Published on : Jul 07, 2016
Spices are immensely popular and used across the globe while preparing food to enhance its taste. Thus, the global spice market is growing at a fast pace in the last few years worldwide. The rising demand from diverse industries, including confectionery is one of the prominent factors augmenting the growth of the global spice market. In addition, the rise in the consumer spending on fried foods, dairy, and bakery products is another factor fuelling the growth of the overall market. Moreover, the rising awareness of the health benefits of consuming spices is projected to contribute significantly towards the growth of the market.
Some of the major types of spices available across the globe are mentioned as below:
The growing use of spices across the globe as a natural preservative for poultry and meat is one of the key factors bolstering the growth of the global spice market. Moreover, the developing economy of several emerging nations in Asia Pacific is anticipated to boost the demand for confectionery and snacks and convenience foods in the next few years. This is expected to drive the global spice market. Furthermore, the growing demand for poultry products, meat, and soup is augmenting the growth of the market across the globe.
On the flip side, stringent government regulations regarding the safety of consuming the spices are estimated to curtail the growth of the global spice market in the next few years.
The competitive scenario of the global spice market is very intense owing to the presence of several players operating in the market. The growing demand for spices from different parts of the world have attracted new players to enter the market in the coming few years. These players are expected to spend an enormous amount on the marketing and advertising strategies to strengthen their position and gain the competitive advantage in the global spice market.
Some of the leading players active in the global spice market are Mccormick & Company, MTR Foods Private Limited, Associated British Foods, Dohler Group, Ariake Japan Company Ltd., Everest Spices, DS Group, Ajinomoto Co., Inc., Ariake Japan Company Ltd., Olam International, Kerry Group Plc, SHS Group, Worlee Gruppe, and Sensient Technologies.