With spice, comes flavors and regular foods become luscious in taste. Each spice has a different texture, unique aroma, and enhancing features that bring out the best of the ingredients and make food delectable. Furthermore, these spices have properties from which individuals can benefit health-wise. Driven by such attributes, the global spice market can experience a steady CAGR of 2.84% during the forecast period (2016-2022), reveals Market Research Future (MRFR), in an in-depth analysis of the sector.

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Competitive Landscape

The leading market players in the global spices market primarily are McCormick & Co., Inc. (U.S.), Olam International (Singapore), Everest Spices (India), B&G Foods Holdings Corp. (U.S.), Cerebos Gregg’s Limited (New Zealand), MTR Foods Private Limited (India), Mahashian Di Hatti Limited (MDH)(India) and ITC Spices (India)

Segmentation Analysis

The Global Spice Market can be segmented by application, function, and type.

Application-wise, the spice market can be segmented into bakery foods, beverages, culinary, ready-to-eat (RTE) foods, sauces and dips, and others.
Based on function, the spice market includes color, flavor, preservative, and others.
Type-based segmentation of the spice market includes chili & pepper, cinnamon, ginger, nutmeg, turmeric, and others.
Regional Analysis

North America is expected to grow during the forecast period as a chief market consumer of spices with the U.S. and Canada emerging as global food destinations. Guatemala and Mexico, on the other hand, are displaying their strength as dominant spice suppliers in the global spice market. The European market is getting significant contributions made by Netherlands, Romania, Spain, and Ukraine.

Market Scope

On the flip side, the spice market can witness certain pullbacks from government policies which can further enhance with speculative economic conditions and logistical flippancy. But restraining the spice market for too long is not possible as the demand from several burgeoning sectors can help the sector in overcoming the hurdles.

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Industry/ Innovation/ Related News:

The intensely competitive global spice market is witnessing the implementation of new technologies. For instance, Gujarat State Fertilizer Corporation Ltd (GSFC) developed a technique, using liquid nitrogen and special grinding technology, that helps in retaining the aroma of the spice intact. Among the other strategies, mergers and acquisitions are age-old practices. Palladium Equity Partners taking stakes in Orlando Company Spice World is one such example.