist spices market growth during the next five years
• Estimation of the spices market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the spices market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of spices market vendors

• The blended spices market share in India should rise by USD 896.57 million from 2022 to 2026 at a CAGR of 14.27%. The rising awareness about the health benefits of blended spices is notably driving the blended spices market growth in India. However, factors such as fluctuations in the prices of blended masala ingredients may impede the market growth.
• The ethnic foods market share is expected to increase by USD 22.02 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 10.15%. The increasing popularity of Italian cuisine is notably driving the ethnic foods market growth. However, factors such as the fluctuating prices of raw materials may impede the market growth.

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2021
• Market outlook: Forecast for 2021 - 2026

Five Forces Analysis

• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Form

• Market segments
• Comparison by Form
• Powder - Market size and forecast 2021-2026
• Whole - Market size and forecast 2021-2026
• Chopped - Market size and forecast 2021-2026
• Market opportunity by Form

Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• APAC - Market size and forecast 2021-2026
• North America - Market size and forecast 2021-2026
• Europe - Market size and forecast 2021-2026
• MEA - Market size and forecast 2021-2026
• South America - Market size and forecast 2021-2026
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Ajinomoto Co. Inc.
• Dohler GmbH
• DS Group
• Everest Spices
• Kerry Group Plc
• Kikkoman Corp.
• McCormick and Co. Inc.
• Olam International Ltd.
• SAIGON HANOI IMEXCO Ltd.
• The Bart Ingredients Co. Ltd.

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

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SOURCE Technavio