Spice Market

Spice Market Outlook (2024 to 2034)

According to a new industry report released by Fact.MR, turnover of the global spice market is analyzed at US$ 53.08 billion in 2024 and is projected to expand at a CAGR of 5.1% to achieve a value of US$ 87.28 billion by the end of 2034.

Customers are now more easily purchasing a diverse range of spices from several brands and areas due to the growth of e-Commerce platforms. Online purchasing provides variety, ease of use, and the opportunity to buy spices that are not found in nearby grocery stores.

The consumer base for retailers and producers of spices is growing as a result of this improving accessibility. Also, the demand for organic spices is increasing because of the ongoing global trend toward clean-label and organic products. Spices free of artificial pesticides, chemicals, and preservatives are becoming more popular among consumers.

Spices are increasingly used as flavorings, preservatives, and color enhancers in the food processing sector. The market for spices is expanding because of the growing use of spices in marinades, sauces, processed meals, and snacks.

Traditional cooking methods and culinary history are becoming more valued globally. Spices that are representative of their cultural heritage and culinary traditions are purchased more by consumers. The demand for premium, genuine spices that complement certain culinary traditions is rising due to this trend.

Key Market Growth Drivers

• Demand for spices that hold anti-inflammatory, antioxidant, and antibacterial qualities including cinnamon, ginger, turmeric, and others is increasing continuously due to their several health advantages.
• The growing number of individuals who are widely looking for nutritional supplements and natural cures are driving up sales of functional food and drinks, which is further contributing to spice market growth as they are commonly utilized in these products.
• Diverse and genuine flavors are becoming more popular due to the rise in preference for home cooking, which is driven by social media, cooking shows, and food blogs. Demand for a broad range of spices is rising because consumers are experimenting with new recipes and cuisines.
• Since home cooks and chefs want to improve their food quality, the use of spices in artisanal and gourmet cuisine is also increasing which is further leading to market expansion.
• Increasing import and export across the world is leading to a blending of cultures and cuisines, exposing consumers to a wider variety of culinary customs. Because of this, the interest of people is increasing in ethnic spices of diverse countries, which is positively affecting the market growth.
• One of the spice market trends is increasing popularity and demand for these products from several cuisines such as Indian, Thai, and Mexican.

Report Attribute	Detail
Spice Market Size (2024E)	US$ 53.08 Billion
Forecasted Market Value (2034F)	US$ 87.28 Billion
Global Market Growth Rate (2024 to 2034)	5.1% CAGR
North America Market Share (2024E)	23.9%
East Asia Market Value (2024E)	US$ 11.89 Billion
Powder Segment Value (2034F)	US$ 39.8 Billion
Conventional Segment Value (2034F)	US$ 46.52 Billion
Key Companies Profiled	Badia Spices, Inc.; Sunrise International; S&B Foods Inc.; Indian Spice Company; Taj Gourmet Foods; Royal Spice; Kane Spice Company; Penzeys Spices; Frontier Co-op; Olam International; McCormick & Company, Inc.; Aust & Hachmann; Bennett's Herbs & Spices.

Which Aspects are Positively Influencing the Demand Growth of Spices?

“Rising Trend of Home Cooking Driving Up Requirement of Different Kind of Spices”

The continuously rising popularity of home cooking, particularly due to social media, cooking shows, food blogs, and others, is driving up consumer hunger for a wide range of authentic flavors. More people are becoming interested in trying out new recipes and learning about different cuisines due to this trend. This is one of the key factors contributing to the spice market size expansion.

To enhance their culinary creations, home cooks and chefs are using spices more widely to create artisanal and gourmet meals, which is driving market growth. This change indicates a desire for distinctive and potent flavors as well as a dedication to improving home eating experiences in general.

What is Limiting the Sales of Spices on the Global Level?

“Quality Maintenance Becoming a Significant Problem”

The natural variety in agricultural techniques, climate, and soil quality across several countries is the key reason why quality control in the production of spices is such a big difficulty. The flavor, aroma, and safety of spices that are manufactured are influenced by these variables.

For example, differences in the quality of spices are sometimes caused by irregular pest management methods or irrigation practices. Variations in agricultural yield and quality are also caused by outside variables such as climate change.

Consumer trust is weakened when spices are subpar or contaminated as a result of incorrect handling or storage. As customers look for dependable and high-quality items more, this decline in confidence sometimes eventually leads to a decline in demand.

Country-wise Insights

The North American region is analyzed to account for 23.9% of the worldwide spice market share in 2024 due to the increasing demand for organic and clean-label products. In addition, the growing e-Commerce platforms in the region are also contributing to market expansion. The market in East Asia is evaluated to rise at 5.4% CAGR over the next ten years because of its position as one of the top producers of spices in the world.

What is Pushing Demand for Spices in the United States?

“Continuously Growing e-Commerce Industry Driving Sales”

Attribute	United States
Market Value (2024E)	US$ 5.64 Billion
Growth Rate (2024 to 2034)	5.5% CAGR
Projected Value (2034F)	US$ 9.67 Billion

The rising e-Commerce industry in the United States is driving up the demand for spices. Consumers in the country are finding internet resources convenient for purchasing spices and other products and this is positively affecting the market growth. Moreover, the demand for rare and exotic types of spices is increasing in the United States, because of increasing availability on e-Commerce portals. This convenience caters to the growing trend of home cooking and experimenting with distinct cuisines by enabling customers to discover new flavors and improve their culinary experiences in the country.

The market in the United States is further driven by consumers' desire to broaden their culinary skills and add a variety of tastes to their meals. This desire is fulfilled by the accessibility provided by e-Commerce platforms.

Why Sales of Spices are Continuously Growing in South Korea?

“Rising Food Processed Industry Creating Demand for Spices”

Attribute	South Korea
Market Value (2024E)	US$ 2.64 Billion
Growth Rate (2024 to 2034)	5.8% CAGR
Projected Value (2034F)	US$ 4.66 Billion

The growing popularity of fusion in South Korea is driving up demand for several kinds of spices. Innovative and unique spice combinations are becoming increasingly popular among professional chefs and food aficionados who experiment with fusing traditional Korean flavors with elements from other cuisines. Other than this, the rising processed food industry in South Korea is further contributing to the sales growth of spices. Instant noodles, snack foods, and ready-to-eat meals are growing in popularity as consumer attitudes change toward convenience.

The need for a broad variety of spices in the sector is further driven by the addition of varied spice mixes to these processed foods, which not only satisfy customer demand for tastier options but also meet the growing interest in international cuisines.

Category-wise Insights

Based on the end use, the market is divided into food processing, beverages, foodservice, and retail/household. The food processing segment is forecasted to hold a significant market share throughout the projection period, as they are essential in food preparation including preservation, color improvement, and flavor enhancement. Spices give goods distinctive flavors that set them apart in a competitive market as producers work to make their products more attractive.

Why is the Popularity of Powder Spices Increasing Continuously All Over the World?

“Surging Popularity as an Ideal Choice for Convenience in Adding in Wide Range of Food Items”

Attribute	Powder
Segment Value (2024E)	US$ 23.03 Billion
Growth Rate (2024 to 2034)	5.6% CAGR
Projected Value (2034F)	US$ 39.8 Billion

The popularity of powdered spices is continuously increasing globally in comparison with other forms because they are quickly and easily incorporated into dishes without requiring extensive preparation. Powdered spices last longer in storage than whole spices, which is also making them more useful for home cooks.

Customers are increasingly looking for a range of flavors, which powdered spices readily supply, due to the growing popularity of home cooking and their interest in several cuisines. The quality and potency of powdered spices are also increased due to innovations in spice processing and packaging, making them more appealing for use in culinary applications.

Why are Sales of Conventional Spices High in Comparison with Organic?

“Affordable Option for High Percentage of Consumers”

Attribute	Conventional
Segment Value (2024E)	US$ 28.61 Billion
Growth Rate (2024 to 2034)	5% CAGR
Projected Value (2034F)	US$ 46.52 Billion

Conventional spices are analyzed to hold 53.9% of the overall revenue share in 2024. The reason behind the high sales of conventional spices is their affordability. Moreover, conventional farming practices generally produce higher yields, guaranteeing a steady supply and uniform price.

A lot of customers put more value on availability and taste than on organic certification, particularly in areas with a dearth of organic products. Even though the demand for organic spices is increasing at a noteworthy pace because of their health benefits, conventional ones still hold a significant position because they are affordable options for a high number of consumers.

Competitive Landscape

Key players in the spice market are focusing on providing organic spices due to the growing consumer demand for clean-label and organic products. By guaranteeing that their spices are devoid of artificial pesticides, additives, and preservatives, businesses are trying to attract more customers.

• In September 2024, pumpkin Spice and Cranberry Jalapeno are two new seasonal and trendy dip flavors that Good Foods, a leader in healthier dips and guacamole, launched as their first limited-edition items this fall.
• In August 2024, the SPICED plan, a strategic attempt to improve production and spice exports, was developed by the Spices Board of India. Known formally as "Sustainability in Spice Sector through Progressive, Innovative and Collaborative Interventions for Export Development," this program will be put into effect for the balance of the Finance Commission's 15th term.

Fact.MR provides detailed information about the price points of key producers of spices positioned across the world, sales growth, production capacity, and speculative technological expansion, in this new market report.

Segmentation of Spice Market Research

• By Type :

  • Cinnamon
    • Cinnamon
    • Cassia
  • Cloves
  • Nutmeg
  • Cardamom
    • Large
    • Small
  • Chilies
    • Naga Chilies
      • With Stem
      • Without Stem
      • Flakes/Crushed
      • Powder
    • Bird’s Eye
      • With Stem
      • Without Stem
      • Flakes/Crushed
      • Powder
    • Paprika Pepper
      • With Stem
      • Without Stem
      • Flakes/Crushed
      • Powder
  • Turmeric
  • Cumin Seeds
  • Mustard
  • Black Pepper
  • Fennel
  • Coriander Seeds

• By Form :

  • Whole
  • Powder
  • Oil

• By Nature :

  • Organic
  • Conventional

• By End Use :

  • Food Processing
    • Soups, Sauces & Dressings
    • Processed Foods
    • Bakery & Confectionery
    • Meat & Seafood
    • Dairy & Frozen Products
  • Beverages
  • Foodservice
  • Retail/Household

• By Distribution Channel :

  • Business to Business
  • Business to Consumers
    • Hypermarkets / Supermarkets
    • Convenience Stores
    • Specialty Stores
    • Online Retail

• By Region :

  • North America
  • Western Europe
  • Eastern Europe
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa