- Press Release -

Fact.MR predicts the global sales of dried spices to surpass US$ 8.6 Bn by registering a CAGR of 4.6% in the assessment period 2021-2031. Availability of dried spices in various forms such as granules and fine powder along with their medicinal properties are positively influencing the sales of dried spices.

Historically, from 2016 to 2020, the global sales of dried spices expanded at a CAGR of 4%. Although many industries witnessed growth prospects dipping in the initial quarters of the pandemic, the dried spices industry observed increasing demand due to its immunity-boosting qualities. In addition, consumption of dried spices in everyday dishes is further augmenting the demand for the same.

Furthermore, presence of regional and international market players is playing a key role in adding market value to the dried spices industry. Companies are focusing on offering a variety of dried spices in different quantities and packaged forms. This, in turn, is expected to augment the demand for dried spices in the forthcoming forecast period.

Key Takeaways from the Market Study

• Organic nature dried spices expected to possess more than 40% market share
• Conventional dried spices to retain popularity, registering a CAGR of 4% through 2031
• Supermarkets/hypermarkets remain key distribution channels, accounting for more than 2 out of 5 sales
• North America expected to hold more than a quarter share for dried spices
• Prevalence of hybrid cultures encouraging dried spices uptake in Europe, possessing 20% revenue share
• Asia to dominate the dried spices market, accounting for 2/5th of global revenue share
• Global market for dried spices to reach US$ 5.5 Bn by 2021-end

“Globalization along with migration is playing an important role in the wide use of dried spices in everyday cooking. In addition, application of spices not only for food but also for medicines has upsurged the demand for dried spices.” states a Fact.MR analyst

Competitive Landscape

Prominent players of dried spices industry are Sensient Technologies Corporation, Synthite Industries Ltd, McCormick & Company, Inc, Kerry Group Plc, Dohler GmbH, Takasago International Corp, Olam International Limited, Firmenich SA, Ajinomoto Co., Inc and Robertet SA.

• In March 2021, McCormick & Company, Inc announced that they are restoring retail store shelves with their products. Due to the pandemic in 2020, the company offered products which were popular and in demand from customers. Due to work stations gaining normalcy, the company reached at a ‘halfway point’ in restoring spices
• In December 2018, Kerry Group announced an agreement to acquire two seasonings companies- Ariake USA, the North American Division of Ariake Japan Co., and Southeastern Mills North American coatings and seasonings business, enhancing the company’s authentic taste and clean label portfolio

More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the global dried spices market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.

The study indulges essential insights on the market on the basis of product (pepper, paprika, cardamom, cloves, turmeric, cumin, nutmeg, ginger, cinnamon and other dried spices), nature (conventional and organic), sales channel (supermarkets/hypermarkets, convenience stores, speciality stores, department stores, online stores and other sales channels) and form (powder, granule and whole dried) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).

Fact.MR’s Domain Knowledge in Food & Beverages

Our food and beverages consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the food and beverages sector. Our expertise in recognizing the challenges and trends impacting the global food and beverages industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.

For more information, refer to our market research report or contact the PR author.

Nandini Roy Choudhury

Fact.MR

Sr. Consultant - Food & Beverages

E-mail: nandini@factmr.com