GLOBAL – Spices are renowned for their ability to enhance flavors, fragrances, and nutritional value in cuisines across the globe.
A convergence of market drivers and the participation of key industry players is expected to lead to unprecedented growth in the next seven years, according to a new report published by Verified Market Research.
According to the report, the global spice market is projected to grow at a CAGR of 7.87% from 2023 to 2030.
The report reveals that the market was valued at US$5.81 Billion in 2022 and is expected to reach US$ 9.87 Billion by the end of the forecast period.
Verified Market Research has identified several key factors that are expected to propel the Spice Market forward.
Globalization and changing demographics are some of the factors indicated in the report. “Rapid globalization and evolving demographics, driven by population migration and cultural exchange, are fostering a growing demand for authentic cuisines, leading to increased spice utilization,” the report noted.
Spices are not just culinary enhancers but also possess valuable health benefits, including antioxidant, anti-inflammatory, and anti-carcinogenic properties which are expected to further accelerate the demand of spices globally.
Increasing per capita income is another factor powering market growth as it is empowering consumers to explore diverse culinary experiences, contributing to the market’s expansion.
A resurgence of interest in traditional cuisines, coupled with consumers’ desire for unique tastes, is creating new opportunities for the spice market.
Lastly, a heightened awareness of health and wellness is promoting the incorporation of spices into daily diets and consumer products further accelerating market growth.
The market research company notes that key players, including McCormick and Company, Colorado Spice, and Frontier Co-op, are well-positioned to capitalize on this trend through innovation and expanding product portfolios.
Players are however cautioned that excessive spice consumption leading to allergic reactions, lack of awareness regarding health benefits, and price volatility can impact market growth.
Additionally, government regulations related to spice trade may pose restrictions, necessitating a proactive approach from industry stakeholders.