Latest News- Spices Market: Powder is expected to lead the Product Type segment during 2025-2029

The Spices Market is being driven by Growing awareness of medical benefits of spices

The Spices Market is expected to grow at a CAGR of 7.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 4014.1 million. The Spices Market has experienced notable corporate activity, with several key players making strategic acquisitions to bolster their growth. Notably, in January 2024, Tata Consumer Products acquired a 100% stake in Organic India for approximately USD228 million. Organic India, renowned for its tea, herbs, and spices, aligns with Tata's strategic expansion into the wellness and premiumization segments. In May 2023, Twelve31 Spice Ventures announced the acquisition of Frisco Spices, a company founded in 1928. This acquisition aimed to establish Frisco Brands Inc., broadening Twelve31's reach and enhancing its offerings in the spice industry. These acquisitions underscore the market's dynamic nature, with companies seeking to adapt to innovative technologies and expand customer bases. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product Type
  • Powder
  • Whole
  • Crushed or chopped
• End-user
  • Household
  • Food service
  • Industrial
• Distribution Channel
  • Retail
  • Online retail
  • Direct sales
• Geography
  • APAC
    • China
    • India
    • Japan
  • North America
    • Canada
    • Mexico
    • US
  • Europe
    • Germany
    • UK
    • France
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing awareness of medical benefits of spices
• Rising popularity of ethnic cuisines
• Growing demand for ready-to-use spice mixes

However, the market also witnesses some limitations, which are as follows:

• Product recalls
• Uncertain climatic conditions in various spice-producing countries
• Threat of contamination

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Market Scope in Spices Market Research Report

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Research Analysis Overview

The Spice Market encompasses various aspects of the spice industry, including sustainability, fair trade, and ethical sourcing. Advanced technologies such as biotechnology, genetic engineering, nanotechnology, artificial intelligence, and machine learning are employed for spice traceability, flavor engineering, sensory science, and food pairing. Product development, innovation, food preservation, food safety, and food regulation are crucial elements, while logistics, marketing, branding, and consumer behavior shape the industry's landscape.

Market Research Overview

The global packaged foods and meats market encompasses businesses engaged in food processing to ensure food safety and increase product longevity. According to Technavio, the market's size is determined by the consolidated revenue of participating vendors, excluding equipment manufacturers. This market does not cover producers of alcoholic and non-alcoholic beverages, including mineral waters. Factors driving market growth include the health benefits linked to minimally processed foods, such as vegetables, which are rich in essential nutrients like potassium, dietary fiber, folate (folic acid), vitamin A, and vitamin C. Additionally, the demand for spices, including spice blends, ground spices, whole spices, organic spices, specialty spices, ethnic spices, seasoning blends, spice extracts, spice oils, and spice powders, is anticipated to significantly contribute to market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/