Authored By: Sarah
09 Mar 2023

Spices Market Size to Grow by USD 2,607.46 Million at a CAGR of 6.97% Between 2022 and 2027

The spices market size is estimated to reach USD 2,607.46 million, progressing at a CAGR of 6.97% by 2027. The growing awareness of the medical benefits of spices is a key factor driving the spices market growth. 

Don’t miss out the business opportunities in the Spices Market. Unlock the Sample Report and gain crucial market insights that will benefit your business growth. The report includes historic market data from 2017 to 2021. In 2017, the market was valued at USD 4900.01 million.

Browse Technavio's 167-page report and in-depth TOC on "Spices Market by product type (powder, whole, and crushed/chopped), end-user (household, food services, and industrial), and geography (APAC, North America, Europe, South America, and Middle East and Africa)."

View detailed Table of Contents Here: https://www.technavio.com/report/spices-market-industry-analysis?v1

Spices Market Size to Grow by USD 2,607.46 Million at a CAGR of 6.97% Between 2022 and 2027

The spices market structure is fragmented in nature and the vendors are deploying growth strategies such as acquisitions, product launches, and others to promote their businesses in the global market. Some of the major spices market vendors are:  

  • Ajinomoto Co. Inc.
  • Baron Spices and Seasonings
  • Blink Commerce Pvt. Ltd.
  • British Pepper and Spice Co. Ltd.
  • Dohler GmbH
  • DS Group
  • EVEREST Food Products Pvt. Ltd.
  • Innovative Retail Concepts Pvt. Ltd.
  • Kerry Group Plc
  • Kikkoman Corp.
  • Mahashian Di Hatti Pvt. Ltd.
  • Master of Spices
  • McCormick and Co. Inc.
  • More Retail Pvt. Ltd.
  • Olam Group Ltd.

APAC Accounts for the Largest Market Share in the Spices Market 

Based on geography, the spices market is segmented across APAC, North America, Europe, South America, and the Middle East and Africa. APAC is projected to contribute 30% of the spices market size by 2027. APAC has the largest population in the world among the other regions and has been witnessing impressive growth in the demand for spices.

Factors Impacting the Spices Market Growth 

  • The growing awareness of the medical benefits of spices is a key factor driving the spices market value. 

  • The rising number of private-label brands is the major spices market trend that will positively influence market growth. 

  • The threat of contamination of spices is a major challenge to the spices market size. 

Technavio’s research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the spices market. Download the PDF Sample Report 

Key Highlights Covered in the Report  

  • YOY growth rate of the spices market. 

  • A diversified analysis of the market’s competitive landscape and detailed information about vendors. 

  • Accurate prediction about upcoming trends and changes in consumer behavior across APAC, North America, Europe, South America, and the Middle East and Africa. 

  • Comprehensive details of factors that will impact the growth of spices market vendors. 

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