The market for spices is observed to be growing at a low rate in developed economies such as Europe and North America as compared to developing companies due to the matured industrial sector in the former. The meat and poultry industry is still consuming the majority of spices and consumption will continue to grow at the healthy rate. As spices are the best natural preservatives and consumer preference for chemical preservatives is declining, the spice market for the meat industry will continue to grow. The North American region formed the largest market for spices, and was valued at $3,159.4 million in 2013.

Asia-Pacific is projected to be the fastest-growing market for spices, at a CAGR of 8.2% annually from 2014 to 2019. The industrial sector usage of spices is very less in this region as compared to those in developed countries, which presents food processing industries with immense untapped potential in this region. Majority of spices consumed in this region are through the retail or catering sector.

The level of food processed in Asian countries, which are growing economically, is low. However, the processed food industry is expected to prosper in the near future. The positive growth in food processing industry and growing demand for processed meat products in the Asia-Pacific region will drive the spice market here.

The market is dominated by a many large companies and comprises various regional large- and medium-scale players. The key players identified in the spice industry are McCormick & Company (U.S.), Associated British Foods (U.K.), Ajinomoto Co., Inc. (Japan), and Olam International (Singapore).

The segments of the spice market considered for this study include types, applications, and regions. All growth parameters in individual segments have been considered. The meat and poultry and convenience food products sectors held the majority of the spice market in the year 2013.

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Table of Content

1 INTRODUCTION 14
1.1 OBJECTIVES OF THE STUDY 14
1.2 MARKET DEFINITION 15
1.3 MARKETS COVERED 15
1.3.1 PERIODIZATION CONSIDERED FOR THE SPICE MARKET 16
1.4 BASE CURRENCY CONSIDERED FOR THE SPICE MARKET 17
1.5 STAKEHOLDERS 17
1.6 LIMITATION 17
2 RESEARCH METHODOLOGY 18
2.1.1 SECONDARY DATA 19
2.1.1.1 Key Data from Secondary Sources 19
2.1.2 PRIMARY DATA 20
2.1.2.1 Key Data from Primary Sources 20
2.1.2.2 Breakdown of Primaries 21
2.2 FACTOR ANALYSIS 21
2.2.1 INTRODUCTION 21
2.2.2 OVERVIEW OF PARENT INDUSTRY 22
2.2.2.1 Key Factors Influencing the Parent Market 22
2.2.3 DEMAND-SIDE ANALYSIS 23
2.2.3.1 Developing Economies 23
2.2.3.2 Growing Middle-class Population, 2009–2030 24
2.2.4 SUPPLY-SIDE ANALYSIS 25
2.2.4.1 Regulations 25
2.3 MARKET SIZE ESTIMATION 26
2.4 MARKET BREAKDOWN & DATA TRIANGULATION 28

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