Market Synopsis
As per the analysis by Market Research Future Reports (MRFR), the Global COVID-19 Pandemic Impact on Spices Market is estimated to register a CAGR of 3.89%, while acquiring the market value of USD 14,512.6 million by the end of 2025. The global spices market 2020 is estimated to rise due to the cumulating cross-cultural cuisines.
The aromatic spices have various applications and properties for cooking, coloring, and preserving the food items, which is why spices are gaining popularity significantly. The global spices market is estimated to augment due to the increasing Globalization. Further, the rising awareness among the consumers regarding the medicinal properties of spices such as turmeric, clove, and cinnamon is another factor surging the demand. In addition, the growing demand from sectors such as bakery, confectionaries also help in driving the market substantially. Moreover, the increased per capita disposable income has made the packaged spices market affordable for all consumers, which is estimated to develop the market further.
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On the contrary, various government policies proscribe certain imported spices, which hampers the market growth notably. Further, unstable economic conditions, lack of logistics, and unfavorable weather conditions can also bring a negative impact on the market in the forthcoming period. However, its ability to act as a natural preservative for meat and poultry and its antimicrobial properties is likely to counter the obstructing factors.
Key Players
The renowned players of the Global COVID-19 Pandemic Impact on Spices Market are McCormick & Company, Inc (US), Frontier Co-op (US), Colorado Spice (US), SpicesInc.com (US), The Watkins Co. (US), Organic Tattva (India), Organic Spices Inc (US), Sauer Brands, Inc (US), B&G Foods, Inc (US), Terana, SA (Mexico), and TAJÍN (Mexico).
Market Segmentation
The Segment evaluation of the global spices market is based on category, product type, form, and distribution channel.
The category-based segment of the global spices market is organic and conventional.
The product type-based segment of the global spices market are garlic, ginger, turmeric, cumin, cinnamon, pepper, and others.
The form-based segment of the global spices market is whole, ground/powder, and others.
The distribution channel-based segment of the global spices market is store-based and non-store-based.
Regional Analysis
Geographically, the global COVID-19 Pandemic Impact on Spices Market is segmented into four key regions which are, North America, Europe, Asia-Pacific, and the Rest of the World (RoW). As per the research, the APAC region is estimated to acquire the largest market share during the forecast period. The region is projected to record a CAGR of 4.07% during the forecast period from 2019 to 2025. In APAC, India, followed by China, are the most crucial player. The increasing adoption of cross-cultural cuisines, along with the growing demand for exotic and authentic flavors, has resulted in the rise of demand for spices in the region.
The second position is estimated to be held by Europe during the review period. The most crucial factor leading to the rise of the European market is the growing Globalization. Further, the increasing awareness regarding the benefits of spices is gaining momentum in the western markets, leading to the growth of the market. In addition, the European Spice Association, in collaboration with AYUSH (The Ministry of Ayurveda, Yoga & Naturopathy, Unani, Sidha and Homeopathy, based out of India) is encouraging the usage of spices, which is further likely to enhance the growth of the regional market.
North America is estimated to grow significantly during the forecast period owing to the increasing demand for spices in the region. The increasing awareness about the remedial properties and the growing concern towards health is estimated to surge the demand in the region and thereby developing the regional market.
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