Spices Market: Overview
A variety of spices have gained attention in authentic cuisines around the world. Growing consumption of food with variety of flavors has bolstered the prospects in the spices market. Spices are also being used in snacks to enable unique sensory characteristics. Spices are also key component in accessing to specific regional cuisines. They may be dried fruits, seeds, and roots, whose main function is to offer aroma and flavor to food. More importantly, spices have also been associated with health benefits when consumed in moderate amounts.
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They are primarily grown in tropical regions and in Mediterranean region. While there are distinct spices that are grown in each regions, some are produced in countries found in both types of regions. Examples are ginger, spices, and coriander.
Over the years, the availability of wide variety of spices has been made possible in retail and ecommerce channels. Several ecommerce channels, both regional and global, are leaning on self-labelling products. The competitive pricing has helped them gain customers and retain them for long period.
Spices Market: Key Trends
The demand for spices with high shelf-life and range of packaging types has boosted the growth of the spices market. Further, spices have been accorded not only nutritional benefits also for medicinal value. Some of the popular and commonly-used spices are black pepper, cinnamon, cumin seeds, cloves, nutmeg, turmeric, ginger, garlic, and chili powder.
In recent years, consumers in urban regions in developing economies have gained access to organic spices. The low price difference between normal spices and organic ones have also spurred the overall prospect in the spices market. In this regard, online retailers are coming out with new revenue channels. The acceptance of self-labelling products in populations of developing countries is boosting the market. The adoption of transparent packing is also gathering steam among consumers.
Spices Market: Competitive Assessment
The competitive assessment in the spices market has been influenced by the emergence of food chains, such as Domino’s, McDonald’s, and Subway. Also, restaurants and resorts are spending on engaging chefs that try new cuisine delights by trying new spices. All these factors have paved way to new revenue streams.
In recent years, producers of spices have seen a new, substantial prospect in meat and poultry industry where some spices are gaining attention as a natural preservative. This has spurred the demand for seasonings for the meat industry.
There have been instances of pathogens and filth spices in the U.S., which has led to comprehensive risk profiling. The FDA in particular has pioneered numerous studies notably regarding Salmonella prevalence in packaged spices which have to be made for retail sales. The pathogen is most commonly associated with illness that arise out of spices contamination. Studies have been made available to the public. In a study disclosed to the public in 2017, the risk of Salmonella pathogen was assessed for several spices, including cumin, coriander, black pepper, curry powder, dehydrated garlic, and white pepper.
Spices Market: Regional Landscape
The regional dynamics in the global spices market is substantially being driven by the changing dynamic of imports and exports, and the regulatory underpinning of those. Europe and North America are major regions depending on imports of spices from Asia Pacific. Major imports that were considered were paprika, sesame seed, and red pepper. This has spurred the large-scale adoption of pathogen reduction treatment at the point of entry. Regulations such as those American Spice Trade Association have helped maintain the safety of imports, thereby fueling the overall prospects in the spices market. Even in exporting countries, such as in India, manufacturers have seemed to have taken the concern of spices contamination with alacrity.
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