Global Spices Market - by Type (turmeric, chili & pepper, cinnamon, nutmeg, ginger and others), by function (flavor) and application (culinary, sauces and dips) and Region - Forecast to 2022

pune, India -- (SBWire) -- 02/28/2018 --Latest Industry Updates:
Sep 2015 McCormick invested USD 241 Million in 2015 to expand the base of their business. McCormick focusing on online promotion activities with the help of their app. New products launched in the past three years accounted for 8% of sales in 2015. They have 400 research and development professionals around the world and working to create new products for industrial segments. In 2015, emerging market sales had grown to 17% of their portfolio, as a result of their acquisitions.

June 2016 Olam international Ltd is investing heavily on acquisition. As a part of acquisitions, Olam acquired Brooks Peanut for USD 85 Million in Jun 2016 and acquire 50% stakes in Acacia Investments for USD 24 Million in Jun 2016 only. Apart from Acquisitions, Olam is investing on new product launch and last year they have launched two products related to spices business.

Jan 2016 IFC to invest in agri-commodity firm Olam to expand in India, Nigeria. Singapore-based commodities company Olam International Ltd is raising $175 million from International Finance Corp, the company has taken loan from World Bank, to finance its projects in India and Nigeria. The part of funding will be also used to upgrade spices and sugar facilities in Maharashtra and Kerla in India.

Sep 2017 Spices export in India rises 35% in first quarter of 2017. Garlic has registered the maximum growth in terms of volume and value. It contributed significantly to the overall exports during the period, rising more than 150 per cent in volume. Fennel registered a growth of 92 per cent in terms of volume. The exports of other seed spices such as mustard, aniseed and dill seed grew by 83 per cent in terms of volume.

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Market Overview:
Increasing importance of spices for various flavors in foods and medicinal properties has resulted in higher demand for spices. On the other hand, rising awareness for food safety related to pesticide residues in spices and related health hazards has triggered higher demand of spices. Change in food trends and adoption of various international food forms encouraging spices consumption in raw form further encourages demand for spices

Advancement in spice processing technology along with innovation in spice harvesting technologies across the globe is supporting the market growth. Many spices manufacturers are focusing on development of innovative technologies to do spice processing at large scale. The use of advanced technologies in spice industry is playing key role to fulfil increasing demand of spices from all regions of the world.

The countries which are reach source of spices such as India, China, Pakistan and Turkey are working to make export and import process of spices more liberal. Since the export of spices are highly competitive, formation of federation or trade of spice growers and exporters is a good platform which will facilitate better promotion of production, processing, marketing and export of quality spices from India and other countries.

Major Key Players:
The companies which are involved in R&D activities have launched their products from past few years. McCormick had launched more number of new products i.e. four. Launching new products helped these companies to differentiate their product line from their competitors. Most of the product launched by these companies are blended spices which have unique taste. Majority of the players in the spices market are concentrated in the Asia-Pacific region in terms of supply, however spices is in more demand in the European region. To enter into the spices market, the companies are more focused on getting certified from various recognized institutes and governing bodies both locally and globally.

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)

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Market Segments:
The global Spices market has been divided into type, form, function, application and region.

On The Basis Of Type: turmeric, chili & pepper, cinnamon, nutmeg, ginger and others

On The Basis Of Function: flavor, color, preservative and others

On The Basis Of Application: culinary, sauces and dips, bakery foods, RTE foods, beverages, and others

On The Basis Of Region: North America, Europe, Asia Pacific and ROW.

Regional Analysis:
Asia-Pacific region is estimated to dominate the market with more than 70% in the year 2016 followed by Rest of the World (RoW) share. India, China and Vietnam are major spice producers in the Asia-Pacific region. Presence of various agro-climatic zones and seasons support various spices production in this region. Guatemala and Mexico are major spices market in the American region. Strong potential of spices production and consumption favors spices market growth the most among the various regions in the world. Guatemala part of Central America major producer of cardamom will sustain higher growth for the forecasted period 2016-2022 at 3.99% with increased demand for cardamom for various industrial applications.