Spice Market will Reflect Significant Growth Prospects during 2015-23
The global spice market is driven by growing demand for convenience foods. The spice market can be segmented on the basis of product types: pepper, cumin, clove, cardamom, ginger and others. In addition, the spice market is segmented on the basis of application type into frozen food, sauces, soups, meat, bakery, poultry food, convenience foods and others. The spice market is directly influenced by the rising processed food industry. In addition, the increase in consumption of confectionery products, fried food and ready-to-eat in the developed economies and bakery product are driving the market for spices.
One of the major driving forces for this market include increased use of spices as natural preservatives for meat and poultry. In addition, rising demand for health and wellness food is the key factor to improve the demand for spice globally. Development in economy of emerging Asian countries which would increase the demand of convenience food, confectionery and snacks is anticipated to provide growth opportunity to the spice market. In addition, increasing demand of meat, soups and poultry products is expected to raise the demand of spice market globally.
The spice market is increasing in accordance with the development of the processed food industry. The increase in demand from industries such as confectionery, prepared food and bakery is driving the spice market. Increase in consumer spending on dairy and fried food and bakery is also estimated to be driving the market for spice.
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Stringent government regulations across different countries such as Canada, U.K., France, Italy and U.S. among others restrain the growth of the global spice market. Different organizations such as FDA have set safety standards to determine whether a spice is safe enough for its intended use in order to maintain consumer safety.
Based on geography, the spice market is segmented into North America, Europe, Asia Pacific and Rest of the World (RoW). North America is the most attractive market for spice market globally followed by Europe, Asia Pacific and RoW. Rising investment by different international companies is driving the spice market in the region. This is anticipated to boost the spice market during the estimate period of 2015 – 2023. In terms of revenue, North America is anticipated to witness high growth during the forecast period of 2015 – 2023 due to medicinal benefits of spices. Europe is the second largest market for spice followed by Asia Pacific and Rest of the World. In Asia Pacific, China holds the leading position followed by India. In addition, the market for spice in the Asia-Pacific region is rising with substantial opportunities for the ready-to-eat food products, confectionery and snacks industries. Leading industries are focusing on expansion of businesses across region and setting up new plants for increasing their production capacity.
The global spice market is fragmented with huge number of small companies dominating the market. However, there is a presence of some large corporations. Some of the major companies operating in spice market are Associated British Foods, Ajinomoto Co., Inc., Kerry Group Plc, Sensient Technologies, SHS Group, Ariake Japan Company Ltd., Worlee Gruppe, Ariake Japan Company Ltd., Dohler Group, Mccormick & Company, Olam International, DS Group, MTR Foods Private Limited and Everest Spices among others.