Consumption of spices across the world amounts to a valuation of US$ 148.6 Bn in 2022. Forecasted to increase at a CAGR of 5.1%, the global spices market will reach US$ 244.8 Bn by 2032. As per forecasts by Persistence Market Research, Europe and North America are the fastest-expanding markets for spices. Together, both regional spices markets hold a market volume share of more than 30% in 2022.
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Spices are increasingly being used as the main ingredients in a variety of food products. Spices are used to enhance flavor in salads, soups, processed foods, and baked goods. Pepper is used in meat and seafood to bring out the natural flavor, while also acting as a natural preservative. Herbs and spices added to dairy dishes provide nutritional and therapeutic benefits. The food industry is expanding rapidly on a global scale, presenting numerous opportunities for spice suppliers.
What Restraint Do Spice Manufacturers Need to Be Aware Of?
“Seasonal Fluctuations & High Price Points – Important Considerations”
Spices witness a high level of seasonal fluctuations, so there is a scarcity of them, resulting in a price disparity. Furthermore, spice farming is labor-intensive and involves processing, making spices more expensive than other organic products.
Many companies suffer from a lack of supply and a price disparity, resulting in the availability of cheap spice substitutes in the market that are filled with impurities such as chemicals, fillers, fake colors, and low-cost synthetics. These lose their unique flavor and may be harmful to health. This type of adulteration is on the rise, posing a threat to market growth.
Competitive Dashboard
- El Clarín Spices S.L. established a laboratory to ensure that clients receive healthy and safe products. The lab examines food products for physical-chemical and microbiological activity. As a result, quality and safety are
- Elite Spices established advanced research & development and fully equipped services, with a majority of its efforts focused on developing new flavors and ingredients. It has culinary innovation centers that are fully equipped with cutting-edge technology and high-end kitchen facilities.
- Ramón Sabater, S.A.U. concentrates on highly automated control systems and the most efficient computer systems. These are assisting in obtaining a high level of traceability, as well as achieving optimum complete safety and improved food quality.
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FAQ’s :
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