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World - Spices - Market Analysis, Forecast, Size, Trends and Insights
Report Update: Nov 1, 2024

World - Spices - Market Analysis, Forecast, Size, Trends and Insights

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Jun 26, 2022

Spice Market Trends 2022: Challenges, Logistics, and Opportunities

The global spice market is a large and diverse market with a lot of moving parts. In this article, we'll explore some of the trends in the spice market, consumption patterns by country, and price analysis. We'll also look at some of the challenges that come with running a spice market, including logistics and regulation.

Spice Market Overview

The global spice market is expected to grow at a CAGR of over 3.5% from 2022 to 2025, according to a report by IndexBox. The market is expected to be worth US$ 40 billion by 2025.

The demand for spices is growing in Asia, Europe, and North America. The growing popularity of Indian and Mexican cuisine is the key driver for the growth of the global spice market. Asia Pacific will account for the largest share of the global spice market in 2022 owing to the increasing demand from sectors such as food processing.

Most Popular Spices in the Market

The popularity of certain spices has led to a rise in their prices over the years. For instance, ground cumin prices have increased by more than 400% since 2013. This has led to challenges in ensuring efficient spice logistics across different regions and countries. Additionally, stringent government regulations regarding food safety and quality are also limiting the growth of the spice market in some countries.

Some of the most popular spices in the market include turmeric, cumin, cardamom, cloves, black pepper, and ginger.

-Turmeric is the spice that is most commonly used in Indian cuisine. It has a strong aroma and is used as a colorant and flavoring agent.

-Cumin is popular in Arab cuisine and is used to add flavor to food items like chicken, lamb, and beef.

-Cardamom is one of the most important spices in Indian cuisine. It is used to flavor dishes like biryani, masala dosa, and pulao.

-Cloves are used extensively in European cuisine. They are often added to meat dishes, such as ham, sausage, and pastrami, or to sweet dishes like pumpkin pie or clove cake.

-Black pepper is the key ingredient in many Asian cuisines. It is also used extensively in European cooking.

-Ginger is one of the most common spices in Chinese cuisine. It can be found in both fresh and dried forms, and is used as a flavor enhancer or as a main component of spice mixes.

Other popular spices include allspice, bay leaves, and mint.

Market Trends and Insights

The spice market is becoming a more diverse and complex industry. Consumer demand for spices is growing in different parts of the world, but there are also many challenges associated with this expanding market. Here are some trends to watch in the spice market:

-The price of spices has been on the rise in recent years, as production has outpaced demand. This has put pressure on small producers who cannot afford to increase prices.

-On the supply side, there are also concerns about sustainability due to climate change and increasing plant disease. For example, a fungus called Pythium blight has been spreading rapidly through crops used to produce spices like cumin and coriander. Climate change may also impact yields, making it difficult for farmers to replant crops after a devastating drought or frost event.

-To address these challenges, several companies are developing new techniques for extracting spices from plants. These technologies include chemical and mechanical extraction, as well as biotechnological methods such as fermentation.

-Another trend in the spice market is the development of new flavors and fragrances. This is due to the increasing popularity of natural ingredients and eco-friendly products. For example, jasmine oil has become popular in cosmetics and fragrances because it has a sweet, floral fragrance that is not associated with traditional scents like citrus or wood.

-A recent trend in the spice market is the development of new functional foods. These foods are designed to have health benefits, such as reducing inflammation or improving digestion. Some spices, like turmeric, are used to dye food a variety of colors and are also known for their health benefits.

-Finally, the spice market is evolving rapidly due to the increasing use of technology in the industry. This includes new mobile apps that allow consumers to buy and sell spices online.

Challenges in the Logistics of Spice Markets

The demand for spices is on the rise, as people are looking to add flavor to their food. However, due to the increase in demand, the price of spices has also gone up. This has created challenges for the logistics of spice markets, as more and more people are looking to purchase spices.

Many countries have been trying to increase their spice production in order to meet the rising demand. However, this has created some challenges. For example, India has been struggling with a shortage of skilled spice producers. This has led to an increase in prices and a decrease in availability of certain spices.

Another challenge that countries face when it comes to spice production is logistics. For example, many countries do not have enough warehouses or storage facilities to store all of the spices that are being produced. This creates problems when it comes to transporting these spices from the producers to the markets. Additionally, many countries do not have good transportation networks which makes it difficult for spices to reach the markets.

One more challenge is the high variation in spice prices across different countries and regions. In addition, there are issues with the accessibility of certain spices, which can be a barrier to their widespread adoption.

One way to overcome some of these challenges is to develop standardized protocols for the procurement, storage, and distribution of spices. Additionally, efforts must be made to ensure that spices are available at an affordable price, especially in developing countries. Greater awareness among consumers about the various benefits of using spices could also help increase their popularity.

Another way that technology can be used to address the challenges faced by the logistics of spice markets is through the use of drones. Drones can be used to transport spices to different parts of the world, as well as to identify potential crop failures. This can help to avert a shortage of certain spices, and it can also help to improve the accuracy of forecasts.

Overall, the challenges faced by the logistics of spice markets are significant. However, there are a number of initiatives being undertaken to address these issues. This is likely to help to improve the availability and affordability of spices, as well as their overall popularity.

Conclusion

As the world becomes more and more competitive, many businesses are turning to spices as a way of distinguishing themselves. With so many different countries growing their economies at a rapid pace, it is no surprise that the spice market is growing too. However, this growth comes with its own set of challenges - most notably in terms of logistics. As nations become wealthier, they are able to pay for better transport and storage facilities which makes moving spices around much easier. However, this also means that prices can be very high depending on the commodity in question.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the global spice market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • FCL 687 - Pepper
  • FCL 689 - Pimento
  • FCL 692 - Vanilla
  • FCL 693 - Cinnamon (canella)
  • FCL 698 - Cloves
  • FCL 702 - Nutmeg, mace, cardamoms
  • FCL 711 - Anise, badian, fennel
  • FCL 720 - Ginger
  • FCL 723 - Spices nes

Country coverage:

Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:

+ the largest producing countries

Data coverage:

  • Global market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Global production, split by region and country
  • Global trade (exports and imports)
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Company coverage:

Ajinomoto Co., Inc., Ariake Japan Company Limited, Ariake Japan Company Limited, Asenzya, British Pepper & Spice Co., Ltd., B&G Foods, Inc., CaJohns Fiery Foods

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. CONSUMPTION BY COUNTRY
    3. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. COUNTRIES WITH TOP YIELDS
    4. TOP EXPORTING COUNTRIES
    5. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. GLOBAL PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE
    2. PRODUCTION BY COUNTRY
    3. HARVESTED AREA AND YIELD BY COUNTRY

  8. 8. GLOBAL IMPORTS

    The Largest Importers on The Market and How They Succeed

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. GLOBAL EXPORTS

    The Largest Exporters on The Market and How They Succeed

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. 11. COUNTRY PROFILES

    The Largest Markets And Their Profiles

    This Chapter is Available Only for the Professional Edition PRO
    • United States
    • China
    • Japan
    • Germany
    • United Kingdom
    • France
    • Brazil
    • Italy
    • Russian Federation
    • India
    • Canada
    • Australia
    • Republic of Korea
    • Spain
    • Mexico
    • Indonesia
    • Netherlands
    • Turkey
    • Saudi Arabia
    • Switzerland
    • Sweden
    • Nigeria
    • Poland
    • Belgium
    • Argentina
    • Norway
    • Austria
    • Thailand
    • United Arab Emirates
    • Colombia
    • Denmark
    • South Africa
    • Malaysia
    • Israel
    • Singapore
    • Egypt
    • Philippines
    • Finland
    • Chile
    • Ireland
    • Pakistan
    • Greece
    • Portugal
    • Kazakhstan
    • Algeria
    • Czech Republic
    • Qatar
    • Peru
    • Romania
    • Vietnam

  12. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption, By Country, 2018–2023
    5. Production, In Physical Terms, By Country, 2012–2023
    6. Harvested Area, By Country, 2012-2023
    7. Yield, By Country, 2012-2023
    8. Imports, In Physical Terms, By Country, 2012–2023
    9. Imports, In Value Terms, By Country, 2012–2023
    10. Import Prices, By Country Of Destination, 2012–2023
    11. Exports, In Physical Terms, By Country, 2012–2023
    12. Exports, In Value Terms, By Country, 2012–2023
    13. Export Prices, By Country Of Origin, 2012–2023

  13. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Consumption, By Country, 2023
    4. Market Volume Forecast to 2030
    5. Market Value Forecast to 2030
    6. Products: Market Size And Growth, By Type
    7. Products: Average Per Capita Consumption, By Type
    8. Products: Exports And Growth, By Type
    9. Products: Export Prices And Growth, By Type
    10. Production Volume And Growth
    11. Yield And Growth
    12. Exports And Growth
    13. Export Prices And Growth
    14. Market Size And Growth
    15. Per Capita Consumption
    16. Imports And Growth
    17. Import Prices
    18. Production, In Physical Terms, 2012–2023
    19. Production, In Value Terms, 2012–2023
    20. Area Harvested, 2012–2023
    21. Yield, 2012–2023
    22. Production, By Country, 2023
    23. Production, In Physical Terms, By Country, 2012–2023
    24. Harvested Area, By Country, 2023
    25. Harvested Area, By Country, 2012-2023
    26. Yield, By Country, 2012-2023
    27. Imports, In Physical Terms, 2012–2023
    28. Imports, In Value Terms, 2012–2023
    29. Imports, In Physical Terms, By Country, 2023
    30. Imports, In Physical Terms, By Country, 2012–2023
    31. Imports, In Value Terms, By Country, 2012–2023
    32. Import Prices, By Country, 2012–2023
    33. Exports, In Physical Terms, 2012–2023
    34. Exports, In Value Terms, 2012–2023
    35. Exports, In Physical Terms, By Country, 2023
    36. Exports, In Physical Terms, By Country, 2012–2023
    37. Exports, In Value Terms, By Country, 2012–2023
    38. Export Prices, 2012–2023

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