Market Study on Spices: South Asia Leading Regional Market for Spices & Seasonings
Spices Market Segmented by Type such as Cinnamon, Clove, Nutmeg, Cardamom, Chili, Bird’s Eye, Paprika Pepper, Turmeric, Cumin Seeds, Mustard, Black Pepper, Fennel, Coriander Seeds in Organic and Conventional Nature with different for includes Whole Spices, Powder Spices, Oil Spices Form
Spices Market Outlook (2022-2032)
Consumption of spices across the world amounts to a valuation of US$ 148.6 Bn in 2022. Forecasted to increase at a CAGR of 5.1%, the global spices market will reach US$ 244.8 Bn by 2032.
Spices Market Size (2022E)
US$ 148.6 Bn
Projected Sales of Spices (2032F)
US$ 244.8 Bn
Value CAGR (2022-2032)
Value Share of Top 5 Countries (2020A)
As per forecasts by Persistence Market Research, Europe and North America are the fastest-expanding markets for spices. Together, both regional spices markets hold a market volume share of more than 30% in 2022.
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- McCormick & Company, Inc
- Worlée NaturProdukte GmbH
- Olam International
- Kräuter Mix GmbH
- Prymat sp. z o. o
- El Clarín Spices S.L
- Sleaford Quality Foods Ltd
- RAMÓN SABATER S.A
- OLAM EUROPE B.V.
- Royal Spices
- Elite Spice
- DF World Of Spices GmbH
- Royal Euroma BV
- Everest Spices
- Mahashian Di Hatti Pvt Ltd
- PAULIG GROUP
- SOLINA GROUP
- Touton S.A.
- Verstegen Spices & Sauces B.V.
Consumption Analysis of Spices (2017- 2021) Vs Market Estimations (2022-2032)
From 2017 to 2021, the worldwide spices market grew at the rate of 4.2% year-on-year.
Spices are increasingly being used as the main ingredients in a variety of food products. Spices are used to enhance flavor in salads, soups, processed foods, and baked goods. Pepper is used in meat and seafood to bring out the natural flavor, while also acting as a natural preservative. Herbs and spices added to dairy dishes provide nutritional and therapeutic benefits. The food industry is expanding rapidly on a global scale, presenting numerous opportunities for spice suppliers.
Whole spices are widely used due to their various applications and account for roughly 60% of the overall market share, followed by powder spices and oil forms. Global value of the spices industry is anticipated to increase at a CAGR of 5.1% through 2032.
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Why is the Market for Spices & Seasonings Growing Steadily?
“Increasing Popularity of Spices to Enhance Taste & Flavor”
Consumers are getting conscious about what they eat, and want to know about the ingredients and their nutritious value without compromising on the taste and flavor of the food product. Spices play a key role in giving the desired taste and flavor to food.
Spice manufacturers are introducing new and innovative products into the market that give an authentic taste to food as well as are healthy for consumption. With their research & development teams, market players are coming up with spices that benefit consumer health as well as enhance taste at the same time.
“Changing Consumer Taste Preferences to Benefit Spice Product Manufacturers”
Consumers' disposable income is expected to increase, resulting in a trend toward premium products such as flavored drinks and beverages as well as food products.
Spices such as basil cocktails, spiced white rum, cinnamon-flavored beverages, and others have a favorable impact on customers due to their excellent taste and nutritional benefits. Consumer preferences are changing rapidly in foodservice industries such as restaurants, bakeries, and others, as they embrace food products that are authentic in taste and flavor, thereby driving spice usage.
“Increasing Immigrant Populations Driving Demand for Spices”
Increasing populations in various regions such as Asia, North America, and others have tended to raise the consumption of spices. For instance, people in India consume more spicy food than others and use spices in various food products as key ingredients.
Increasing number of immigrants from Asia to North America is influencing local food platters, and this is expected to drive spice sales in the North American region. Growing number of Indian and Chinese restaurants in North America are offering ethnic cuisines with various ingredients, which is increasing the use of spices in various cuisines.
“Rising Use of Spices as Dietary Supplements”
Continuous studies and research are being published by scientists and high-profile journals on the benefits of vitamins and minerals and various nutrition for maintaining health.
It has been observed that, with the change in people's lifestyles, they are not consuming as many vitamins and minerals according to the recommended level. As such, many companies are introducing supplement products to compensate for the same. These products contain spices as an important ingredient, thereby complementing market growth.
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What Restraint Do Spice Manufacturers Need to Be Aware Of?
“Seasonal Fluctuations & High Price Points – Important Considerations”
Spices witness a high level of seasonal fluctuations, so there is a scarcity of them, resulting in a price disparity. Furthermore, spice farming is labor-intensive and involves processing, making spices more expensive than other organic products.
Many companies suffer from a lack of supply and a price disparity, resulting in the availability of cheap spice substitutes in the market that are filled with impurities such as chemicals, fillers, fake colors, and low-cost synthetics. These lose their unique flavor and may be harmful to health. This type of adulteration is on the rise, posing a threat to market growth.
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Why is Demand for Spices Increasing in the U.S.?
“High Immigration Rate in U.S. Driving Need for Spices & Seasonings”
In North America, the U.S. spices market is growing rapidly at a CAGR of 5.8%, and it accounts for 84.5% of the region's market share. This is owing to a surge of South Asian immigrants into the region.
Spice demand is projected to rise as a result of their influence on local food platters. As a result, an increasing number of Indian and Chinese restaurants are offering ethnic cuisines with a variety of ingredients. It also encourages residents to utilize certain spices in their dishes.
Which Country Holds the Largest Market Share in South Asia?
“India Leading the South Asia Spices Market”
India accounts for around 79% of the South Asia spices market share. This is due to the fact that spices are used in every household in the country.
Spices are used in India not just in food & beverages but also as home remedies for medicinal purposes. By 2032, the spices market in India is estimated to be valued at US$ 71.1 Bn, up from US$ 45.45 Bn in 2022.
Which Industry is Highly Profitable for Spice Manufacturers?
“Food Processing Industry Accounts for Highest Demand for Spices & Seasonings”
The pickling spices market is expanding due to an increase in demand for a wide range of cuisines and a desire among people to sample unique flavors from around the world.
The food processing industry accounts for around 46.7% of the overall spices market, and is anticipated to increase at a CAGR of 5.2% through 2032. By 2032, pickling spice sales to the food processing sector are estimated to be worth US$ 115.8 Bn.
Is Demand for Organic Spices Expected to Increase Rapidly?
“Natural Food Trend Bodes Well for Organic Spices & Herbs”
Organic spices currently account for 4.1% market share in 2022, with a value of US$ 6.1 Bn. Consumers today value their health above everything, and they are willing to spend extra on organic food because of its health benefits.
Organic spices and herbs are becoming more popular as customers become increasingly aware of the toxic chemicals used in agricultural practices. The health benefits of organic products is the most significant reason driving the organic products market, which, in turn, is driving demand for organic spices and herbs.
Increasing government measures to promote natural foods since organic farming helps maintain environmental health by lowering pollution levels, has an impact on the growth of organic spices.
Key spice manufacturers are relying on technological innovation to produce a wide range of spices. Market players are also working on assuring safety, quality, and customer satisfaction through the use of technology in order to attract a larger consumer base.
- El Clarín Spices S.L. established a laboratory to ensure that clients receive healthy and safe products. The lab examines food products for physical-chemical and microbiological activity. As a result, quality and safety are guaranteed.
- Elite Spices established advanced research & development and fully equipped services, with a majority of its efforts focused on developing new flavors and ingredients. It has culinary innovation centers that are fully-equipped with cutting-edge technology and high-end kitchen facilities.
- Ramón Sabater, S.A.U. concentrates on highly-automated control systems and the most efficient computer systems. These are assisting in obtaining a high level of traceability, as well as achieving optimum complete safety and improved food quality.
Spices Industry Report Scope
Historical data available for
USD Million for Value
Key regions covered
Key countries covered
Key market segments covered
Key companies profiled
Customization & pricing
Available upon request
Spices Industry Survey by Category
Spices Market by Type:
- Naga Chilies
- With Stem
- Without Stem
- Bird’s Eye
- With Stem
- Without Stem
- Paprika Pepper
- With Stem
- Without Stem
- Naga Chilies
- Cumin Seeds
- Black Pepper
- Coriander Seeds
Spices Market by Nature:
- Organic Spices
- Conventional Spices
Spices Market by Form:
- Whole Spices
- Powder Spices
- Oil Spices
Spices Market by End Use:
- Food Processing
- Soups, Sauces & Dressings
- Processed Foods
- Bakery & Confectionery
- Meat & Seafood
- Dairy & Frozen Products
Spices Market by Distribution Channel:
- Business to Business
- Business to Consumers
- Hypermarkets / Supermarkets
- Convenience Stores
- Specialty Stores
- Online Retail
Spices Market by Region:
- North America Spices Market
- Latin America Spices Market
- Europe Spices Market
- South Asia Spices Market
- East Asia Spices Market
- Oceania Spices Market
- Middle East & Africa Spices Market
- FAQs -
The global spices market is currently worth US$ 148.6 Bn.
The market is set to offer US$ 96.2 Bn of incremental opportunity to its players.
India is the largest manufacturers of spices in the world, besides being the largest consumer and exporter as well.
Spices are majorly used in food processing, which holds a market value share of 46.7%.
The spices market in Europe and North America is expected to expand at 6.1% and 6% CAGRs, respectively.
Market share of the top 5 spice manufacturers is around 5%-15%.
The India spices market is valued at US$ 4.43 Bn in 2022, while Canada is expected to reach US$ 8.68 Bn by 2032.